But… It’s not Friday
BankUnited, FSB of Coral Gables, FL has failed. I didn’t even find out by obsessively refreshing the FDIC web page. Instead, I found out by obsessively refreshing Zero Hedge. The last bank failure to occur on a non-Friday was, of course, Washington Mutual. With deposits of $8.6 billion, BankUnited is much smaller, but still falls into the “painful” category. The estimated cost to the FDIC fund is $4.9 billion. A new bank, BankUnited, will be taking over most of the assets and deposits of BankUnited, FSB. This does not include the approximately $348 million in brokered deposits. Hopefully all such deposits were under the FDIC limit.
Don’t say you weren’t warned. Repeatedly.
