Kanas' group includes WL Ross & Co., the distressed-asset firm founded by billionaire Wilbur L. Ross Jr.; Carlyle Investment Management L.L.C.; Blackstone Capital Partners V L.P.; Centerbridge Capital Partners, L.P. LeFrak Organization; The Wellcome Trust; Greenaap Investments Ltd.; and East Rock Endowment Fund.

Kanas -- who is former chairman and chief executive of North Fork Bancorp, of Melbourne, N.Y. -- joined WL Ross last year as a senior advisor with plans to acquire and manage ailing financial institutions.

BankUnited attracted interest from bidders because its network of 85 branches offers a rare opportunity to clinch a major presence in an important, deposit-rich banking market overnight.

The FDIC cast a wide net, contacting 62 potential buyers for BankUnited. The agency got five bids from three groups, according to FDIC spokesman David Barr. ''This bid will be the least costly to the insurance fund,'' he said.

The FDIC strives to make such seizures as seamless and uneventful as possible to bank customers to avoid panic. Deposits are insured up to $250,000 -- although in this case all deposits are safe -- and institutions reopen for regular hours the next business day.

The FDIC planned to have officials on hand at branches Friday to answer questions from customers, who should find business as usual. Savings and checking accounts, ATM cards, and online banking will work the same as always.

The thrift stumbled by making a big foray into option adjustable-rate mortgages, which allowed borrowers to choose their repayment terms. With such loans, the balance can grow over time rather than shrink. As housing values tumbled, the loans proved toxic for BankUnited.

MOUNTING LOSSES

For the second quarter ended March 31, its troubled loans rose to $1.98 billion, or 19.4 percent of all loans. BankUnited Financial Corp., the parent company, said its stockholder equity was negative $1.03 billion.

BankUnited's fate began to come to a head on April 14 when the Office of Thrift Supervision gave it 20 days to merge or find a buyer. The order required BankUnited to help federal regulators to market itself to buyers.

The Office of Thrift Supervision declared the thrift ''critically undercapitalized and in an unsafe condition to conduct business'' and appointed the FDIC as receiver. The FDIC in turn sold the thrift to the new owners.

''Consumers should look at this as simply a change in control. Somebody else has come in and bought this bank,'' Barr said. ``They're taking over the entire operation, so there should really be very little noticeable difference between today and tomorrow. I think that continuity is going to be a good thing for the customers.''

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