BankUnited Files For Ch. 11 In FDIC-Brokered Deal

Law360, New York (May 26, 2009, 12:00 AM EDT) -- BankUnited FSB, the largest independent bank in Florida, has filed for Chapter 11 bankruptcy protection as part of a deal brokered by the Federal Deposit Insurance Corp. to sell the failed bank's operations, deposits and assets to a consortium of private equity investors that will pump $900 million of new capital into a newly chartered savings bank.

The holding company for the Coral Gables, Fla.-based bank and two affiliated entities filed voluntary Chapter 11 petitions Friday in the U.S. Bankruptcy Court for the Southern District of...
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