Washington Mutual Completes Merger with Bank United.Business Editors
SEATTLE--(BUSINESS WIRE)--Feb. 13, 2001
Strengthens Texas Presence;
Extends National Banking and Lending Franchises
With the merger of its banking subsidiaries completed, Washington Mutual “WaMu” redirects here. For the Washington, DC radio station, see WAMU.
Washington Mutual (or WaMu; NYSE: WM) is the United States' largest savings and loan association. , Inc. (NYSE NYSE
See: New York Stock Exchange :WM) today announced the company has finished the final phase of its merger with Houston-based Bank United Corp.
The merger gives Washington Mutual a top-tier retail banking market share in three of the four largest metropolitan markets in the state of Texas, and extends the company's national lending platform.
"The addition of Bank United significantly expands the size and scope of our Texas presence, and brings more depth and scale to our national banking and lending franchises," said Kerry Killinger Kerry Killinger (born June 6, 1949 in Des Moines, Iowa) is an American businessman and the chairman and chief executive officer of Washington Mutual. Killinger is married to wife, Linda and they have three sons. , the company's chairman, president and chief executive officer. "We're delighted to welcome the Bank United team to Washington Mutual and look forward to serving the great state of Texas with an even larger network."
With nearly 20 million consumers, the Texas economy is the third largest in the U.S. and its deposit market is the country's fourth largest. The Texas economy is growing at a rate of 4.6 percent, outpacing the economic growth of the U.S. as a whole.
Washington Mutual's retail banking presence in Texas now includes more than 200 retail branches and nearly 225 ATM locations, representing the company's second-largest branching network in a state.
With the addition of Bank United's mortgage lending operations, plus the recently-acquired Texas residential lending operation of PNC PNC Purdue University North Central (Westville, Indiana)
PnC Point 'n Click
PNC Police National Computer
PNC People's National Congress (Guyana)
PNC People's National Congress Mortgage, Washington Mutual also ranks as the fourth largest residential mortgage lender in the state of Texas, based on the most recently-available mortgage origination Origination
The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor's real property.
Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real data. On a pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts.
The phrase pro forma basis, including the Bank United and PNC Mortgage acquisitions, Washington Mutual ranks as the nation's second-largest residential mortgage originator by volume, and is the fourth-largest mortgage servicer in the U.S.
In addition to retail banking and mortgage lending, Washington Mutual will be able to enhance its business banking operations by leveraging Bank United's position as the largest SBA SBA
Small Business Administration
Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government lender in the state of Texas. The merger also broadens Washington Mutual's commercial real estate and specialty lending operations throughout the U.S.
With a history dating back to 1889, Washington Mutual, Inc. (NYSE:WM) is a national financial services The examples and perspective in this article or section may not represent a worldwide view of the subject.
Please [ improve this article] or discuss the issue on the talk page. company that provides a diversified line of products and services to consumers and small- to mid-sized businesses. At December 31, 2000, Washington Mutual and its subsidiaries had assets of $194.72 billion. Washington Mutual currently operates more than 2,000 consumer banking, mortgage lending, commercial banking, consumer finance and financial services offices throughout the nation. Washington Mutual's news releases are available at www.wamu.com.
Editor's Note Editor's Note (foaled in 1993 in Kentucky) is an American thoroughbred Stallion racehorse. He was sired by 1992 U.S. Champion 2 YO Colt Forty Niner, who in turn was a son of Champion sire Mr. Prospector and out of the mare, Beware Of The Cat.
Trained by D. : Washington Mutual's news releases are available at no charge through the company's News On Demand Plus System. For a menu of Washington Mutual news releases or to retrieve a specific release, call 1-800-329-6236. On the Internet, news releases may be accessed at http://www.businesswire.com/cnn/wm.shtml.