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Regulators have shut down a big bank in Florida saying it had a severe lack of capital and was not in condition to conduct business.
BankUnited FSB [BKUNA
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], a savings bank based in Coral Gables, Fla., was the 34th federally insured institution to be closed this year and the biggest bank collapse of 2009.
The Federal Deposit Insurance Corp. was appointed receiver of the bank on Thursday. With about $13 billion in assets as of May 2, it called itself the largest banking institution headquartered in Florida.
The bank has been sold to a group of investors including Wilbur Ross and Blackstone, and will operate as a newly chartered savings bank also called BankUnited.
But don't let these events spook you. The Fast Money desk doesn't find them disturbing in the least. "I like seeing that private equity is involved," muses Tim Seymour. "We need the private capital and smart guys like Ross and Blackstone," should inspire confidence.
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Trader disclosure: On May 21st, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Najarian Owns (APC) Call Spread; Najarian Owns (BX) Calls; Najarian Owns (INTC) Calls; Najarian Owns (ISIS); Najarian Owns (MOS) Call Spread; Najarian OWns (XHB) Call Spread; Najarian Owns (XLB) Call Spread; Najarian Owns (XLU) Call Spread; Najarian Owns (BP) Call Spread; Terranova Owns (GENZ), (ABI), (JOYG), (XBI), (TER); Terranova Owns Oil Futures; Terranova Owns Nat Gas Futures; Terranova Owns (DIS) Calls; (XOM) Calls; Terranova Owns June Gold Futures; Grasso Owns (NYX), (XLF), (RIMM), (V); Grassso's Clients Owns (PETM); Grasso's Firm Owns (WMT); Grasso's Client Owns (SUN); Grasso Owns (NYX); Seymour Owns (AAPL), (BBT), (BX), (EEM), (FLR), (TTM), (INFY), (MGM), (PBR); Seymour is Short (FCX), (POT)
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