Biggest Bank Failure of the Year Here in Florida

Florida’s largest bank goes belly-up.

“WASHINGTON — Regulators on Thursday shut down BankUnited FSB, a struggling Florida thrift whose closure is expected to cost the Federal Deposit Insurance Corp. $4.9 billion.

“The failure of the Coral Gables, Fla.-based bank represents the second-largest hit to the FDIC’s insurance fund so far _ the costliest was last year’s seizure of California lender IndyMac, on which the FDIC is estimated to lose $10.7 billion.

“BankUnited FSB is the 34th federally insured institution to be closed this year, and the biggest. The FDIC on Thursday took control of the bank, which called itself Florida’s largest banking institution with about $13 billion in assets as of May 2.”