Failed Bank List: Claim Insured Deposits at Banks closed by the FDIC

BankUnited, FSB - Coral Gables, FL

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Thursday, May 21, 2009: BankUnited, FSB, Coral Gables, FL was closed by the Office of Thrift Supervision (OTS). The Federal Deposit Insurance Corporation (FDIC) was named Receiver. 

Bank United, FSB had assets of $12.80 billion and deposits of $8.6 billion as of May 2, 2009.

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. The new BankUnited will assume $12.7 billion in assets and $8.3 billion in nonbrokered deposits. The FDIC and BankUnited entered into a loss-share transaction and will share in the losses on approximately $10.7 billion in assets covered under the agreement. New BankUnited will recapitalize the institution with $900 million in additional capital.

All deposit accounts, excluding certain brokered deposits, were transferred to BankUnited, Coral Gables, FL are available immediately. On Friday, May 22, 2009, the 86 former BankUnited, FSB locations reopened as branches of BankUnited.

BankUnited will not assume the approximately $348 million in brokered deposits. The FDIC will pay the brokers directly. All interest accrued through Thursday, May 21, 2009, will be paid at your same rate; however BankUnited will be reviewing rates.

BankUnited
255 Alhambra Circle
Coral Gables, FL 33134
http://www.bankunited.com

The FDIC estimates that the cost to its Deposit Insurance Fund will be $4.9 billion.

For additional information and assistance contact the FDIC at: 800-451-1093; or go to: http://www.fdic.gov/bank/individual/failed/bankunited.html

2009 FDIC Insured Failed Banks
 
 
 
 
BankUnited, FSB
255 Alhambra Circle
Coral Gables, FL 33134

http://www.bankunited.com
 
 

Established on 10/3/1984 as
United Savings Association
 

Assets: $12.8 billion
Deposits: $8.6 billion
 
 
Cost to FDIC: $4.9 billion

 

 
 

Creditor Claims: Claims against failed financial institutions occur when bills sent to the institution remain unpaid at the time of failure. Shortly after the failure, the FDIC sends notices directly to all known service providers to explain the claim filing process. If you provided a service for  BankUnited, FSB and have not received a notice, please contact:

Federal Deposit Insurance Corporation
Receiver: BankUnited, FSB
Attention: Claims Department, DRR
1601 Bryan Street
Dallas, Texas 75201
800-568-9161

There was no publicly owned stock in BankUnited, FSB. If you are an equity shareholder, your shares are in BankUnited Financial Corporation, Coral Gables, FL, the holding company for BankUnited, FSB. BankUnited Financial Corporation and the interests of equity, debt holders or other creditors of BankUnited Financial Corporation are not included in the closure or receivership of the institution; contact Bank United Financial for information.


Consumer Alert

Unclaimed FDIC Insured Deposits

Note: There are time limits on claims of FDIC-insured bank accounts, CDs and safe deposit boxes ...

If an insured depositor fails to make a claim an insured or transferred deposit within 18 months after the FDIC initiates the payment of insured deposits, the transferee institution must refund the deposit to the FDIC, and all rights of the depositor against the transferee institution are barred.

The FDIC then remits the insured deposit to the custody of the unclaimed property administrator in the account owner's home state, unless that state declines to accept custody. Upon delivery, the FDIC is deemed to have made payment to the depositor, and all rights of the depositor against the FDIC are barred.

Most states allow claims in perpetuity, but there's a reversion clause. If a depositor does not claim the deposit delivered to the custody of the State within 10 years of the date of delivery, the deposit must then immediately be refunded to FDIC, and all rights of the depositor against the state are barred.

It's important to note that If a state declines to accept custody of the deposit - which they sometimes do - the depositor must claim the funds from the FDIC before the receivership is terminated, or all rights of the depositor with respect to the deposit are barred. Dividends for credits arising from uninsured portions of a deposit may, however, be claimed after the receivership is terminated if a dividend check was returned by the post office for a bad address.

Be aware that due to the number of mergers and acquisitions in the banking industry over the years, it is possible you or a deceased family member might well have an account at a failed bank and not know it. Additionally, unclaimed safe deposit boxes at closed branches may be drilled and the contents sold at auction just weeks after closing, so prompt action is advised.  For assistance go to: Unclaimed Account Search


History: Established on 10/3/1984 as United Savings Association
10:01/1989: Changed name to Bankunited Savings Bank
02/02/1990: Changed name to Bankunited, A Savings Bank
03/05/1993: Changed name to Bankunited, Fsb
03/29/1996: Acquired Bank Of Florida In Miami
11/15/1996: Acquired Suncoast Savings And Loan Association, Fsa
01/23/1998: Acquired Consumers Savings Bank
06/19/1998: Acquired Central Bank


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