BankUnited

BankUnited is a large Florida-based bank that was seized by the FDIC in mid-May 2009 and subsequently sold to a consortium of private equity investors led by WL Ross.

The consortium has installed John Kansas as the head of the bank. Mr. Kansas is well known in financial circles for having founded North Fork Bank and leading it from the day of its founding until its sale to Capital One Financial in December 2006.

On CNBC on May 28, 2009, Mr. Kansas stated that his plan is to grow BankUnited into a significant player in the financial services sector, largely through attracting a large internet banking base through offering attractive offers online.

The bank is currently offering a competitive online CD rate of 2.4% APY. When I called I was told that if the account is opened via the phone the rate is even higher, 2.75% APY. This is one for the phone.

Opening and Funding

BankUnited has an online application or an interested customer can call. In either case, the rate locks once the app is taken over the Internet or via the phone. A signature card is mailed out which must be signed and sent back, along with a check. Looking at the app I was sure the process of opening and funding could be done all online, without the need for signature cards, but the rep on the phone told me otherwise.

Safety and Soundness

As was mentioned above, BankUnited was recently sold by the FDIC to a private equity company as part of its failure and restructuring. The new owners have recapitalized the bank by injecting over $600 million of its own money together with an estimated $4.9 billion in FDIC funds. All money deposited into BankUnited is insured up to FDIC limits.

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