Investors led by John Kanas and including funds advised by The Blackstone Group, The Carlyle Group, Centerbridge Partners and WL Ross, have invested USD900m in a depository institution
Investors led by John Kanas and including funds advised by The Blackstone Group, The Carlyle Group, Centerbridge Partners and WL Ross, have invested USD900m in a depository institution that has acquired the operations of BankUnited FSB.
After the close of business on 21 May 2009 the Office of Thrift Supervision closed BankUnited and appointed the Federal Deposit Insurance Corporation as receiver.
The FDIC facilitated a sale of BankUnited’s operations, deposits, and assets to the newly formed depository institution.
The transaction is the culmination of a competitive four-month auction process run by the FDIC.
The new institution will retain the name BankUnited and will remain headquartered in Coral Gables, Florida.
Kanas (pictured), who is the former chairman and chief executive of North Fork Bancorporation, will become BankUnited’s chairman and chief executive officer. Kanas brings more than 35 years of bank leadership.
‘Today’s transaction re-establishes BankUnited as a safe, strong and well-capitalized bank with the resources and commitment to serve customers and communities in Florida and the Southeast,’ Kanas says. ‘We want our customers to know that BankUnited is eager to serve their financial needs. This transition will be seamless to customers as they will continue to bank at the same branches, use the same ATM cards, checks and other BankUnited products delivered by the same employees they know.
‘This investment marks a new and important chapter in BankUnited’s history. We believe in the strength, vibrancy and potential of the Florida market. Over the coming months, we plan to introduce more products and better services to individual and business customers. BankUnited has a strong and rich history serving Floridians and, as of today, we have a real opportunity to grow into an important regional institution. I look forward to being a part of the bank’s future growth story alongside BankUnited’s existing management team as we help take part in Florida’s economic recovery. This transaction is beneficial for BankUnited employees, as this bank embarks on a path of renewed growth and vitality.’
BankUnited Financial is the holding company for BankUnited FSB, the largest banking institution headquartered in Florida.
