BankUnited Rises as Auction Nears Close

Shares of BankUnited (BKUNA Quote) swung wildly early Tuesday, as investors waited to learn the results of an auction to take over the struggling bank.

The Coral Gables, Fla.-based bank's stock fluctuated from a dip of 5% to a rise of 10% in a matter of 15 minutes. Recently, it was up 1.3% at 90 cents.

The Federal Deposit Insurance Corp. warned BankUnited that it may be forced into receivership if it is unable to raise up to $1 billion in fresh capital to cover escalating losses or find an acquirer, according to a regulatory filing earlier this month. The bank has not filed earnings statements for the past two quarters, but said it expects a second-quarter loss of $443 million, up from $66 million a year earlier. ...