Analysis of information sources in references of the Wikipedia article "Washington Mutual" in English language version.
After finalizing the acquisition of locally based Bank United Corp., Washington Mutual Inc. plans to close about 10 Houston-area branches from the combined operation—including Bank United's corporate headquarters, sources say.
Washington Mutual Savings Bank has signed a definitive agreement to buy Pacific First Bank from Canada's Royal Trustco Ltd. for $663 million, the companies announced today. Washington Mutual will acquire Pacific First Financial Corp., the holding company for the federal savings bank, from RT Holdings Inc., a subsidiary of Royal Trustco. After approval by regulators, the deal is expected to close in mid 1993.
Hoping to marry the nation's two largest savings and loans into a financial powerhouse, the corporate parent of Home Savings of America has offered to buy Great Western Financial Corp. in a deal valued at nearly $6 billion, sources close to the proposed transaction said late Monday. The unsolicited offer by Irwindale-based H.F. Ahmanson & Co. would form the third-largest financial institution in California—after giant Bank of America and Wells Fargo. It would also result in the closure of more than 100 bank branches and the probable loss of hundreds of jobs, sources said.
Dime had $14 billion of deposits in New York and New Jersey at the end of last year.
Western Bank, once a model of community banking, will disappear from the state's landscape this weekend. Workers are changing signs at 30 of the bank's remaining 31 branches. The branches will close Friday and re-open Tuesday as Washington Mutual offices. The exception is the 300 E. Main St. branch in Medford that will be abandoned.
Washington Mutual Savings Bank announced Saturday that it has reached a definitive agreement to buy Columbia Federal Savings Bank of Wenatchee for about $40 million.
Faster than you can say mergers and acquisitions, Washington Mutual Savings Bank added two new friends of the family. The state's third-largest financial institution, which keys its advertising off the friends of the family theme, in less than 48 hours said it was acquiring both Wenatchee-based Columbia Federal Savings Bank and north Seattle's Shoreline Savings Bank... Washington Mutual has 50 branches. Shoreline operates 15 branches, Columbia Federal has 12. An earlier agreement in which Shoreline would sell three branches to Washington Mutual was vetoed by regulators, ostensibly because it would have further weakened the ailing institution. The Columbia Federal acquisition would give Washington Mutual its first significant presence in Central Washington. It obtained a strong Eastern Washington foothold in 1985 when it acquired Spokane-based Lincoln Mutual Savings Bank.
Washington Mutual Savings Bank continued its acquisition spree yesterday by agreeing to buy Shoreline Savings Bank for about $7.5 million. Washington Mutual on Saturday reached an agreement to buy Columbia Federal Savings Bank of Wenatchee for about $40 million. Washington Mutual, the third largest financial institution in Washington state with $5.6 billion in assets, said the Shoreline deal would give it branches in areas where it wants to increase its presence. Shoreline has 15 branches in the North Puget Sound area including Seattle. In addition, the Columbia Federal deal would add $384 million in assets and the Shoreline purchase $396 million in assets to Washington Mutual.
Washington Mutual Savings Bank today will merge two recent acquisitions, Columbia Federal Savings Bank and Shoreline Savings Bank, to form a new subsidiary. The new subsidiary will operate under the Columbia Federal Savings Bank name, but Shoreline signs will remain at former Shoreline branches for an indefinite period, officials said. Joseph Evans, a Columbia senior vice president, was named president of the new 26-branch subsidiary. Deposits will be insured by the Federal Savings and Loan Insurance Corp. After the merger, Washington Mutual Financial Group will have 76 branches, which can be used by customers of Washington Mutual Savings Bank and Columbia Federal. Washington Mutual's assets will increase to $6.2 billion from $5.5 billion. The Seattle-based savings bank paid about $39 million, or $17.53 a share, for Columbia Federal, and $7.5 million, or $5 a share, for Shoreline.
Washington Mutual Savings Bank announced yesterday it has agreed to purchase Old Stone Bank of Washington, a subsidiary of Old Stone Corp. of Providence, R.I.. In addition, Washington Mutual will acquire all seven Seattle/Tacoma area branch offices of Old Stone. The Rhode Island bank moved into the area in 1985 when it bought money-losing Citizens Federal Savings and Loan Association and renamed it Old Stone Bank of Washington.
Old Stone Corp. said it has completed the sale of its Washington state retail division, Old Stone Bank of Washington, to Washington Mutual for about $10 million... In 1985, Old Stone acquired the troubled bank, which was formerly the Citizens Federal Savings and Loan Association.
Washington Mutual yesterday paid $2.3 million to federal regulators to acquire portions of Frontier Federal Savings and Loan Association in eastern Washington... Frontier's branches in Walla Walla, Pullman, Kennewick, Richland and Dayton will open under Washington Mutual's management on Monday. Resolution Trust Corp. had managed Frontier since it went into receivership on Feb. 23.
Frontier Federal Savings & Loan Association offices in Eastern Washington will open today as branches of Washington Mutual. Washington Mutual acquired Frontier Federal Friday from the Resolution Trust Corp. for about $1.8 million, once accounting adjustments were made. The RTC had managed Frontier Federal since it went into receivership Feb. 23. Two of the former Frontier branches are in Walla Walla. Others are in Pullman, Kennewick, Richland and Dayton. The Seattle-based federal savings bank will assume Frontier's deposit liabilities of about $91.5 million. Assets include its consumer loan portfolio, options to purchase branch facilities and its residential loan portfolio.
