Bank United Completes Purchase of Midland American Bank

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Bank United Completes Purchase of Midland American Bank
    HOUSTON, Feb. 12 /PRNewswire/ -- Bank United (NYSE: BKU PrA, BKU PrB) a
subsidiary of Bank United Corp. (Nasdaq: BNKU) announced the completion of its
acquisition of Midland American Bank, a commercial bank operating five
branches in Midland, with assets of $229 million and $209 million in deposits.
    Bank United is the largest depository institution headquartered in Texas,
with assets of $14.8 billion, deposits of $6.3 billion, and stockholders'
equity of $706 million.  With this acquisition, Bank United will enter the
west Texas market for the first time.
    Midland American Bank President and CEO John E. Grist will continue to
serve as president of the Midland American Bank Division of Bank United and
there will be continuity of management and staff in Midland.
    "This merger creates market opportunities that can fuel growth in all of
Bank United's Texas markets," said Bank United Corp. President and CEO Barry
C. Burkholder.  "Midland and Odessa will provide new markets for Bank United's
competitive consumer and small business products, while all of Bank United's
Texas markets will be enhanced by the addition of Midland American's expertise
in the energy industry."
    John Grist added, "Joining the Bank United family is an outstanding
opportunity for our customers, who will continue to be served by our current
staff of dedicated hometown professionals.  In addition, Bank United's very
impressive array of products and resources, including the convenience of
90 offices in other major Texas metropolitan areas, will allow us to better
serve the growing financial needs of our customers.  This new relationship
also will give us the opportunity to increase our commercial lending
relationships and the size of loans based on Bank United's access to capital."
    "We are excited about the opportunity to serve Midland American's
customers, both retail and commercial," Burkholder noted.  "We are absolutely
committed to the Midland and Odessa area and plan to be part of this important
growing area of Texas."
    Bank United Corp. is the largest publicly-traded bank headquartered in
Texas.  In January, Bank United announced an agreement to open branches in an
additional 50 Kroger stores located in Dallas, Fort Worth, and Houston.  The
new in-store branches are scheduled to open in April.  Bank United is the
largest bank SBA lender in the state.
    Including this acquisition Bank United Corp., through Bank United,
operates a 95-branch community banking network in Texas, including 42 in the
greater Houston area, 36 in the Dallas/Fort Worth area, 5 in Midland, and two
each in Austin and San Antonio; a commercial banking group with 21 regional
offices in 18 states; 6 wholesale mortgage origination offices; a mortgage
servicing business; and a financial markets business.
SOURCE Bank United Corp.
http://www.bankunited.com
CONTACT:
Vern Stockton, Media Relations, 713-543-6920,
or Debbie Kemple, Investor Relations, 713-543-6926, both of Bank
United Corp.