Bank United Corp. Announces 2,000,000 Premium Income Equity Securities Offering

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Bank United Corp. Announces 2,000,000 Premium Income Equity Securities Offering

    HOUSTON, July 29 /PRNewswire/ -- Bank United Corp. (Nasdaq: BNKU) ("the
Company") announced today that it is offering 2,000,000 Premium Income Equity
Securities ("Corporate PIES") consisting of common share purchase contracts
and preferred shares, with limited voting rights, issued by the Company.
    The purchase contracts require the purchase of common stock based on the
average trading price during a predetermined period.  Investors will receive a
percentage of the appreciation in the value of the Company's common shares
prior to the settlement date, but will bear all of the risk of a decline in
the market value of the common shares.
    The proceeds of the offering will be used to strengthen the capital base
of the Company and for general corporate purposes.  Lehman Brothers Inc. will
sole manage the offering of the Corporate PIES.
    A registration statement relating to these securities has been filed with
the Securities and Exchange Commission but has not yet become effective.
These securities may not be sold nor may offers to buy be accepted prior to
the time the registration statement becomes effective.  This announcement
shall not constitute an offer to sell or the solicitation of an offer to buy
nor shall there be any sale of these securities in any State in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such State.
    Houston headquartered Bank United Corp. is a broad-based financial
services provider to consumers and businesses in Texas and selected markets
throughout the United States.  The Company is the largest publicly-traded
depository institution headquartered in Texas with total assets of
$15.4 billion and total deposits of $7.2 billion, and through its subsidiary,
Bank United, operates a 144-branch community banking network in Texas,
including 60 branches in the greater Houston area, 75 in Dallas/Fort Worth,
5 in Midland, and two each in Austin and San Antonio; a commercial banking
group with 18 regional offices in 15 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.

A preliminary prospectus may be obtained from:
     Lehman Brothers Inc.
     c/o Automatic Data Processing
     Nayoka Wright
     Prospectus Fulfillment
     55 Mercedes Way
     Edgewood, New York 11717

     (516) 254-7106
     (516) 254-7268 FAX

SOURCE Bank United Corp.

http://www.bankunited.com
CONTACT:
media relations, Vern Stockton, 713-543-6920,
or investor relations, Debbie Kemple, 713-543-6926, both of Bank
United Corp.