An Open Plea to the Boss: Don't Sell Our Bank

Perhaps an impassioned letter from an employee moved BankUnited executives not to sell.

The Miami Lakes, Fla., bank decided to hold on because the bids were too low, according to reports, but don't tell that to the self-described "committed and dedicated banker" using the email address m.mann212@gmail.com.

He or she sent an open letter to Chief Executive John Kanas — and nearly all of the $11 billion-asset company's staff — that begged Kanas not to sell BankUnited.

The email was forwarded to American Banker from an employee who asked not to be named and was not the author.

"Like myself, many of my fellow associates left our positions in other financial institutions to be a part of something special, an organic bank built by our hard work," the email said. "Please give us a chance to help you build this bank even better than it is today. Don't quit on us now."

BankUnited had engaged Goldman Sachs to help it find a buyer, according to media reports that began to swirl late last week.

The current BankUnited was formed in 2009 by a consortium of private-equity funds to buy the deposits, assets and the BankUnited name from the Federal Deposit Insurance Corp. after the original BankUnited failed. The new thrift quickly launched an aggressive advertising campaign to poach bankers from other institutions; the author of the email appears to be one of those employees.

"When I left my position a year ago, to come to BankUnited, the vision to me was a minimum of a five-year commitment. Can't you give us at least the same?" the email said. "I know some of our investors are looking for a quick buck, but I thought you were looking for more than that. I hope you prove me right."

A query sent to m.mann212@gmail.com bounced back to American Banker, but the sender's prayers were answered. BankUnited announced late Wednesday that it had began a preliminary process to search for strategic alternatives, but has since opted to stick it out … for now.