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|Washington Mutual Completes Merger with Bank United|
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, Inc. (NYSE: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, 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 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 data. On a 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 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 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: 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.