WSJ reported:
BankUnited, the Florida bank acquired last year by private-equity firms, has set its eye on territory far from the Sunshine State: If it has its way, it will take Manhattan.
In about two years, the bank hopes to be in Manhattan, through acquisitions or branch openings; such a move would combine two of the nation's most attractive deposit markets, New York City and Florida.
First bedbugs, then BankUnited. Somehow, this seems appropriate for a PEU sponsored bank. (PEU stands for private equity underwriter)..
Update 10-27-10: It turns out BankUnited already had a presence in New York, via a $1 billion mortgage securitization. Who holds liability for any fraud committed by the old BankUnited? Is that part of Sheila Bari's $4.9 billion subsidy? Surely, Carlyle & company didn't take on that risk. That would put a damper on their $500 million IPO, expected to return "some cash" to investors. As the S-1 is not yet available, details are unknown. Many see the IPO as potential egg on Sheila Bair's face.
Update 5-31-11: BankUnited may enter New York via an acquisition, Herald Bank.
