We cannot decide if we think it is good news or bad news that BankUnited seems to be proceeding as if nothing at all is fucked, even though it was “closed and sold” not 48 hours ago. Aren’t dramatic and painful changes supposed to follow hard-upon after such passings?
Florida-based BankUnited, which was closed by the U.S. government and sold to investors, was conducting business as usual on Friday and there was no sign of panic among customers, its new chief executive said.
Banking industry veteran John Kanas, who also took over as BankUnited Financial Corp chairman, told Reuters in an interview that BankUnited plans no immediate layoffs among its work force of 1,100 and expects to expand branches in its Miami base, while closing branches outside the city.
What is receivership coming to?
BankUnited sees Miami expansion, no layoffs [Bloomberg]
as flava-flav said: “don’t believe the hype!” opening new branches takes time, closing old ones doesn’t. just don’t go looking for a release several months down the road from wibur et. al. that says “loan demand remains weak, so we have decided not to open x branches. as a result, we will not be re-hiring previously displaced workers which means whom we said we wouldn’t be laying off.” this is more feel good $hit for the “green shoot” and “mustard seed” grabbers out there in kudlow and cramer land.
and first b1tches!
delete “which means” – got distracted…
Tis a sad day when a bunch of white collar workers don’t end up out on the street cuz of bad loans they made.
Kanas was at North Fork (pre Capital One merger) and has a rep as a good operator.
1 think so cluz? All the sh!t on their balance sheet is being retained by FDIC. Absent that, this is a nice property, me thinks.
@5 – I’m not saying this isn’t a great deal for the p/e folks. it is. borrow on the short term and lend long term at a time when the curve looks like the slopes identified by a black diamond. where do I sign up? my point is that there will be pink slips provided to said employees. and despite the protestations to contrary, those jobs will not be replaced.
Cluzo knows how to read between the lines.
See what you can dig up on Crossland Savings Bank. They operated as a full-service going concern for well over a year under FDIC recievership. The remnants of what the FDIC eventually sold off are now part of HSBC.
Oops – forgot something – the Crossland failure was in 91 or 92.
Dear EquityPrivate,
The whole point of FDIC take-overs is to enable normal branch banking operations to continue without interruption, so as not to allow ‘runs on the bank’ and the like.
@10 – Don’t confuse EP or her readers with facts: she has an axe to grind.