Biggest Bank Failure of the Year Today

004-0123231011-money_burningThe biggest bank failure of 2009 (so far) happened today when the FDIC shut down and took control of BankUnited of Florida. It is also the biggest bank failure since IndyMac.

After several tense days, during which Florida bank BankUnited scrambled to raise capital or sell itself, it has been shut down, put into receivership and sold to investors that include Wilbur Ross and the Carlyle Group.

It is the biggest bank failure of 2009 and it will cost the stretched FDIC $4.9 billion.

The FDIC’s full announcement is here.

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