We've had a massive bank failure tonight. The silence here and in the MSM is deafening.

[Pale Blue Dot]

BankUnited Fails in Florida, Marking Biggest Collapse of 2009

WASHINGTON -- Federal regulators seized the troubled Florida thrift BankUnited FSB on Thursday, a failure the Federal Deposit Insurance Corp. estimates will cost its insurance fund $4.9 billion.

BankUnited is the second costliest bank failure of the recent banking crisis, trumped only by IndyMac, which officials believe will cost the FDIC close to $11 billion.

BankUnited had $12.8 billion of assets and $8.6 billion in deposits.

Regulators said BankUnited was critically undercapitalized. The FDIC sold the banking operations to a management team headed by John Kanas, the former head of North Fork Bank.

The bank's 85 branches will reopen Friday during normal business hours. Mr. Kanas's team will acquire $12.7 billion of BankUnited's assets and $8.3 billion in nonbrokered deposits.

The FDIC and the new bank agreed to share future losses on roughly $10.7 billion in assets under the agreement. The new management also agreed to recapitalize the bank with $900 million in new money.

http://online.wsj.com/article/SB124294168567644901.html

Bank failures usually only happen on Friday night. We know from this NPR broadcast: http://www.npr.org/templates/story/story.php?storyId=102384657 that the FDIC likes to use long weekends to close banks as it gives them one more day to clean up the mess before the banks reopen.

Guess what is likely to happen tomorrow?