Closed Thursday, May 21, 2009 · Coral Gables, Miami-Dade County, Florida
BankUnited, FSB
BankUnited, FSB's estimated cost to the Deposit Insurance Fund makes it the fourth-costliest failure on FDIC record since 1934. By total assets it is the 11th-largest of the 3,375 bank failures since 1934 for which the FDIC records a size, counted in dollars of the day. No failed bank in Florida was larger, of 179 on record there since 1934.
On the books, 2001 to 2009
Total assets peaked at $15.1 billion in the third quarter of 2007 and were 13% lower at the final report. Equity capital went from 7.9% of assets in the second quarter of 2001 to below zero at the last report. By then 15% of its loans were 90 days or more past due or no longer accruing interest. The deepest annual loss, $1.2 billion, was booked in 2008.* 2009: January to March only, the last report before closing.
Size against the other 2009 failures
Total assets of each 2009 failure, log scale; BankUnited in red.
It was the third-largest of the 140 bank failures in 2009. Across the failures of 2009, the median estimated loss came to 27% of assets. In the size ranking of that year, just above it was Guaranty Bank of Austin, Texas ($13.5 billion, no estimated loss); just below, AmTrust Bank of Cleveland, Ohio ($11.4 billion, loss 15% of assets). Every 2009 failure in the explorer.
Failures in Florida
In 2009 regulators closed 14 banks in Florida; this was the third. The previous failure there was Riverside Bank of the Gulf Coast of Cape Coral, on February 13, 2009. The next was Integrity Bank of Jupiter, on July 31, 2009. Miami-Dade County has 36 failed banks on FDIC record since 1934. Closest in time: Republic Federal Bank, N.A. (2009), Premier American Bank (2010), Metro Bank of Dade County (2010), Turnberry Bank (2010), The Bank of Miami, N.A. (2010).