Each depositor insured to at least $250,000 per insured bank



Home > Industry Analysis > Failed Banks > Failed Bank List > Failed Bank Information




Failed Bank Information
Information for BankUnited, FSB, Coral Gables, FL
  1. Introduction
  2. Press Release   En Español
  3. Acquiring Financial Institution
  4. Question and Answer Guide   En Español
  5. Banking Services
  6. Loan Customers
  7. Possible Claims Against The Failed Institution
  8. Priority of Claims
  9. Dividend Information
  10. Brokered Deposits
  11. Agreements
  12. BankUnited Contact Information
  13. Balance Sheet Summary
I.  Introduction
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.

Back to top
II.  Press Release
The FDIC has issued a press release (PR-072-2009) about 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.
Back to top
III.  Acquiring Financial Institution
All deposit accounts, excluding certain brokered deposits, have been transferred to BankUnited, Coral Gables, FL ("assuming institution") and will be available immediately.  On Friday, May 22, 2009, the former BankUnited, FSB locations will reopen as branches of BankUnited.

Checks 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.

EDIE - 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.

Back to top
V.  Banking Services
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, such as, safe deposit boxes, night deposit boxes, wire services, etc.

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 branch office.

Back to top
VI.  Loan Customers

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.

Please see A Borrower’s Guide to an FDIC Insured Bank Failure for additional information.

Back to top
VII.  Possible Claims Against the Failed Institution

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

FAQ re Bank United "No Value" Determination

Back to top
VIII.  Priority of Claims
In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:
  1. Depositors
  2. General Unsecured Creditors
  3. Subordinated Debt
  4. Stockholders
Back to top
IX.  Dividend Information
Dividend History on BankUnited, FSB

Dividend Information on Failed Financial Institutions

Back to top
X.  Brokered Deposits
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.

Deposit Broker Processing Guide

Back to top
General Disclaimer



Last Updated 08/17/2012 cservicefdicdal@fdic.gov