Officials with the Federal Deposit Insurance Corp. (FDIC) seized Florida-based Bank United yesterday in what is the largest bank failure of 2008.
The bank’s failure and sale to a private equity firm is estimated to cost the FDIC $4.9 billion. It is the second costliest bank failure of the current financial crisis, behind the $11 billion failure of IndyMac Bank. Bank United is the 34 FDIC insured bank to fail this year.
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