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|Washington Mutual Completes Acquisition of PNC Mortgage|
SEATTLE--(BUSINESS WIRE)--Feb. 1, 2001--Washington Mutual, Inc. (NYSE:WM) today announced the company has completed its acquisition of the residential mortgage banking business of The PNC Financial Services Group, Inc. (NYSE:PNC).
"The addition of PNC's mortgage operations further strengthens our national lending franchise," said Kerry Killinger, Washington Mutual's chairman, president and chief executive officer. "It also adds significant scale, breadth and flexibility to our lending and servicing groups."
The transaction complements Washington Mutual's already substantial mortgage lending presence in its key markets in the West, and offers the company significantly broader distribution in highly attractive Midwestern and Northeastern markets. Based on the most recently available data and with the addition of PNC Mortgage, Washington Mutual holds the No. 1 mortgage-market-share position in the states of California, Connecticut, Illinois, Massachusetts, Oregon, Pennsylvania and Washington. Upon completion of the pending Bank United acquisition, Washington Mutual will possess a top-five-market-share position in the nation's five largest mortgage origination states: California, Florida, Illinois, New York and Texas.
"With the addition of PNC we have taken a large step forward in achieving our goal of being the nation's leading lender," said Craig S. Davis, president of the company's Home Loans and Insurance Services Group.
Under the terms of the agreement, Washington Mutual paid a premium of $212 million over the agreed-upon fair-market value of PNC's equity, to be determined at a later date.
With a history dating back to 1889, Washington Mutual, Inc. (NYSE:WM) is a national financial services 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.
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