Bank United Corporation, headquartered in

Houston, Texas Houston (; ) is the most populous city in Texas, the most populous city in the Southern United States, the fourth-most populous city in the United States, and the sixth-most populous city in North America, with a population of 2,304,580 in ...

, was a broad-based

financial services Financial services are the Service (economics), economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, acco ...

provider and the largest

publicly traded A public company is a company whose ownership is organized via shares of stock which are intended to be freely traded on a stock exchange or in over-the-counter markets. A public (publicly traded) company can be listed on a stock exchange (list ...

depository institution Colloquially, a depository institution is a financial institution in the United States (such as a savings bank, commercial bank, savings and loan associations, or credit unions) that is legally allowed to accept monetary deposits from consumers. U ...

headquartered in

Texas Texas (, ; Spanish language, Spanish: ''Texas'', ''Tejas'') is a state in the South Central United States, South Central region of the United States. At 268,596 square miles (695,662 km2), and with more than 29.1 million residents in 2 ...

before its

merger Mergers and acquisitions (M&A) are business transactions in which the ownership of companies, other business organizations, or their operating units are transferred to or consolidated with another company or business organization. As an aspect ...

with

Washington Mutual Washington Mutual (often abbreviated to WaMu) was the United States' largest savings and loan association until its collapse in 2008. A savings bank holding company is defined in United States Code: Title 12: Banks and Banking; Section 1842: Def ...

in 2001. Bank United Corp. conducted its business through its

wholly owned subsidiary A subsidiary, subsidiary company or daughter company is a company (law), company owned or controlled by another company, which is called the parent company or holding company. Two or more subsidiaries that either belong to the same parent company ...

, Bank United, a federally chartered

savings bank A savings bank is a financial institution whose primary purpose is accepting savings account, savings deposits and paying interest on those deposits. History of banking, They originated in Europe during the 18th century with the aim of providi ...

. The company operated a 155-branch community banking network in Texas, including 77 in the Dallas/Fort Worth Metroplex, 66 in the greater Houston area, five in Midland, four in

Austin Austin is the capital city of the U.S. state of Texas, as well as the seat and largest city of Travis County, with portions extending into Hays and Williamson counties. Incorporated on December 27, 1839, it is the 11th-most-populous city ...

, and three in

San Antonio ("Cradle of Freedom") , image_map = , mapsize = 220px , map_caption = Interactive map of San Antonio , subdivision_type = Country , subdivision_name = United States , subdivision_type1= U.S. state, State , subdivision_name1 = Texas , s ...

; operated 19 SBA lending offices in 14 states; was a national middle market

commercial bank A commercial bank is a financial institution which accepts deposits from the public and gives loans for the purposes of consumption and investment to make profit. It can also refer to a bank, or a division of a large bank, which deals with cor ...

with 23 regional offices in 16 states; originated

mortgage loan A mortgage loan or simply mortgage (), in civil law jurisdicions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any p ...

s through 11 wholesale offices in 10 states; operated a national mortgage servicing business serving approximately 324,000 customers, and managed an

investment portfolio In finance, a portfolio is a collection of investments. Definition The term “portfolio” refers to any combination of financial assets such as stocks, bonds and cash. Portfolios may be held by individual investors or managed by financial pro ...

. As of June 30, 2000, Bank United Corp. had

asset In financial accountancy, financial accounting, an asset is any resource owned or controlled by a business or an economic entity. It is anything (tangible or intangible) that can be used to produce positive economic value. Assets represent value ...

s of $18.2 billion, deposits of $8.8 billion, and

stockholder's equity In finance, equity is ownership of assets that may have debts or other liabilities attached to them. Equity is measured for accounting purposes by subtracting liabilities from the value of the assets. For example, if someone owns a car worth $ ...

of $823 million.