Utah-based Williamsburg Federal Savings and Loan Association... The deal, involving three financial institutions, was announced Friday night by the federal Resolution Trust Corp... Washington Mutual Savings Bank, also of Seattle, bought Williamsburg's three Washington branches for $1.3 million
Washington Mutual Savings Bank's $23.3 million acquisition of VanFed Bancorp was completed late yesterday. VanFed shareholders will receive $19 a share, the companies said. Vancouver, Wash.-based VanFed operates seven branches in the Clark County area.
Washington Mutual said yesterday it has completed its acquisition of Sound Savings and Loan Association of Seattle. The merger was effective as of Wednesday.
The acquisitive Washington Mutual Savings Bank jumped back in the marketplace today, announcing a $64 million cash-and-stock deal for the parent of Bremerton-based Great Northwest Bank. The state's largest residential lender, with assets of $7 billion, said it plans to pay about $24.60 a share for GNW Financial, which has about $700 million in assets.
Washington Mutual Savings Bank plans to buy Great Northwest Bank of Bremerton, and the chairman of the Seattle thrift says his institution's appetite for acquisitions isn't sated yet. The cash-and-stock takeover of Great Northwest's parent, GNW Financial Corp., for $64 million was announced yesterday and is the seventh acquisition by Washington Mutual during 1990 and 1991... Last year, Washington Mutual, the state's largest thrift, signed deals for VanFed BanCorp, the Washington branches of Old Stone Bank, Frontier Federal Savings and Loan in Walla Walla and three offices of Williamsburg Savings and Loan. This year, Washington Mutual has agreed to buy Washington and Oregon branches of CrossLand Savings and Sound Savings and Loan of Seattle.
Washington Mutual Savings Bank completed its purchase of GNW Financial Corp. yesterday and said it will close three of the Bremerton thrift's branches and one of its own. Seattle-based Washington Mutual said the four branches, two in Tacoma and one each in Seattle and Spokane, will be combined with nearby branches. The four branches will be closed June 19. GNW subsidiary Great Northwest Bank had 119 employees working at its 17 branches.
ashington Mutual Savings Bank has agreed to buy two Snohomish County branches of World Savings and Loan Association of America, a subsidiary of Golden West Financial Corp. of Oakland, Calif. The two branches, in Lynnwood and Everett, account for all of World's Washington business.
Washington Mutual Savings Bank yesterday completed the acquisition of about $40 million of deposits at World Savings and Loan Association's Washington branches in Everett and Lynnwood. Its subsidiary, Washington Mutual, a Federal Savings Bank, will continue operations at the two locations. All branch employees were offered continuing employment with Washington Mutual. World Savings retains ownership of its loan centers in Lynnwood and Bellevue. With assets of $7.1 billion, Washington Mutual has $7.1 billion in assets and operates a total of 104 financial centers and 18 home-loan centers in Washington, Oregon and Idaho.
Seattle's Washington Mutual Savings Bank continues to expand by gobbling up competitors in the Puget Sound region. The bank announced late Thursday that it has agreed to buy Pioneer Savings Bank of Lynnwood in a stock-swap deal valued at $181 million... The buyout - which is likely to be completed early next year after federal and shareholder approval - comes less than a year after Washington Mutual's $64 million purchase of Bremerton-based Great Northwest Savings Bank, which added 17 branches. Washington Mutual has also acquired two smaller savings and loan banks this year, which added three new branches. The savings bank's 123 branches would increase to 141 if the Pioneer deal goes through.
All but one of Pioneer's 17 branches are in King and Snohomish... Washington Mutual has 53 locations in King and Snohomish counties, slightly less than half of its total 118 financial centers and 18 home-loan centers in Washington, Oregon and Idaho.
{{cite news}}: CS1 maint: multiple names: authors list (link)Washington Mutual Savings Bank will buy Pacific First Bank in a deal that cements its position as one of the three leading financial institutions in the Pacific Northwest. It also brings to a somewhat messy and expensive end a foray into the American banking market by Royal Trustco Ltd. of Toronto, parent of Pacific First. While Royal Trustco is giving up its dream of building an American banking empire anchored in Seattle, it will be stuck with hundreds of millions of dollars in real estate loans that are in default or heading that way. And the $663 million acquisition of Pacific First Financial Corp. marks the third major upheaval of banking in Washington in a year, which will mean more sign changes, building closures and potential layoffs for employees. Washington Mutual already has $8.4 billion in assets and 118 branches and 17 loan centers in Washington and Oregon. Pacific First has assets of $6.9 billion, 127 branches in Washington, Oregon and California and eight mortgage offices. It previously agreed to trade its 10 California branches for Great Western Bank's 14 Washington branches. Once the Pacific First deal is completed, Washington Mutual will have assets of about $14 billion... Pacific First is merely the latest in a series of acquisitions Washington Mutual has made in the last few years, including Pioneer Savings in Lynnwood, Great Northwest in Bremerton and VanFed in Vancouver. With Pacific First's branches, Washington Mutual's share of consumer deposits in Washington will be 17.2 percent, ahead of KeyCorp-Puget Sound with 10.3 percent and trailing only Seafirst at 20.4 percent, Tejera said. In Oregon, Washington Mutual will become the fourth biggest in consumer deposits.
Washington Mutual Bank plans to acquire the 90 percent of Bellevue's Enterprise Bank it doesn't already own, completing a somewhat unusual alliance of a big thrift institution dealing mainly with consumers and a small commercial bank whose focus is business... Enterprise has one office and assets of about $135 million, compared with 260 offices and $19.1 billion for Washington Mutual... Enterprise will operate under Washington Mutual's state savings bank charter but as a separate organization and under its current name.
