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Bank United FSB Closure News

May 21st, 2009

Bank United, FSB was closed by federal regulators today. Bank United FSB was the largest Florida bank and is the largest bank to fail so far in 2009. Private Investors won the bidding for the failed bank and service for the bank should be uninterrupted as it transitions to its new owners.

No money will be lost in the transition which is great news. It’s up in the air whether those who have CDs with the old bank will keep their rates until maturity or if all bets are off.

The FDIC is going to have to pay out about $5 billion for FDIC insured funds in the transition. Those who have deposits with Bank United FSB that were over the $250,000 insured limit don’t have to worry however. All deposit funds will be transferred to the new Bank United.

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  1. Jim Henry
    September 11th, 2010 at 10:03 | #1

    I have been trying to have a savings account transferred into my checking account. Last saturday I went to the post office and mailed a notorized statement to the bank in Keystone Plaza N Miami Bch requesting the transfer. I called today and they dont have the letter. In speaking to a lady at the bank she said I could do this on-line. I have not been able to get the site to make the transfer. If you could help I will be most happy.
    Jim Henry

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