BankUnited Has 20 Days to Merge or Raise Capital

The Office of Thrift Supervision issued a ''prompt corrective action directive" to Coral Gables-based BankUnited, the largest Florida-based financial institution this week. The regulatory order puts the ailing institution at imminent risk of a government takeover. However, federal regulators didn't specify in the directive what will happen if BankUnited, which has plagued by bad mortgage loans, doesn't beat the clock. The Office of Thrift Supervision is requiring BankUnited to raise at least $400 million, in large part because of a rise in mortgage delinquencies and defaults.

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