History

At the end of 1988,

Lewis Ranieri Lewis S. Ranieri (; born 1947) is a former bond trader, founding partner and current chairman of Ranieri Partners,http://www.ranieripartners.com/ranieri-senior-executive-team-1/lewis-s-ranieri a real estate firm. He is considered the "father" o ...

and his investor group Ranieri Wilson & Company acquired the deposits and 19 offices of the insolvent

savings and loan association A savings and loan association (S&L), or thrift institution, is a financial institution that specializes in accepting savings deposits and making mortgage and other loans. The terms "S&L" or "thrift" are mainly used in the United States; simi ...

named United Savings Association of Texas from the

Federal Savings and Loan Insurance Corporation The Federal Savings and Loan Insurance Corporation (FSLIC) was an institution that administered deposit insurance for savings and loan institutions in the United States. History Establishment The FSLIC was established by the National Housing Act ...

for $200 million to create the new United Savings Association FSB. In May 1990, United Savings acquired the deposits and 4 offices of the insolvent Ameriway Savings Association from the

Resolution Trust Corporation The Resolution Trust Corporation (RTC) was a U.S. government-owned asset management company run by Lewis William Seidman and charged with liquidating assets, primarily real estate-related assets such as mortgage loans, that had been assets ...

for $981 thousand. In June 1990, United Savings acquired the deposits and 19 offices of the insolvent Murray Savings Association of Dallas from the Resolution Trust Corporation for $809 million. In September 1991, United Savings acquired from the Resolution Trust Corporation the deposits and 20 offices of the insolvent San Jacinto Savings Association for $34.3 million and also the deposits and 6 offices of the failed BancPlus Federal Savings Association in Pasadena for $1.7 million. In October 1991, United Savings acquired from the Resolution Trust Corporation just the deposits from 1 office of the insolvent Victoria Savings Association of San Antonio for a $250 premium. In September 1992, United Savings Association FSB, which was formed from six failed Texas thrifts, was renamed Bank United of Texas FSB. In 1996, the privately owned holding company started to sell stock via an

IPO An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment ...

while simultaneously, the original investors took this opportunity to cash in on their original investment by selling off their original shares. The

Federal Deposit Insurance Corporation The Federal Deposit Insurance Corporation (FDIC) is one of two agencies that supply deposit insurance to depositors in American depository institutions, the other being the National Credit Union Administration, which regulates and insures cred ...

held warrants worth 1.5 million common shares which were redeemed at that time.Alternate Link
via

ProQuest ProQuest LLC is an Ann Arbor, Michigan-based global information-content and technology company, founded in 1938 as University Microfilms by Eugene B. Power. ProQuest is known for its applications and information services for libraries, provid ...

. Early in 1997, Bank United petitioned the

Office of the Comptroller of the Currency The Office of the Comptroller of the Currency (OCC) is an independent bureau within the United States Department of the Treasury that was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all nation ...

to change its charter from a

federal savings bank Federal savings associations (also called "federal thrifts" or "federal Savings Banks"), in the United States, are institutions chartered by the Office of Thrift Supervision which is now administered by Office of the Comptroller of the Currency a ...

to a

but later withdrew its petition. In January 1999, Bank United announced that they had signed an agreement with

Kroger The Kroger Company, or simply Kroger, is an American retail company that operates (either directly or through its subsidiaries) supermarkets and multi-department stores throughout the United States. Founded by Bernard Kroger in 1883 in Cincin ...

to open 50 more branches inside Kroger supermarkets in the Houston and Dallas-Fort Worth metropolitan areas that were previously occupied by

Bank of America The Bank of America Corporation (often abbreviated BofA or BoA) is an American multinational investment bank and financial services holding company headquartered at the Bank of America Corporate Center in Charlotte, North Carolina. The bank w ...

and

NationsBank NationsBank was one of the largest banking corporations in the United States, based in Charlotte, North Carolina. The company named NationsBank was formed through the merger of several other banks in 1991, and prior to that had been through mul ...

. In March 1999, Bank United announced the pending acquisition of the Texas Central Bancshares with its 3-branch office Texas Central Bank subsidiary for an undisclosed amount. The acquisition was completed in August 1999.

Washington Mutual

In August 2000, Washington Mutual announced the pending acquisition of the

Houston Houston (; ) is the most populous city in Texas, the most populous city in the Southern United States, the fourth-most populous city in the United States, and the sixth-most populous city in North America, with a population of 2,304,580 in ...

-based Bank United Corporation with its 155 branch offices, all located in Texas, for $1.49 billion in stock. The acquisition was completed in February 2001. As a result of branch overlap between Bank United and Washington Mutual, 17 branch offices were closed in Texas, 10 of which were in Houston.

References

External links

* {{JPMorgan Chase, state=collapsed Companies based in Houston Defunct banks of the United States Banks disestablished in 2001 2001 disestablishments in Texas