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| Bank United Signs Agreement to Acquire 50 Kroger In-Store Branch Banks |
HOUSTON, Jan. 25 /PRNewswire/ -- Bank United and Kroger Food Stores have
signed an agreement enabling Bank United to acquire 50 Kroger in-store branch
bank locations in Houston and Dallas/Ft. Worth. The acquisition will increase
the number of Bank United branch bank locations to nearly 150 within the state
of Texas by year end.
The partnership between Bank United and Kroger began in 1996 when Bank
United opened its first in-store branch bank locations in three Kroger stores.
Currently Bank United has branches in 12 Kroger stores. With the opening of
the additional 50 branches Bank United will become the largest in-store branch
banking provider in the Kroger Southwest Marketing Area.
"We are thrilled with the growth of this expanding business-to-business
relationship between Kroger and Bank United," said Barry Burkholder, chairman,
president and chief executive officer of Bank United. "Both companies share a
similar vision and commitment to providing customers with superior service and
convenience."
In 1999, Bank United and Kroger will continue their aggressive growth
strategy with Kroger scheduled to build 10 new Signature stores in Houston and
Dallas/Ft. Worth.
"Customer feedback continues to support added in-store convenience
features such as supermarket branch banking," said Bob Zincke, president of
Kroger Southwest Marketing Area. "Kroger is pleased that Bank United has
committed to replacing the Bank of America and Nations Bank in-store branches
so that we may continue to serve our customers banking needs without
interruption."
As a result of the extensive branch expansion, Bank United is expected to
hire an additional 300 employees to service the new Kroger branch bank
locations in Houston and Dallas/Ft. Worth.
The branch acquisitions will provide Bank United's current customers and
prospective customers greater banking access with an increase in banking
locations, convenience and more flexible operational hours. The in-store
branch banking hours will include extended evening hours and Sunday service.
Bank United's parent company Bank United Corp., (Nasdaq: BNKU)
headquartered in Houston, is the largest publicly traded depository
institution headquartered in Texas, with $14.8 billion in assets,
$706 million in stockholders' equity and $6.3 billion in deposits. Bank
United, a federally chartered savings bank, operates a community banking
network of 90 branches in Texas, including 47 located in the greater Houston
area, 39 located in the Dallas/Ft. Worth Metroplex, and two each in Austin and
San Antonio; a commercial banking group with 22 regional offices in 16 states;
9 wholesale mortgage origination offices; a mortgage servicing business; and a
financial markets business. Bank United's website address is
http://www.bankunited.com. Bank United is FDIC insured and an equal housing lender.
SOURCE Bank United Corp.
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CONTACT:
media, Vern Stockton, 713-543-6920, or
investors, Debbie Kemple, 713-543-6926, both of Bank United Corp.