CrossLand, which acquired Western Savings Association this year...
CrossLand Savings on Wednesday announced plans to install full-service banking branches in Safeway stores in Oregon and Washington. The agreement calls for branches to be installed in 20 stores in the Portland-Vancouver area and eight in the Eugene-Springfield section of the state. The first branches are scheduled to open March 1 in the Safeway store in Raleigh Hills and one in the Esplanade mall in Hillsboro, according to Christopher J. Sumner, president of the savings bank. All will be operating by December 1990, the savings bank said... CrossLand has seven full-service branches in the Portland metropolitan area that were picked up when it acquired Western Savings.
Federal regulators Thursday announced the acquisition of insolvent savings and loans in Salem and Vancouver, Wash., by Pacific First Financial Corp. of Tacoma. The insolvent institutions are American Home Savings Bank of Salem and Community First Federal Savings. Both have been under federal supervision for more than a year and have substantial negative net worth. The two thrifts were closed by regulators Thursday and will open under Pacific First ownership Friday where business will be conducted without interruption. The institutions were acquired through a wholly owned subsidiary of Pacific First Federal Savings Bank and will be operated as Pacific First Bank... The twin acquisition will expand Pacific First's operations in Oregon and the Portland market. It already has 11 branches in Portland and Eugene, and it will pick up nine more from Community in the Portland area and 17 American Home offices in the mid-Willamette Valley. It will also get seven Community branches in the Vancouver area.
When Pacific First Financial Corp. shuts down the last remnant of the former Willamette Savings and Loan Dec. 7, it will have laid off about 150 former Willamette employees. At the time Seattle-based Pacific First acquired Willamette in June from the federal Resolution Trust Corp.
Pacific First Bank, a Seattle-based thrift, has quietly become the largest holder of deposits among all thrifts operating in Oregon. It also operates 78 branches in Oregon, more than any other thrift. Its rise has been due, in part, to turmoil in the thrift industry that has led to deposit declines at competitors and the shift of one large thrift to a bank. Pacific First had $1.1 billion in deposits at its Oregon branches at the end of 1989. A year later, deposits had grown to $2.3 billion. It now holds about 27 percent of the thrift market in Oregon and about 9 percent of the combined thrift and bank market. The next-largest Oregon thrift is Far West Federal Bank with $1.3 billion in deposits... Pacific First has been serving Oregonians since 1936, but it had only a few branches until December 1988, when it bought 17 branches of Salem-based American Home Savings. One year later the thrift was acquired by Toronto, Canada-based Royal Trustco, Canada's largest trust company, which injected $100 million of capital into the thrift and set it on an aggressive expansion course. Pacific First acquired the 45 branches of Willamette Savings and Loan in June and added the 12 Oregon branches of the Williamsburg Federal Savings and Loan Association in September. Some recently acquired branches have been closed, leaving the thrift with 78 Oregon branches spread throughout the state, but principally in the Portland metropolitan area and the Willamette Valley.
The Canadian parent corporation of Pacific First Financial Corp. is considering selling the savings bank in a move that could affect employees in 71 Oregon branches. Royal Trustco Ltd. of Toronto is "holding discussions with a number of financial institutions," Pacific First announced in a statement from the bank's Seattle headquarters.
In a deal that will both expand it geographically and diversify its lines of business, Washington Mutual Inc. said yesterday it has an agreement to buy Western Bank of Coos Bay, Ore... Western Bank has 41 offices in 33 Oregon communities, so the acquisition will add to Washington Mutual's 72 branches in that state. It also adds 20 towns Washington Mutual isn't already in. Washington Mutual is already the leading residential real estate lender in Oregon. But the deal also increases Washington Mutual's reach into the commercial banking market. Washington Mutual has traditionally emphasized the thrift business, which means home mortgage and consumer loans. Western, being a commercial bank, focuses on lending to small- and medium-sized businesses. Commercial banking is a business Washington Mutual has been increasingly interested in. Last month it wrapped up a deal to acquire the 90 percent of Bellevue's Enterprise Bank it didn't already own. Like Enterprise, Western Bank will continue to operate under its existing name and management.
Washington Mutual Inc. said it intends to acquire Coos Bay-based Western Bank for between $144 million and $169 million. If it completes its surprise purchase, Washington Mutual will jump past Bank of America and Key Bank to become the third-largest bank in Oregon in both deposits, $2.6 billion, and the number of branches, 114... Most of Western's 41 branches are in Southern Oregon. It has only a single branch in the metropolitan area, in Beaverton. Washington Mutual, on the other hand, has 42 branches in and around Portland.
Washington Mutual will expand into Southwest Idaho, as its federal savings bank subsidiary builds the Boise area's first full-service bank branches inside Fred Meyer stores.
Washington Mutual Savings Bank said yesterday it plans to open a loan office and three in-store branches in the Boise area this year, its first venture into that market. Seattle-based Washington Mutual already operates 68 in-store locations in Washington and Oregon, in addition to 162 free-standing branches. The Idaho branches will open in July and August and will be located in Fred Meyer stores.
Washington Mutual will open its new Moscow Financial Center Monday inside the Rosauers grocery at 409 N. Main St... The Moscow bank is the Seattle-based company's first venture into northern Idaho, although it has three other branches in the state.
