Despite the temporary increase of the FDIC's basic individual deposit insurance limit to $250,000 and waiver of limits on insurance coverage for non-interest-bearing checking accounts until the end of 2009, BankUnited reported $2.7 billion in uninsured deposits on its Dec. 31 Thrift Financial Report filed with the OTS.

Ratings

While the data is over three months old, BankUnited's level of reported uninsured deposits was very high as of Dec. 31, considering the institution's condition. This is another instance pointing to the need for depositors to monitor the health of their financial institutions.

Another thing to consider is that even if your personal deposits are under FDIC insurance limits, you or someone you know are probably associated with a business, organization or government entity (such as a school district) with large deposits of somebody else's money in a local bank.

TheStreet.com Ratings issues independent and very conservative financial strength ratings on each of the nation's 8,500 banks and savings and loans which are available at no charge on the Banks & Thrifts Screener. In addition, the Financial Strength Ratings for 4,000 life, health, annuity, and property/casualty insurers are available on the Insurers & HMOs Screener.
Philip W. van Doorn joined TheStreet.com Ratings., Inc., in February 2007. He is the senior analyst responsible for assigning financial strength ratings to banks and savings and loan institutions. He also comments on industry and regulatory trends. Mr. van Doorn has fifteen years experience, having served as a loan operations officer at Riverside National Bank in Fort Pierce, Florida, and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a Bachelor of Science in business administration from Long Island University.

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