Washington Mutual and Bank United Holding Companies Merge; Banking Subsidiaries Expected to Merge on Tuesday.Business Editors SEATTLE--(BUSINESS WIRE)--Feb. 9, 2001 Washington Mutual “WaMu” redirects here. For the Washington, DC radio station, see WAMU. Washington Mutual (or WaMu; NYSE: WM) is the United States' largest savings and loan association. , Inc. (NYSE NYSE See: New York Stock Exchange :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 stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. (NASDAQ) under its previous ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors , 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 New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the ticker symbol, XWM XWM X Window Manager XWM Xtremewrestlingmedia.com (website) . 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 An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called 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. |
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