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| Bank United Corp. Announces Early Release of Transfer Restrictions on Common Stock Held by Certain Shareholders |
HOUSTON, June 4 /PRNewswire/ -- Bank United Corp. (Nasdaq: BNKU) (the "Company"), parent of Bank United, announced today that its Board of Directors had released certain transfer restrictions on 7,887,436 shares of its common stock held by eight of its largest shareholders. The result of this action is that these shares, which otherwise would have been restricted from sale until August 8, 1999, will now be available for sale on June 7, 1999. The restrictions were agreed to by shareholders who owned five per cent or more of the Company's common stock in connection with the initial public offering of the Company's common stock on August 8, 1996. The restrictions were designed to preserve the tax benefit of net operating loss carryforwards that Bank United acquired in its acquisition of the assets and liabilities of United Savings Association of Texas in 1988. The Board of Directors determined that, due to the passage of time and changes in circumstances, the restrictions were no longer necessary to prevent an adverse tax consequence and that the express provisions of the written agreement that imposed the restrictions required that the restrictions be released. No action taken by the Company in connection with the release of the restrictions would require any of the previously restricted stock to be sold. Bank United Corp., headquartered in Houston, is the largest publicly traded depository institution headquartered in Texas, with $14.9 billion in assets, $6.6 billion in deposits and $723 million in stockholders' equity. Bank United is FDIC insured and an equal housing lender. Bank United, operates a 141-branch community banking network in Texas, including 73 in the Dallas/Fort Worth area, 59 in the greater Houston area, 5 in Midland, 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 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.
