HOUSTON - United Savings Association of Texas, the thrift organized by mortgage-securities pioneer Lewis Ranieri, said it has changed its name to Bank United of Texas and will advertise itself as Bank United.
"The old name no longer adequately described the scope of this institution," said Barry C. Burkholder, president and chief executive officer.
The $7 billion-asset Bank United seeks to project an aggressive retail banking image. It has grown in four years from 19 branches concentrated in the Houston area to 65 branches statewide.
Through Commonwealth United Mortgage, with 75 branches in 24 states, the company originated $3.2 billion in mortgages in the first half of 1992. And its wholesale division, United Financial Markets, is a leader in buying, selling, and securitizing loans and has purchased more than $4 billion of wholesale assets.