BankUnited is a savings and loan association

Savings and loan association

A savings and loan association , also known as a thrift, is a financial institution that specializes in accepting savings deposits and making mortgage and other loans...

 based in Miami Lakes, Florida

Miami Lakes, Florida

Miami Lakes is a Miami suburban incorporated town and former census-designated place in Miami-Dade County, Florida, United States. The population was 22,676 at the 2000 census. As of 2004, the population recorded by the U.S...

. It was seized by U.S. financial regulators and immediately handed over to a new holding company

Holding company

A holding company is a company or firm that owns other companies' outstanding stock. It usually refers to a company which does not produce goods or services itself; rather, its purpose is to own shares of other companies. Holding companies allow the reduction of risk for the owners and can allow...

 on 21 May 2009, in the second largest bank failure of the Financial crisis of 2007–2010. The latest information before the bankruptcy credited BankUnited with about 2.1% of all deposits in Florida, ranking it 8th in the state.

BankUnited was founded in 1984 and specialized in nonresident alien mortgages for foreigners wanting to buy Florida real estate; by June 2008 this type of mortgage accounted for 11.4% of the bank's loans.

After being told by the FDIC in April 2009 to increase its capital or sell itself, then failing to succeed at either, the bank portion of BankUnited was seized by the Office of Thrift Supervision

Office of Thrift Supervision

The Office of Thrift Supervision was a United States federal agency under the Department of the Treasury that charters, supervises, and regulates all federally- and state-chartered savings banks and savings and loans associations. It was created in 1989 as a renamed version of another federal agency...

 on 21 May 2009 and handed over to the Federal Deposit Insurance Corporation

Federal Deposit Insurance Corporation

The Federal Deposit Insurance Corporation is a United States government corporation created by the Glass–Steagall Act of 1933. It provides deposit insurance, which guarantees the safety of deposits in member banks, currently up to $250,000 per depositor per bank. , the FDIC insures deposits at...

. The FDIC immediately transferred control to a private equity

Private equity

Private equity, in finance, is an asset class consisting of equity securities in operating companies that are not publicly traded on a stock exchange....

 group led by former North Fork Bank

North Fork Bank

North Fork Bank was an American bank from 1950 until 2008 when it became Capital One Bank .In November 2007, it had 365 branches in the New York metropolitan area.-History:...

 president John Kanas. The new BankUnited assumed $12.7 billion in assets and $8.3 billion in nonbrokered deposits. The new holding company is owned by W.L. Ross; Blackstone Group

Blackstone Group

The Blackstone Group L.P. is an American-based alternative asset management and financial services company that specializes in private equity, real estate, and credit and marketable alternative investment strategies, as well as financial advisory services, such as mergers and acquisitions ,...

; The Carlyle Group; Centerbridge Partners

Centerbridge Partners

Centerbridge Partners is a private equity investment firm focused on leveraged buyouts and distressed securities.The firm manages in excess of $5.5 billion of investor commitments and is based in New York City with an additional office in London, UK....

; LeFrak Organization, Inc.; The Wellcome Trust

Wellcome Trust

The Wellcome Trust was established in 1936 as an independent charity funding research to improve human and animal health. With an endowment of around £13.9 billion, it is the United Kingdom's largest non-governmental source of funds for biomedical research...

; Greenaap Investments Ltd.; and East Rock Endowment Fund.

BankUnited Financial Corporation, the old publicly-held holding company stripped of its bank, declared Chapter 11 bankruptcy and, , trades as .

BankUnited Center

BankUnited Center

The BankUnited Center is a 8,000-seat multi-purpose arena on the campus of the University of Miami in Coral Gables, Florida. The venue hosts concerts, family shows, trade shows, lecture series, university events and sporting events, including all University of Miami men's and women's basketball...

 is so named due to naming rights being sold by the University of Miami

University of Miami

The University of Miami is a private, non-sectarian university founded in 1925 with its main campus in Coral Gables, Florida, a medical campus in Miami city proper at Civic Center, and an oceanographic research facility on Virginia Key., the university currently enrolls 15,629 students in 12...

.