Bank United Corp.'s board on Friday released certain transfer restrictions on 7.9 million shares held by eight of its largest shareholders.

The shares, which would have been restricted from sale until Aug. 8, will be available for sale today, Bank United said in a press release.

The restrictions were intended to preserve the tax benefits that resulted from Bank United's acquisition of United Savings Association of Texas' assets and liabilities in 1988, the company said.

Bank United was granted "carry-forwards" that let it offset taxable income using losses that United Savings had incurred.

Nasdaq-listed shares of Bank United recently were trading at $39.8125, down 31.25 cents, or 0.8%, on volume of 17,400 shares.

Average daily volume for Bank United is 121,640.

Bank United has 31.6 million shares outstanding.

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