BankUnited, the largest bank headquartered in Florida based on assets of $14.2 billion, lost $261.6 million in the fourth fiscal quarter ending Sept. 30, putting the thrift in “dire financial straits,” according to the South Florida Business Journal.
The fourth quarter loss, due in large part to nonperforming mortgages, dragged BankUnited’s equity capital down by 24 percent to $816.9 million from $1.08 billion at the end of the second quarter on June 30, according to the article.
BankUnited’s decreasing equity capital comes at a time when the Coral Gables-based institution is attempting to raise $400 as required by regulators under a September cease and desist, according to the article.
“If the bank can’t raise more money or shrink its risk-based assets by a Dec. 31 federally imposed deadline, it could face additional action from federal regulators,” according to the article.
Peter Zalewski is a principal with the consulting company Condo Vultures® LLC and a licensed real estate broker with Condo Vultures® Realty LLC. Peter can be reached at 305-865-5629 or by email at peter@condovultures.com. Be sure to check out Peter’s blog at CondoDump.com. Don't forget to sign up for our weekly Market Intelligence Report. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™ .
Copyright © 2008, Condo Vultures® LLC
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment