| On Thursday, May 21, 2009, BankUnited, FSB, Coral Gables, FL was
closed by the Office of Thrift Supervision (OTS) and
the Federal Deposit Insurance Corporation (FDIC)
was named Receiver. Subsequent
to the closure, BankUnited, a newly chartered federal savings bank, acquired
the assets and most of the liabilities of BankUnited, FSB from the FDIC as Receiver
for BankUnited, FSB. No advance notice is given to the
public when a financial institution is closed.
The FDIC has assembled useful information regarding your relationship with
this institution. Besides a checking
account, you may have Certificates of Deposit, a car loan, a business checking
account, a commercial loan, a Social Security direct deposit, and other relationships
with the institution. The FDIC has compiled the following information,
which should answer many of your questions. |
| The Automated Teller Machines (ATM) and online service will remain available.
As of Friday, May 22, 2009,
you may continue to use the services to which you previously had access,
such
as,
safe deposit boxes, night deposit boxes, wire services,
etc.
Your checks will be processed as usual. All outstanding checks
will be paid against your available balance(s) as if no change
had occurred. Your new bank will
contact you soon regarding any changes in the terms of your account. If
you have a problem with a merchant refusing to accept your check, please
contact your branch
office. An account representative will
clear up any confusion about the validity of your checks.
All interest accrued through Thursday, May 21, 2009, will
be paid at your same rate. BankUnited will
be reviewing rates and will provide further information soon. You
will be notified of any changes.
Your automatic direct deposit(s) and/or automatic withdrawal(s) will be
transferred automatically to your new bank. If
you have any questions or special requests, you may contact a representative
of your assuming institution at your
branch office. |
|
If you or your company provided a service or product, leased space, furniture, or equipment to BankUnited after Friday May 22, 2009 and have not been paid you do not have a claim against BankUnited. Please follow your normal billing procedures by providing an invoice as instructed.
Determination of Insufficient Assets To Satisfy Claims Against Financial Institution in Receivership
SUMMARY: The FDIC has determined that insufficient assets exist in the receivership of BankUnited, FSB, Coral Gables, Florida, to make any distribution on general unsecured claims, and therefore such claims will recover nothing and have no value.
DATES: The FDIC made its determination on November 2, 2010.
FOR FURTHER INFORMATION CONTACT: If you have questions regarding this notice, you may contact an FDIC Claims Agent at (972) 761-8677. Written correspondence may also be mailed to:
FDIC as Receiver of BankUnited, FSB
Attention: Claims Agent
1601 Bryan Street
Dallas, Texas 75201
SUPPLEMENTARY INFORMATION: On May 21, 2009, BankUnited, FSB, Coral Gables, Florida, (FIN # 10061) was closed by the Office of Thrift Supervision, and the Federal Deposit Insurance Corporation ("FDIC") was appointed as its receiver ("Receiver"). In complying with its statutory duty to resolve the institution in the method that is least costly to the deposit insurance fund (see 12 U.S.C. § 1823(c)(4)), the FDIC facilitated a transaction with a newly chartered federal savings bank, BankUnited, Coral Gables, Florida, to acquire most of the assets and liabilities of the failed institution.
Section 11(d)(11)(A) of the FDI Act, 12 U.S.C. § 1821(d)(11)(A), sets forth the order of priority for distribution of amounts realized from the liquidation or other resolution of an insured depository institution to pay claims. Under the statutory order of priority, administrative expenses and deposit liabilities must be paid in full before any distribution may be made to general unsecured creditors or any lower priority claims.
As of June 30, 2010, the value of assets available for distribution by the Receiver, together with all expected recovery sources, including recoveries on claims against directors, officers, and other professionals, claims in bankruptcy, and refunds of federal and state taxes, was $4,321,339,716. As of the same date, administrative expenses and depositor liabilities equaled $8,120,876,686, exceeding available assets by $3,799,536,970. Accordingly, the FDIC has determined that insufficient assets exist to make any distribution on general unsecured creditor claims (and any lower priority claims) and therefore all such claims, asserted or unasserted, will recover nothing and have no value.
Federal Register / Vol. 75, No. 216 / Tuesday, November 9, 2010 / Page 68789
FAQ re Bank United "No Value" Determination
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