Washington Mutual Inc., Seattle, Wednesday completed its acquisition of United Western Financial Group Inc. of Salt Lake City. Plans to acquire the privately held company and its subsidiaries, which include United Savings Bank and Western Mortgage Loan Corp., were announced in early September. The final purchase price, paid in cash, was approximately $79.5 million. Conversion of deposit accounts is expected to take place around midyear, with loan accounts to follow. United Savings Bank operated nine branches, seven of them in the Salt Lake City area. The other two offices are in St. George and Idaho Falls.
Washington Mutual Savings Bank said yesterday it is joining the parade of banks and thrifts marching into Utah by buying an eight-office company in the Beehive State. Along with the acquisition come two branches in Butte, Mont., another new state for Washington Mutual. But Chairman Kerry Killinger said he doesn't know yet whether Washington Mutual will keep, expand or sell that operation. Washington Mutual will pay about $52.1 million in stock for Olympus Capital Corp., the holding company for Olympus Bank. The deal should be closed by early 1995. Olympus operates five branches in Salt Lake City, two in Ogden and one in Provo.
Washington Mutual Inc. said it has signed an agreement to acquire Utah Federal Savings Bank, based in Ogden. Utah Federal, with $122.6 million in assets, has five branches and three loan offices. Washington Mutual already has 16 branches and one loan office in the state, having moved into Utah in 1995. Washington Mutual didn't give a purchase price for Utah Federal, which isn't a publicly traded company.
Washington Mutual said it completed the acquisition of Ogden-based Utah Federal Savings Bank... Washington Mutual acquired the Utah bank for $43.79 a share, or $15.2 million. With Utah Federal, Washington Mutual operates 19 branches and four home-loan centers in Utah.
Washington Mutual Inc. said it will add to its branch network in Utah with the acquisition of Western Financial Group Inc. of Salt Lake City for $80.3 million in cash. Western Financial is the parent of United Savings Bank, with eight branches in Utah and one in Idaho, and Western Mortgage Loan, with seven offices in Utah, Oregon, Idaho, Nevada and Montana. Washington Mutual, with 16 offices already in Utah, also has a deal pending to acquire Utah Federal Savings in Ogden. It said completing both deals would make Washington Mutual one of the largest residential mortgage lenders in the state.
In an acquisition that will virtually double the size of the savings bank the day it is completed, Seattle-based Washington Mutual said it will acquire Keystone Holdings Inc. and its subsidiary, American Savings Bank of Irvine, Calif., in a stock deal worth about $1.4 billion, based on yesterday's closing price... In addition, because American's loan portfolio is heavily weighted toward adjustable rate mortgages, the acquisition helps Washington Mutual reduce its vulnerability to interest rate swings... The third attraction for investors is the presence of billionaire investor Robert Bass, who bought into American Savings when it was taken over by the government and reorganized in 1988. "He assures me he has totally bought into the business plan. We believe he will be a good long-term shareholder," Killinger said of Bass. Bass will name two additional members to Washington Mutual's board, although Killinger said it's not likely Bass himself will serve... Washington Mutual, already at $22 million in assets, will grow to more than $42 million. It already operates 248 branches in Washington, Oregon, Utah, Idaho and Montana. American Savings will add 158 branches in California... A new shareholder in Washington Mutual will be the Federal Deposit Insurance Corp., which as part of the bailout of American holds about a third of the company. The FDIC is expected to sell those shares.
Washington Mutual Inc., a Seattle financial services firm, said Monday it will buy American Savings Bank and its parent company in a stock for stock transaction worth $3.5 billion. Irvine-based American Savings Bank will keep its name, and officials said they expect all branches to remain open, officials said... Washington Mutual, which owns a network of banks, is the No. 1 residential mortgage originator in Washington and Oregon. American Savings is California's second largest home-mortgage originator. The deal gives Washington Mutual its first presence in California, allowing an immediate foothold in key locations that will solidify its West Coast position... Robert M. Bass and his investor group control Keystone Holdings Inc. of Fort Worth, Texas, the parent company of American Savings. After the acquisition, Keystone will be merged into Washington Mutual. The investor group will get 26 million of the 48 million shares to be issued by Washington Mutual in the merger. With total outstanding shares of 117.5 million, the group's share amounts to a 22 percent ownership in the new company, with Bass holding an 8 percent stake. About 14 million of the new shares will go to the Federal Deposit Insurance Corp., which will sell them after the merger. The rest will be held in escrow pending the outcome of a Keystone lawsuit against the federal government. Washington Mutual also will assume Keystone's $365 million of debt and $80 million in outstanding preferred stock. Mario Antoci, American Savings' chairman and CEO, will retire after the deal closes. Post-merger management changes have not been finalized. Antoci took over American Savings in 1988, when the Bass Group bought it. American Savings Bank was originally part of American Savings and Loan, a failed thrift that led to the largest savings and loan bailout in history. The original thrift was divided into two parts: American Savings Bank controlled the profitable assets and loans while the other unit was liquidated. American Savings Bank has 220 branches in California and Arizona. Washington Mutual has 317 branches in Washington, Oregon, Idaho, Utah and Montana.
An investment group led by Fort Worth billionaire Robert M. Bass cashed in on a $400 million investment in California's American Savings yesterday, selling the thrift it acquired less than eight years ago. The deal was valued at more than $1.6 billion. Washington Mutual Inc., the parent of one of Washington state's largest savings banks, agreed to acquire the thrift for at least 40 million shares of Washington Mutual stock. That stock was worth slightly more than $1.2 billion at Friday's closing price. Washington Mutual will also assume $465 million in debt as part of the deal... Bass made his investment through Keystone Holdings, in which he owns about 36 percent. In 1988, Keystone acquired American Savings from the federal government, which had seized the thrift in 1984. Keystone invested $350 million in cash into American Savings and spent another $50 million in expenses to buy the institution, which at the time was America's biggest insolvent thrift. Keystone installed Mario J. Antoci, a respected thrift executive, to run American Savings. The thrift, stripped of its most troubled assets, immediately started making money... The Keystone group will also name two members of Washington Mutual's 13-person board, suggesting that the group is likely to retain its interest in the company.
