WASHINGTON MUTUAL COMPLETES ACQUISITION OF CROSSLAND SAVINGS' OREGON AND WASHINGTON DEPOSITS
WASHINGTON MUTUAL COMPLETES ACQUISITION
OF CROSSLAND SAVINGS' OREGON AND WASHINGTON DEPOSITS
SEATTLE, Nov. 11 /PRNewswire/ -- Washington Mutual Savings Bank (NASDAQ: WAMU) announced today that its federal savings bank subsidiary has completed the acquisition of approximately $187 million of deposits located in 25 CrossLand Savings branches in Oregon and Washington.
CrossLand Savings, FSB of Salt Lake City, operated 18 branches in the Greater Portland, Ore., area and seven in Washington, including six in the Vancouver area and one in Seattle. As part of the transaction, CrossLand Savings closed 10 of the 25 locations, seven in Oregon and three in Washington. Deposits at the closed locations were transferred to neighboring former CrossLand locations that remain open.
These 15 remaining locations will open tomorrow as Washington Mutual, a Federal Saving Bank financial centers. Collectively, Washington Mutual Savings Bank and Washington Mutual, a Federal Savings Bank now operate 98 financial centers and 18 home loan centers in Washington, Oregon and Idaho.
Before the completion of this transaction, Washington Mutual and its subsidiary had operated one financial center and two home loan centers in the Portland Tri-County area and seven financial centers and one home loan center in the Vancouver, Wash., area.
"A key goal of Washington Mutual has been to establish a significant presence in the important Portland market. As the premier consumer bank in the Northwest, we look forward to serving the financial needs of families and individuals in the Greater Portland area," said Kerry Killinger, Washington Mutual's chairman, president and chief executive officer.
"Washington Mutual is already a leading residential lender in Portland and these additional financial centers will enable us to provide our full range of services to our home loan customers," said Killinger.
With assets of $7 billion, Washington Mutual Savings Bank is the Northwest's premier consumer bank.
/CONTACT: Scott Selby of Washington Mutual Savings Bank, 206-461-3186/
(WAMU) CO: Washington Mutual Savings Bank ST: Washington IN: FIN SU: TNM LM-RJ -- SE001 -- 2861 11/11/91 08:01 EST