Toronto-Dominion Bank won’t be buying BankUnited Inc . Nor will anybody else.
Florida-based BankUnited took itself off the market Wednesday, saying in a statement that it plans to remain independent after the assets failed to draw high enough bids.
“A preliminary process did occur whereby the company considered its strategic alternatives,” BankUnited said in a statement. “That process has concluded.”
BankUnited’s owners reportedly received bids from TD, as well as U.S. bank BB&T Corp . PNC Financial Services of Pittsburgh was also rumoured to be interested.
However, those bids were below expectations, and though the sale process was extended, sufficient offers were not submitted for the regional bank, which has about 80 branches throughout Florida.
TD chief executive officer Ed Clark tried to buy BankUnited in 2009, when the lender ran into problems raising capital and was ordered by U.S. regulators to find a buyer.
TD was outbid by a private equity consortium led by billionaire investor Wilbur Ross. The consortium put down $980-million more than TD for the small bank. BankUnited has a market capitalization of about $2.5-billion.
Since missing out on that auction, TD has expanded further in Florida through other deals, including the purchase of 69 branches in the state through similar U.S. government assisted auctions of distressed lenders.