OTS Approves Bank Purchase by a Consortium of Private Equity Firms in Switch of Policy

The Office of Thrift Supervision recently approved the purchase of a thrift (BankUnited FSB) under its supervision by a consortium of private equity firms. This decision makes the OTS the first bank regulatory authority to approve the acquisition of a controlling interest in a U.S. bank by private equity firms.  My firm's memo on the approval is here.