by Calculated Risk on 4/16/2009 02:54:00 PM

From South Florida Business Journal: BankUnited given 20 days to strike deal (ht FFF)

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 ...

BankUnited’s $5.89 billion in option ARMs accounted for 51 percent of its loan portfolio on Dec. 31.

The bank ended 2008 with $13.95 billion in assets, 1,098 employees, $8.61 billion in deposits in 86 branches, and 11 percent of its loans noncurrent.

Here is the corrective action: PROMPT CORRECTIVE ACTION DIRECTIVE

Just a tease for BFF (Bank Failure Friday).