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| Bank United to Purchase Texas Central Bank |
HOUSTON, March 23 /PRNewswire/ -- Bank United Corp. (Nasdaq: BNKU) and Texas Central Bancshares today announced a definitive merger agreement in which Bank United Corp., parent of Bank United, would purchase Texas Central Bancshares, parent of Texas Central Bank, a commercial bank operating three branches, one in Dallas, one in the Park Cities area, and one in Plano, with combined assets of $116 million and $96 million in deposits. The acquisition is expected to close in September, pending regulatory approval, and will be accounted for as a pooling of interests. "We are excited about the opportunity to serve Texas Central's commercial and retail customers," said Bank United Corp. President and CEO Barry C. Burkholder. "We are absolutely committed to the Dallas/Fort Worth area. This acquisition will allow us to continue to fill out our franchise in this important population center of Texas. In April, we also plan to increase the number of branches in the area to 72 by opening Seven-Day Banking Centers in an additional 33 Kroger Stores." Bank United Corp. is the largest publicly-traded bank 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 obtain additional transaction accounts and experienced commercial lending officers. "This merger will create market opportunities that can fuel Bank United's commercial banking business in the important Dallas/Ft. Worth Texas marketplace," Burkholder noted. "This addition will complement Bank United's substantial business lending programs which currently include the largest and fastest growing Small Business Administration loan franchise in the state, and a nationwide commercial middle market lending program." "This is an outstanding transaction for our customers, who will gain access to a very impressive array of products and services, especially the convenience of 72 offices in the Dallas/Fort Worth area and 79 branches in other Texas metropolitan areas," said Texas Central Bank Chairman Michael A. Ruff. "Bank United's name recognition, market presence, and increased lending limits will enable us to better satisfy the growing needs of our customers."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.
