On Thursday, May 21, 2009, BankUnited, FSB, Coral Gables, FL was
closed by the Office of Thrift Supervision (OTS) and
the Federal Deposit Insurance Corporation (FDIC)
was named Receiver. Subsequent
to the closure, BankUnited, a newly chartered federal savings bank, acquired
the assets and most of the liabilities of BankUnited, FSB from the FDIC as Receiver
for BankUnited, FSB. No advance notice is given to the
public when a financial institution is closed.
The FDIC has assembled useful information regarding your relationship with
this institution. Besides a checking
account, you may have Certificates of Deposit, a car loan, a business checking
account, a commercial loan, a Social Security direct deposit, and other relationships
with the institution. The FDIC has compiled the following information,
which should answer many of your questions.
The FDIC has issued a press release
the institution's closure. If you represent a media outlet and would
like information about the closure, please contact
David Barr at 202-898-6992.
All deposit accounts, excluding certain brokered deposits, have been transferred
to BankUnited, Coral Gables, FL ("assuming
and will be available immediately. On Friday, May 22, 2009,
the former BankUnited, FSB locations will reopen as branches of
that were drawn on BankUnited, FSB that did not
clear before the institution closed will be honored as long as there are
sufficient funds in the account.If you have questions about your account(s) transferred to the assuming bank, you may speak to an FDIC
representative regarding deposit insurance by calling: 1-800-451-1093.
For general questions about FDIC deposit insurance coverage, please call 1-877-275-3342 or visit EDIE, the FDIC's Electronic Deposit Insurance Estimator.
You may withdraw your funds from any transferred
account without an early withdrawal penalty until you enter into a new deposit
agreement with BankUnited as long as
the deposits are not pledged as collateral for loans.
The Automated Teller Machines (ATM) and online service will remain available.
As of Friday, May 22, 2009,
you may continue to use the services to which you previously had access,
safe deposit boxes, night deposit boxes, wire services,
Your checks will be processed as usual. All outstanding checks
will be paid against your available balance(s) as if no change
had occurred. Your new bank will
contact you soon regarding any changes in the terms of your account. If
you have a problem with a merchant refusing to accept your check, please
contact your branch
office. An account representative will
clear up any confusion about the validity of your checks.
All interest accrued through Thursday, May 21, 2009, will
be paid at your same rate. BankUnited will
be reviewing rates and will provide further information soon. You
will be notified of any changes.
Your automatic direct deposit(s) and/or automatic withdrawal(s) will be
transferred automatically to your new bank. If
you have any questions or special requests, you may contact a representative
of your assuming institution at your
All mortgages and loans have been assumed by BankUnited. The
terms of your loan will not change under the terms of the loan contract,
because they are contractually agreed to in your promissory note with the
failed institution. If you are having your payment deducted
from your account, it will continue as it has in the past.
Checks should be made payable as usual
and sent to the same address. If you have further questions regarding an existing loan,
please contact your loan officer.
For all questions regarding new loans and the lending policies of BankUnited, please contact your branch office.
If you or your company provided a service or product, leased space, furniture, or equipment to BankUnited after Friday May 22, 2009 and have not been paid you do not have a claim against BankUnited. Please follow your normal billing procedures by providing an invoice as instructed.
Determination of Insufficient Assets To Satisfy Claims Against Financial Institution in Receivership
SUMMARY: The FDIC has determined that insufficient assets exist in the receivership of BankUnited, FSB, Coral Gables, Florida, to make any distribution on general unsecured claims, and therefore such claims will recover nothing and have no value.
DATES: The FDIC made its determination on November 2, 2010.
FOR FURTHER INFORMATION CONTACT: If you have questions regarding this notice, you may contact an FDIC Claims Agent at (972) 761-8677. Written correspondence may also be mailed to:
FDIC as Receiver of BankUnited, FSB
Attention: Claims Agent
1601 Bryan Street
Dallas, Texas 75201
SUPPLEMENTARY INFORMATION: On May 21, 2009, BankUnited, FSB, Coral Gables, Florida, (FIN # 10061) was closed by the Office of Thrift Supervision, and the Federal Deposit Insurance Corporation ("FDIC") was appointed as its receiver ("Receiver"). In complying with its statutory duty to resolve the institution in the method that is least costly to the deposit insurance fund (see 12 U.S.C. § 1823(c)(4)), the FDIC facilitated a transaction with a newly chartered federal savings bank, BankUnited, Coral Gables, Florida, to acquire most of the assets and liabilities of the failed institution.
Section 11(d)(11)(A) of the FDI Act, 12 U.S.C. § 1821(d)(11)(A), sets forth the order of priority for distribution of amounts realized from the liquidation or other resolution of an insured depository institution to pay claims. Under the statutory order of priority, administrative expenses and deposit liabilities must be paid in full before any distribution may be made to general unsecured creditors or any lower priority claims.
As of June 30, 2010, the value of assets available for distribution by the Receiver, together with all expected recovery sources, including recoveries on claims against directors, officers, and other professionals, claims in bankruptcy, and refunds of federal and state taxes, was $4,321,339,716. As of the same date, administrative expenses and depositor liabilities equaled $8,120,876,686, exceeding available assets by $3,799,536,970. Accordingly, the FDIC has determined that insufficient assets exist to make any distribution on general unsecured creditor claims (and any lower priority claims) and therefore all such claims, asserted or unasserted, will recover nothing and have no value.
Federal Register / Vol. 75, No. 216 / Tuesday, November 9, 2010 / Page 68789
The FDIC offers a reference guide to deposit brokers acting as agents for their investor clientele. This site
outlines the FDIC's policies and procedures that must be followed by deposit brokers when filing for pass-through insurance
coverage on custodial accounts deposited in a failed FDIC Insured Institution.