Washington Mutual Inc. said Monday that it has completed its $2.05 billion acquisition of American Savings Bank. American, California's second-biggest mortgage lender, will continue to operate under its old name. The merger doubles the size of Seattle-based Washington Mutual. The combined bank has $43 billion in assets, $24 billion in deposits and 500 branches in nine Western states. Washington Mutual, which had no presence in California before the merger, will seek more acquisitions in the state.
Washington Mutual completed its $2.05 billion acquisition of Irvine, Calif.-based American Savings Bank, giving the Seattle institution a major presence in California... Washington Mutual bought American Savings from majority holder Keystone Holdings and the Federal Deposit Insurance Corp., which has owned a stake in American for eight years. The acquisition creates an institution with assets of $43 billion, deposits of $24 billion and more than 500 offices in nine Western states.
Great Western Financial Corp. sought to buy time to fend off H.F. Ahmanson and Co.'s $6.2 billion takeover bid yesterday as its bankers met with potential rival suitors, sources close to Great Western said... Sources said possible bidders that Great Western may have contacted include First Bank System Inc., Washington Mutual Savings Bank and Norwest Corp. Local banking executives and analysts said Washington Mutual is likely to take a close look at a deal for Great Western, and said there are equally strong reasons why the Seattle-based thrift might bid or walk away. On the negative side, Washington Mutual is currently digesting a major California acquisition, a hurry-up deal wouldn't give it time to carefully review the transaction, it wouldn't get the same cost savings Ahmanson would to make the deal attractive, and a bidding war could become expensive.
Washington Mutual Inc. yesterday said it has agreed on a stock deal to acquire Great Western Financial Corp. of Chatsworth, Calif., in a combination that would create an $87.4 billion behemoth, the 12th-largest financial institution in the country... Under the terms of the agreement, Washington Mutual will swap nine-tenths of a share of its stock for each share of Great Western, an offer worth about $6.6 billion based on yesterday's closing prices.
Washington Mutual Inc. completed its $8 billion acquisition of Chatsworth-based Great Western Financial Corp. on Wednesday, making it the largest savings and loan in the United States and expanding its presence in the resurgent California market. With the combination, Seattle-based Washington Mutual creates one of the biggest thrifts in the West, with $88.5 billion in assets, $52.5 billion in deposits and more than 1,150 branches in Washington, Oregon, California and Florida. The acquisition of Great Western, the second-largest U.S. thrift, also bolsters Washington Mutual's reputation as one of the most aggressive acquirers in the industry. Washington Mutual has completed 22 acquisitions and multiplied its assets more than twentyfold in 14 years.
Washington Mutual Inc., which yesterday became the largest savings institution in the country, could be ready to do a deal for another thrift in nine months or less, the company's chief executive said in an interview yesterday... Seattle-based Washington Mutual doubled its size to $90 billion in assets by buying Great Western Financial Corp., just months after the purchase of another California thrift doubled Washington Mutual to more than $40 billion in assets. Now comes the job of absorbing Great Western, a task complicated by the fact that this deal makes Washington Mutual a true coast-to-coast institution, with the addition of branches in Florida.
Ridding itself of overlapping operations, a Seattle-based thrift said Thursday it would close 85 Great Western and American Savings Bank branches in California and may eventually drop those two nameplates... Washington Mutual will have 365 branches in California after the closures are completed next year, most of them in the second quarter. They will retain their nameplate - either Great Western or American Savings depending on the branch - for the time being. But Washington Mutual officials are rethinking their earlier decision to keep the Great Western name, said Great Western spokesman Tim McGarry.
n a deal that will make an already big bank a huge one, Seattle-based Washington Mutual Inc. said yesterday it will acquire H.F. Ahmanson & Co. in a stock deal worth about $10 billion. The merger will also mean closing 160 to 170 branches and eliminating 3,000 to 3,500 jobs, almost entirely in California.
Seattle-based Washington Mutual, the largest U.S. savings and loan, said it will close 161 branches in California next year to combine outlets too close to each other after its purchase of Home Savings of America. The Seattle-based financial services company said 82 of the branches are Home Savings offices and 79 are Washington Mutual offices. The news follows the completion last week of Washington Mutual's acquisition of Irwindale, Calif.-based H.F. Ahmanson & Co., parent of Home Savings, for $6.9 billion.
Washington Mutual Inc., looking to make itself as much a major player in Texas banking as it is in Washington and California, yesterday said it will buy a Houston-based company in a $1.5 billion stock deal. Seattle-based Washington Mutual will acquire Bank United Corp., the largest publicly traded Texas-based financial institution. Texas was something of an incidental market Washington Mutual picked up in its 1998 acquisition of H.F. Ahmanson & Co.; while the real prize in the Ahmanson deal was its huge share of the market in California, it also had 48 branches in Texas, primarily in Houston and Dallas... Bank United will provide that, with 155 branches, including 66 in Houston, 77 in Dallas-Fort Worth and a handful in Midland, Austin and San Antonio.
