Bank United FSB Closure News

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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