Bank Failure Friday on Thursday

BankUnited, FSB, Coral Gables, FL, which is no surprise. BankU has been dead man walking for at least 2 weeks.

It's the biggest failure of the year, and 2^nd biggest ever, only exceeded by the failure of Indymac last year.

It's the 34^th bank failure of the year.

The closure will cost the FDIC $4.9 billion, almost doubling the amount of money that it has shelled out so far this year.

As to why do this on Thursday, probably because they have a very busy Friday planned.

Before the President's Day weekend, there were 4 bank closings, the most this year, and my guess is because they had an extra day to straighten things out before the banks had to open their door, so I would expect this 3 day weekend to be very busy.

Full FDIC list.