Bank United, the largest financial institution based in Texas, said yesterday that it agreed to be acquired by Washington Mutual, the nation's biggest savings and loan. The deal, valued at $1.5 billion and expected to close by year's end, will greatly increase Washington Mutual's presence in the state. The Seattle-based institution entered Texas in 1998 with its acquisition of H.F. Ahmanson & Co., parent of Savings of America, and the Bank United merger will give it 3 percent of Texas deposits, according to June 30, 1999, reports, the latest available. Washington Mutual, which ranks No. 8 among all U.S. banks and thrifts, also has a previous Texas connection. In 1995, it acquired American Savings, a California thrift owned by Fort Worth investor Robert M. Bass, who became a major Washington Mutual shareholder as a result of that deal. A Bass lieutenant, Jay Crandall, remains on Washington Mutual's board of directors... Bank United has 155 retail branches in the state, including 77 in North Texas, along with 42 commercial loan offices and 11 other sales offices. Washington Mutual has 48 branches in Texas, including two in Tarrant County... About a dozen Texas branches share overlapping market areas, the companies said. That includes downtown Fort Worth, where two branches are within blocks of each other.
Washington Mutual Inc. of Seattle completed its $2.17 billion merger with Houston-based Bank United Corp. More than 200 retail United Bank branches in Texas will be converted over the next few weeks to branches of Washington Mutual, which operates more than 1,100 retail branches in seven Western states and Florida.
Bank United and Washington Mutual on Tuesday identified 17 Texas bank branches that will close this summer as part of the recently completed merger of the two institutions.
Washington Mutual completed its $5.2 billion cash and stock purchase of Dime Bancorp, giving the largest U.S. savings and loan an entry into the New York market. By purchasing Dime, Seattle-based Washington Mutual gains more than 120 branches in New York and New Jersey.
It was so small a deal that Washington Mutual Inc. didn't even bother putting out an announcement about it. For a company with $166 billion in assets and offices from coast to coast, the acquisition of Industrial Bank of Van Nuys, Calif., which has one office and $30 million in assets, created hardly a ripple. But the significance of the acquisition was not in the numbers, or Washington Mutual wouldn't have bothered making it. For Washington Mutual, Industrial Bank is a way to boost its often overlooked but growing commercial banking business in California.
Hoping to further expand its business banking operations in California, Seattle-based Washington Mutual has acquired Industrial Bank, a $30 million institution with one branch in Van Nuys.
In one of the Pacific Northwest's biggest financial transactions of its kind, Washington Mutual Savings Bank said today it won the sweepstakes to take control of Pacific First Financial Corp., parent company to Pacific First Bank. The move will make Washington Mutual the second-largest financial institution in Washington and give it a huge initial presence in Oregon. Washington Mutual said it will pay $663 million for the rival institution - both have Seattle headquarters. After the deal is done next May or June, Washington Mutual will be second in size here only to Seafirst Bank. Just three years ago, then publicly held Pacific First was acquired by Royal Trustco of Toronto, Canada, for $212 million. But since then, Royal Trustco has run into problems elsewhere, and decided to abandon its strategy to string branches along the West Coast of the United States. It put Pacific First up for bid.
Washington Mutual Inc. said today it will expand its presence in Oregon by acquiring Western Bank of Coos Bay, the second-largest independent commercial bank in the Northwest, after U.S. Bancorp. Western Bank, which operates 41 offices in 33 Oregon communities, had assets of $780.1 million at the end of September.
Washington Mutual, principally a savings-bank company, says it has completed the acquisition of Western Bank of Coos Bay, Ore., a commercial bank... Western will be part of Washington Mutual's commercial banking group. Western has 42 offices in 35 Oregon communities. Its assets total $787 million.
Great Western Financial, moving to thwart a hostile takeover offer by H. F. Ahmanson & Company, said yesterday that it had agreed to be acquired by Washington Mutual for stock worth $6.6 billion in a deal that would create the country's largest savings and loan institution.
Washington Mutual Savings Bank of Seattle, said it has purchased Murphey-Favre Inc., a brokerage firm in Spokane. for cash. The amount wasn't disclosed. Washington Mutual is the state's largest mutual savings bank.Alternate Link(subscription required) via ProQuest.
Washington Mutual Savings Bank said it formed a holding company named Washington Mutual Inc. Shares outstanding of the thrift institution were converted into shares of the new company. The name of the company's main banking subsidiary has been changed to Washington Mutual Bank.Alternate Link(subscription required) via ProQuest.
Washington Mutual Savings Bank said it signed a letter of intent to buy three branches from United Mutual Savings Bank, also of Tacoma, for $3,250,000.Alternate Link(subscription required) via ProQuest.
Washington Mutual Savings Bank said it agreed to merge with Lincoln Mutual Savings Bank of Spokane, Wash... Washington Mutual has about 1,000 employees and 39 branches, mostly in western Washington. Lincoln currently employs about 170 and has 16 branches mostly in eastern Washington.Alternate Link(subscription required) via ProQuest.
The Federal Home Loan Bank Board approved the acquisition of ailing Citizens Savings & Loan Association, Seattle, by Old Stone Corp., a Providence, R.I., thrift holding company. Citizens, a mutual thrift with $477.4 million in assets, was converted to a federally chartered stock savings bank, Old Stone Bank of Washington, effective yesterday. Old Stone Corp. has $3.7 billion in assets. To enable the takeover to occur, the Federal Savings and Loan Insurance Corp. will give the new savings bank some cash and indemnify it from certain liabilities and "possible litigation resulting from the acquisition," a Bank Board spokesman said.Alternate Link(subscription required) via ProQuest.
