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|Washington Mutual and Bank United Holding Companies Merge; Banking Subsidiaries Expected to Merge on Tuesday|
SEATTLE--(BUSINESS WIRE)--Feb. 9, 2001--Washington Mutual, Inc. (NYSE:WM) today announced that it has completed its holding company merger with Houston-based Bank United Corp. As a result, Bank United Corp. is no longer listed on the Nasdaq Stock Market (NASDAQ) under its previous ticker symbol, BNKU.
It is expected that the two companies' banking subsidiaries will be merged before the start of business on Tuesday, Feb. 13, 2001.
Former Bank United Corp. common stock will be converted into 1.3 shares of Washington Mutual common stock. Based on Washington Mutual's closing price of $51.00 on Friday, Feb. 9, 2001, the transaction would be valued at approximately $2.17 billion. Also, as part of the transaction, each share of Bank United's 8 percent corporate premium income equity securities will be converted into one share of a new series of Washington Mutual's premium income equity securities (PIEs) with substantially the same terms, which will begin trading Monday, Feb. 12, 2001, on the New York Stock Exchange under the ticker symbol, XWM.
In addition, as a result of Bank United's reorganization prior to the merger, Bank United shareholders will receive tradable contingent payment right certificates (CPRs) representing the right to receive certain distributions in the event Bank United's forbearance claim against the U.S. government is upheld. Bank United has established a trust to manage that litigation and distribute any amounts received. These CPRs will be traded on NASDAQ under the ticker symbol BNKUZ.
With a history dating back to 1889, Washington Mutual, Inc. (NYSE:WM) is a national financial services company that provides a diversified line of products and services to consumers and small- to mid-sized businesses. At December 31, 2000, Washington Mutual and its subsidiaries had assets of $194.72 billion. Washington Mutual currently operates more than 2,000 consumer banking, mortgage lending, commercial banking, consumer finance and financial services offices throughout the nation. Washington Mutual's news releases are available at www.wamu.com.CONTACT:
Washington Mutual, Inc.
Libby Hutchinson, 206/461-2484
JoAnn DeGrande, 206/461-3186
Ruthanne King, 206/461-6421