Magazine : Archives : 3rd Quarter 2013

A Steal Of A Deal

BankUnited Inc.’s John Kanas had two things going for him in making his bank the top-performing, publicly-owned mid-sized bank in America. For one, Miami Lakes, Florida-based BankUnited, which has $12.6 billion in assets, has benefited from one of the best failed bank deals of the last financial crisis. When Kanas and a group of private equity buyers paid $945 million for the failed Florida thrift named BankUnited in 2009—it was the largest Florida-based institution at the time—the Federal Deposit Insurance Corp. (FDIC) agreed to reimburse them up to 95 percent of the bank’s losses with no end date, a deal...