Regulators Shut Florida's BankUnited

Updated from 5:51 p.m. EDT

The Office of Thrift Supervision closed Florida's BankUnited (BKUNA Quote) Thursday, saying it "was critically undercapitalized and in an unsafe condition to conduct business."

The Federal Deposit Insurance Corp. was appointed as receiver of the $13.1 billion Coral Gables-based bank. The bank reported losses of $1.2 billion last year as its loan quality deteriorated, the OTS said in a statement.

Regulators said BankUnited FSB has $8.7 billion in retail deposits, nearly 1,100 employees and more than 80 branches, all of them in Florida. John Kanas, the former CEO of North Fork Bank, will lead the bank's management team, the FDIC said. The bank's new ownership group includes WL Ross & Co., Carlyle Investment Management, a unit of Blackstone Group (BX Quote), Centerbridge Capital Partners, LeFrak Organization, The Wellcome Trust, Greenaap Investments and East Rock Endowment Fund. ...