Bank United Corp. and its thrift subsidiary Bank United have completed the purchase of 18 Guardian Savings Bank branches totaling $1.45 billion of deposits.
Terms were not disclosed.
The buyer obtained an agreement that keeps the three remaining branches of Houston-based Guardian from competing with Bank United branches. The deal also prohibits Guardian from soliciting or advertising for deposits in Texas.
Bank United said it expects to shut 12 of the 18 Guardian branches it bought. Former Guardian employees will be kept, Bank United said.
Bank United has $12.5 billion of assets and $5.3 billion of deposits.