BankUnited given 20 days to strike deal

Federal regulators are giving the Coral Gables-based bank 20 days to strike a deal to merge or sell the company in order to raise its capital.

In a prompt corrective action directive, posted on the Office of Thrift Supervision’s Web site Thursday and issued two days earlier, Florida’s largest bank was ordered to submit a binding merger or acquisition agreement to the OTS within 15 days, unless regulators agreed to extend it.

...

In the latest order, BankUnited agreed to allow the OTS to market the company to potential buyers. The Federal Deposit Insurance Corp. also received permission to contact parties to facilitate the “liquidation or other resolution of the institution in anticipation of the possible appointment of the FDIC as conservator, receiver or other legal custodian.” BankUnited agreed to fully cooperate with the FDIC to minimize any loss to the insurance fund.