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| Bank United Corp. Shareholders Approve Merger With Washington Mutual |
HOUSTON, Feb. 8 /PRNewswire/ -- Bank United Corp. (Nasdaq: BNKU; NYSE: BKP) ("the Company") announced that its shareholders overwhelmingly approved the merger of Bank United Corp. into Washington Mutual, Inc. (NYSE: WM) in a special stockholders meeting this morning. The merger is expected to be completed in the next few days. Under the terms of the merger agreement, each share of Bank United common stock will be converted into 1.3 shares of Washington Mutual common stock, which closed at $50.84 on Wednesday, Feb. 7, 2001. Additionally, Bank United Corp.'s subsidiary Bank United announced that Washington Mutual, Inc. had acquired over 90% of Bank United's Preferred Stock, Series A (NYSE: BKU PrA) and Bank United had redeemed the remaining shares. The Company also announced that Washington Mutual, Inc. had acquired over 90% of Bank United's Preferred Stock, Series B (NYSE: BKU PrB) and Bank United had redeemed the remaining shares. Bank United Corp., headquartered in Houston, is the largest publicly traded depository institution headquartered in Texas, with $18.3 billion in assets, $8.7 billion in deposits, and $846 million in stockholders' equity. Bank United operates a 157-branch community banking network in Texas, including 78 in the Dallas/Fort Worth area, 66 in the greater Houston area, five in Midland, and four in Austin, three in San Antonio, and one in College Station; is a national middle market commercial lender with 23 regional offices in 16 states; operates 14 SBA lending offices in 10 states; originates mortgage loans through 11 wholesale offices in 11 states; operates a national mortgage servicing business servicing approximately 310,000 customers, and manages an investment portfolio. The Bank's website can be found at http://www.bankunited.com. Bank United is FDIC insured and an equal housing lender. With a history dating back to 1889, Washington Mutual, Inc. is a national financial services company that provides a diversified line of products and services to consumers and small- to mid-sized businesses. At December 31, 2000, Washington Mutual and its subsidiaries had assets of $194.72 billion. Washington Mutual currently operates more than 2,000 consumer banking, mortgage lending, commercial banking, consumer finance and financial services offices throughout the nation. Washington Mutual's news releases are available at http://www.wamu.com.SOURCE Bank United Corp.
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CONTACT:
Vern Stockton, Media Relations, 713-543-6920,
or Debbie Kemple, Investor Relations, 713-543-6926, both of Bank
United Corp.
