Florida’s largest mortgage lender, with more than $13.1bn in assets, is unable to raise the minimum capital requirements set aside by the Office of Thrift Supervision. As a result, the Federal Deposit Insurance Corp. (FDIC) may take BankUnited (BKUNA) operations into receivership, though rumors swirl of a possible takeover. Last week, the bank reported $1.3bn in cash and cash equivalents, but this amount falls short of the OTS standard. BankUnited needed to raise at least $706m in order to meet the minimum requirement. The bank cites a lack of borrowing capacity with the same lenders to which the firm holds a current outstanding balance. For instance, its revolving credit with the Federal Home Loan Bank of Atlanta (FHLB) is no longer available, though BankUnited must still pay outstanding loans on maturity. BankUnited needs to pay back the FHLB more than $1bn by September 30, 2009. In its past-due filed 10-Q, BankUnited reported to the Securities and exchange Commission that its liquidity facilities are adequate enough to prop up the bank at least until the end of September. It’s growth in the retail trade, current loan portfolio performance and cash reserves remain its primary sources of funding, the filing states. BankUnited is running late with most of its filings, and as a result it may become delisted from NASDAQ for failing to complete a 10-K report, an index standard. BankUnited blames the tardiness on “the continuing adverse market conditions, the complexity of accounting and disclosure issues, which increased the need for additional review and analysis of our business including, without limitation, regulatory issues, liquidity and capital and the material weaknesses in internal control over financial reporting.” Write to Jacob Gaffney.

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