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Failed Bank Sold to Investor Group Including Ross
Topics:Banking | Investment Strategy | Stock Market | Economy (Global)
Sectors:Banks
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U.S. bank regulators Thursday closed troubled Florida lender BankUnited Financial and sold its banking operations to a private equity consortium that includes WL Ross, which is run by billionaire investor Wilbur Ross
BankUnited, which had $12.8 billion in assets and $8.6 billion in retail deposits, is the biggest bank failure so far this year.
The Federal Deposit Insurance Corp said it estimates BankUnited's failure will cost its insurance fund $4.9 billion.
The private equity group buying BankUnited is headed by John Kanas, a veteran of the banking industry and former head of North Fork Bank.
Other members of the group besides WL Ross include Carlyle Investment Management, Blackstone Capital Partners, and Centerbridge Capital Partners.
Copyright 2009 Reuters. Click for restrictions.
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