Data also provided by. Markets Pre-Markets U. Source: Amazon. Related Securities Symbol. News Tips Got a confidential news tip? We want to hear from you. Get In Touch. October 13, In a deal that will both expand it geographically and diversify its lines of business, Washington Mutual Inc. 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. 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, principally a savings-bank company, says it has completed the acquisition of Western Bank of Coos Bay, Ore.
Western will be part of Washington Mutual's commercial banking group. Western has 42 offices in 35 Oregon communities.
Portland Business Journal. Mail Tribune. 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 E. Main St. May 29, La Grande Observer. 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 free-standing branches. March 10, — via The Free Library. Opportunities aplenty". 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. Lewiston Morning Tribune. February 26, 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.
Salt Lake Tribune. January 17, Conversion of deposit accounts is expected to take place around midyear, with loan accounts to follow. The other two offices are in St. George and Idaho Falls. The Idaho Business Review. 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 s, 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.
Idaho Press Tribune. 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. But Chairman Kerry Killinger said he doesn't know yet whether Washington Mutual will keep, expand or sell that operation.
The deal should be closed by early May 2, March 2, Washington Mutual already has 16 branches and one loan office in the state, having moved into Utah in Washington Mutual didn't give a purchase price for Utah Federal, which isn't a publicly traded company. December 2, September 9, September 10, Deseret News. It said completing both deals would make Washington Mutual one of the largest residential mortgage lenders in the state.
Glacier previously announced a definitive agreement to acquire two branches in Butte, Montana from Washington Mutual Bank. Glacier Bancorp, Inc. July 23, Los Angeles Times. 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. 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 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 American Savings will add branches in California The FDIC is expected to sell those shares. Los Angeles Daily News. 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.
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. 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 About 14 million of the new shares will go to the Federal Deposit Insurance Corp. The rest will be held in escrow pending the outcome of a Keystone lawsuit against the federal government.
Post-merger management changes have not been finalized. Antoci took over American Savings in , 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 branches in California and Arizona. Fort Worth Star-Telegram.
An investment group led by Fort Worth billionaire Robert M. Bass made his investment through Keystone Holdings, in which he owns about 36 percent. In , Keystone acquired American Savings from the federal government, which had seized the thrift in Keystone installed Mario J.
Washington Mutual, Inc—abbreviated to WaMu—was a savings bank holding company and the Number of employees WaMu Bank from WaMu, Inc. and placed it into receivership with the Federal Deposit Insurance Corporation (FDIC) . .. were identified in California and were to be closed within the following year. Identification Number) . Tax Uncertainties, 79 . It owns two banking subsidiaries, Washington Mutual Bank ("WMB") and Washington Mutual Bank fsb .