What a surprise! "Credit impinged" private equity underwriters (PEU's) have a brand spanking new BankUnited Federal Savings Bank. It's ready to cater to the commercial sector of the economy. The timing couldn't be better. Carlyle's David Marchick told the Senate about a staggering amount of loans that need refinancing from 2010 to 2014. BankUnited stands ready to help.
South Florida BizJournals reported:
John Kanas, BankUnited's new leader, said Florida’s largest local bank will focus on attracting commercial and small business loans.The Carlyle Group has hundreds of affiliates. Are any candidates for BankUnited's services? What about Blackstone's corporate assets? Do they need commercial catering? The PEU boys have a captive bank. I feel a credit thaw coming. It's aided by $4.9 billion in FDIC support.
Kanas said he will continue to live in New York, but will commute to Coral Gables and stay there several days a week. He said he will use his business contacts in the Northeast to find many investors eager to make deals in South Florida.
In addition to going after commercial, industrial and small-business loans, he said BankUnited will start seeking more business deposits, in addition to its retail deposit base.
When will they implement the PEU model of shedding low performing branch offices? It took a whole day.
Update 6-15-10: BankUnited successfully made the transition to commercial lending.