HOUSTON, Jan. 30 /PRNewswire/ -- Houston headquartered Bank United Corp.
(Nasdaq: BNKU) and its subsidiary Bank United (NYSE: BKU PrA and BKU PrB)
announced the completion of its purchase of 18 branches with combined deposits
of $1.45 billion and more than forty thousand accounts from Guardian Savings.
    "This purchase is a part of Bank United's continuing strategy to increase
its Community Banking presence in Texas through acquisitions, building new
facilities, and attracting new customers by offering superior products and
services," said Bank United Chairman and President Barry C. Burkholder.
Although the parties have agreed not to disclose the specific financial terms
of the transaction, Burkholder noted, "The Guardian acquisition provides non-
compete protections for Bank United, including limiting Guardian to three
deposit-taking branches in Texas, capping Guardian's total Texas deposit base
at those three branches at $10 million, and prohibiting Guardian from
soliciting or advertising for deposits in Texas. The combination of the low
premium we paid for these deposits and the addition of several prime locations
to our branch network should enhance our funding costs and increase our
efficiency in these important markets."
    Bank United Executive Vice President and Director of Community Banking Ron
Coben added,  "One of the best parts of this acquisition is that twelve of the
limited-use Guardian branches are within a stone's throw of a full-service
Bank United branch. So over time, we'll consolidate these facilities, but keep
every one of the former Guardian employees. And, we'll upgrade the remaining
branches in the six neighborhoods that are new to us."

    Bank United also recently completed the purchase of three branches in the
Dallas area, with $66 million in deposits, from California Federal Saving,
FSB.
    Bank United Corp., headquartered in Houston, is the largest publicly
traded depository institution headquartered in Texas, with $12.5 billion in
assets, $5.3 billion in deposits, and $612.5 million in stockholders' equity.
Bank United, a federally chartered savings bank, currently operates a
community banking network of 80 branches in Texas, including 41 located in the
greater Houston area, 35 located in the Dallas/Ft. Worth Metroplex, and two
each in Austin and San Antonio; as well as a branch and credit card processing
center in Phoenix, Arizona; a commercial banking group with 11 regional
offices; 6 wholesale origination offices; a mortgage servicing business; and a
financial markets business.  Bank United is FDIC insured and an equal housing
lender.

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