Washington Mutual Inc. agreed to acquire H.F. Ahmanson & Co. in a stock swap valued at $10.03 billion, or $81.69 a share, a transaction that would combine the nation's two largest thrift companies... The combined entity is to retain the Washington Mutual name and headquarters in Seattle. Washington Mutual plans to eliminate 40% of Ahmanson's annual costs, or about $330 million, by the year 2000, closing up to 170 branches and laying off as many as 3,500 employees. Ahmanson is based in Irwindale, Calif... The deal, code-named "Project Grand Slam" by Washington Mutual, came together with startling speed. More than 60 Washington Mutual advisers registered under assumed names at the Doubletree Hotel in Pasadena, Calif., where they pored over Ahmanson's books, according to Philip Erlanger of Lehman Brothers, which advised Washington Mutual.Alternate Link(subscription required) via ProQuest.
Glacier previously announced a definitive agreement to acquire two branches in Butte, Montana from Washington Mutual Bank. That deal is expected to close in October of 1999 and will add approximately $80 million in deposits.
Washington Mutual Savings Bank of Seattle, said it has purchased Murphey-Favre Inc., a brokerage firm in Spokane. for cash. The amount wasn't disclosed. Washington Mutual is the state's largest mutual savings bank.Alternate Link(subscription required) via ProQuest.
Washington Mutual Savings Bank said it filed a preliminary offering with the Supervisor of Banking covering the offering of common shares as it converts from a mutual to a stock savings bank, through underwriters led by Salomon Brothers.Link(subscription required) via ProQuest.
Washington Mutual Savings Bank's offering of 2.8 million common shares was priced at $12.50 a share, through Salomon Brothers.Link(subscription required) via ProQuest.
Chairman, President and Chief Executive Officer Kerry Killinger today announced the completion of the reorganization of Washington Mutual Savings Bank into a holding company structure. The new financial services holding company is called Washington Mutual, Inc. (Nasdaq: WAMU)... In the reorganization, all outstanding shares of Washington Mutual Savings Bank stock were converted to shares of stock of Washington Mutual, Inc. Washington Mutual's common stock will continue to be reported on the Nasdaq National Market under the stock symbol "WAMU." Also as part of the reorganization, Washington Mutual Savings Bank has become Washington Mutual Bank, a subsidiary of Washington Mutual, Inc... Washington Mutual, Inc. is a holding company for both banking and nonbanking subsidiaries. These organizations provide consumer banking, full service securities brokerage, mutual fund management, travel and insurance underwriting services. At Sept. 30, 1994, the predecessor of Washington Mutual, Inc. had consolidated assets of $17.8 billion and operated more than 250 financial centers and home loan centers in Washington, Oregon and Idaho.Link(subscription required) via ProQuest.
Washington Mutual Savings Bank said it formed a holding company named Washington Mutual Inc. Shares outstanding of the thrift institution were converted into shares of the new company. The name of the company's main banking subsidiary has been changed to Washington Mutual Bank.Alternate Link(subscription required) via ProQuest.
Washington Mutual Savings Bank said it signed a letter of intent to buy three branches from United Mutual Savings Bank, also of Tacoma, for $3,250,000.Alternate Link(subscription required) via ProQuest.
An agreement has been reached for the Washington Mutual Savings Bank of Seattle to acquire the Lincoln Mutual Savings Bank of Spokane, Wash., the companies said... Two Lincoln branches, in Bellevue and Kent, Wash., will be sold to United Bank of Tacoma, Wash., for an estimated $4.5 million. Washington Mutual, which went public last year, is the third largest financial institution in the state, with assets of $3.4 billion. Lincoln has assets of $480 million.Link(subscription required) via ProQuest.
Washington Mutual Savings Bank said it agreed to merge with Lincoln Mutual Savings Bank of Spokane, Wash... Washington Mutual has about 1,000 employees and 39 branches, mostly in western Washington. Lincoln currently employs about 170 and has 16 branches mostly in eastern Washington.Alternate Link(subscription required) via ProQuest.
Old Stone Corp. Thursday announced the signing of a definitive agreement to sell its Washington state retail division, Old Stone Bank of Washington, to Washington Mutual, a Federal Savings Bank. Originally named Citizens Federal Savings and Loan Association, Old Stone Bank of Washington was acquired with federal assistance by Old Stone Corp. at the end of the 1985.Link(subscription required) via ProQuest.
The Federal Home Loan Bank Board approved the acquisition of ailing Citizens Savings & Loan Association, Seattle, by Old Stone Corp., a Providence, R.I., thrift holding company. Citizens, a mutual thrift with $477.4 million in assets, was converted to a federally chartered stock savings bank, Old Stone Bank of Washington, effective yesterday. Old Stone Corp. has $3.7 billion in assets. To enable the takeover to occur, the Federal Savings and Loan Insurance Corp. will give the new savings bank some cash and indemnify it from certain liabilities and "possible litigation resulting from the acquisition," a Bank Board spokesman said.Alternate Link(subscription required) via ProQuest.
Old Stone Corp. Thursday announced it has completed the sale of its Washington state retail division, Old Stone Bank of Washington, to Washington Mutual, a federal savings bank, a subsidiary of Seattle-based Washington Mutual Savings Bank, for a pre-tax gain of approximately $10 million. Old Stone and Washington Mutual reached a definitive purchase agreement on January 25, 1990, and received regulatory approval for the sale from the Office of Thrift Supervision on April 6, 1990.Link(subscription required) via ProQuest.
Washington Mutual Savings Bank recently opened two in-store Boise branches and plans to open a third early next month, all inside Fred Meyer stores.Link(subscription required) via ProQuest.
Among big banks serving southwest Idaho, Seattle-based Washington Mutual seems unique in that it is growing the old-fashioned way - by constructing standalone branch offices... In the early 1990s, Washington Mutual entered the southwest Idaho market with branches inside area Fred Meyer grocery and department stores... WAMU has nine offices of various types in the Boise area.Link(subscription required) via ProQuest.
In a move that would significantly expand Washington Mutual, Inc.'s position in California, Washington Mutual (Nasdaq: WAMU) and Great Western Financial Corporation (NYSE: GWF) today jointly announced the signing of a definitive merger agreement.Link(subscription required) via ProQuest.
Washington Mutual, Inc. (Nasdaq: WAMU) and H.F. Ahmanson & Company (NYSE: AHM) today announced that they have signed a definitive agreement for Washington Mutual to acquire Ahmanson in a tax-free exchange of common stock. The merger will create the nation's seventh-largest banking company based on total 1997 year-end assets of nearly $150 billion.Link(subscription required) via ProQuest.
Washington Mutual Inc. agreed to acquire H.F. Ahmanson & Co. in a stock swap valued at $10.03 billion, or $81.69 a share, a transaction that would combine the nation's two largest thrift companies... The combined entity is to retain the Washington Mutual name and headquarters in Seattle. Washington Mutual plans to eliminate 40% of Ahmanson's annual costs, or about $330 million, by the year 2000, closing up to 170 branches and laying off as many as 3,500 employees. Ahmanson is based in Irwindale, Calif... The deal, code-named "Project Grand Slam" by Washington Mutual, came together with startling speed. More than 60 Washington Mutual advisers registered under assumed names at the Doubletree Hotel in Pasadena, Calif., where they pored over Ahmanson's books, according to Philip Erlanger of Lehman Brothers, which advised Washington Mutual.Alternate Link(subscription required) via ProQuest.
Washington Mutual broke into the commercial lending business with the August 1995 acquisition of Enterprise Bank in Bellevue. A few months later, it signed an agreement to buy Western Bank in Coos Bay, Ore. The two banks have been consolidated under the name of Western Bank. Jewell hired on in January 1996.Link(subscription required) via ProQuest.
Washington Mutual Savings Bank announced the acquisition Monday of Pacific First Financial Corp. and its Seattle- based subsidiary, Pacific First Bank, for an undisclosed sum from RT Holdings Inc., a subsidiary of Toronto's Royal Trustco Ltd.
Credit cards issued by Associates National Bank.
Credit cards issued by Associates National Bank.
Credit cards issued by Citibank (South Dakota) N.A.
Washington Mutual Savings Bank of Seattle, said it has purchased Murphey-Favre Inc., a brokerage firm in Spokane. for cash. The amount wasn't disclosed. Washington Mutual is the state's largest mutual savings bank.Alternate Link(subscription required) via ProQuest.
Washington Mutual Savings Bank said it formed a holding company named Washington Mutual Inc. Shares outstanding of the thrift institution were converted into shares of the new company. The name of the company's main banking subsidiary has been changed to Washington Mutual Bank.Alternate Link(subscription required) via ProQuest.
Washington Mutual Savings Bank said it signed a letter of intent to buy three branches from United Mutual Savings Bank, also of Tacoma, for $3,250,000.Alternate Link(subscription required) via ProQuest.
Washington Mutual Savings Bank said it agreed to merge with Lincoln Mutual Savings Bank of Spokane, Wash... Washington Mutual has about 1,000 employees and 39 branches, mostly in western Washington. Lincoln currently employs about 170 and has 16 branches mostly in eastern Washington.Alternate Link(subscription required) via ProQuest.
The Federal Home Loan Bank Board approved the acquisition of ailing Citizens Savings & Loan Association, Seattle, by Old Stone Corp., a Providence, R.I., thrift holding company. Citizens, a mutual thrift with $477.4 million in assets, was converted to a federally chartered stock savings bank, Old Stone Bank of Washington, effective yesterday. Old Stone Corp. has $3.7 billion in assets. To enable the takeover to occur, the Federal Savings and Loan Insurance Corp. will give the new savings bank some cash and indemnify it from certain liabilities and "possible litigation resulting from the acquisition," a Bank Board spokesman said.Alternate Link(subscription required) via ProQuest.
Western Bank, once a model of community banking, will disappear from the state's landscape this weekend. Workers are changing signs at 30 of the bank's remaining 31 branches. The branches will close Friday and re-open Tuesday as Washington Mutual offices. The exception is the 300 E. Main St. branch in Medford that will be abandoned.
Washington Mutual Inc. agreed to acquire H.F. Ahmanson & Co. in a stock swap valued at $10.03 billion, or $81.69 a share, a transaction that would combine the nation's two largest thrift companies... The combined entity is to retain the Washington Mutual name and headquarters in Seattle. Washington Mutual plans to eliminate 40% of Ahmanson's annual costs, or about $330 million, by the year 2000, closing up to 170 branches and laying off as many as 3,500 employees. Ahmanson is based in Irwindale, Calif... The deal, code-named "Project Grand Slam" by Washington Mutual, came together with startling speed. More than 60 Washington Mutual advisers registered under assumed names at the Doubletree Hotel in Pasadena, Calif., where they pored over Ahmanson's books, according to Philip Erlanger of Lehman Brothers, which advised Washington Mutual.Alternate Link(subscription required) via ProQuest.
Credit cards issued by Associates National Bank.
Credit cards issued by Associates National Bank.
Credit cards issued by Citibank (South Dakota) N.A.
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