LARGO, Md.--(BUSINESS WIRE)--Nov. 19, 2003--
Earvin "Magic" Johnson in Largo, MD Today for Home Loan
Center Grand Opening
Earvin "Magic" Johnson, chairman and CEO of Johnson Development
Corporation (JDC), is teaming up with Washington Mutual (NYSE:WM) to
celebrate the grand opening of new Washington Mutual home loan centers
in the Metro Washington, D.C. area.
JDC and Washington Mutual, through a groundbreaking commitment to
urban America, have opened home loan centers together in New York
City, Los Angeles and Atlanta to help people in these communities
build wealth, achieve their financial goals and realize the dream of
As part of a special grand opening announcement today at 11 a.m.
EST, Johnson, Ken Lombard, president of JDC, and Tony Meola,
Washington Mutual's Executive Vice President for home lending sales
and distribution, will appear at the Largo Home Loan Center, 10562
Campus Way South, to discuss the unique new commitment and the
company's involvement. The day-long event will include the grand
opening announcement, a ribbon-cutting ceremony, and a community open
This special event marks the grand opening of three Washington
Mutual and JDC Home Loan centers in the Greater Washington, D.C. area.
The other two are located at 1427 "P" Street, NW and 228 7th Street,
SE. Similar openings will follow in Chicago and Los Angeles in the
coming months. A total of 15 home loan centers are planned for the
first year of the partnership.
"We are excited to be part of the Washington, D.C., and Maryland
communities and to bring our mutual passion for educating people about
how they can get a mortgage for a new home," Johnson said. "This
partnership could not be successful without Washington Mutual's
commitment to put Home Loan Centers in the communities that need them
most. They understand that the way to make the dream come true is to
be in the underserved neighborhoods, to give people access and guide
them through the process of buying a home."
Lombard said the joint effort is also about building communities.
"This is one of three JDC/Washington Mutual home loan centers located
in the Metro Washington, D.C. area and we are proud to have opened
them in such diverse communities as Prince Georges County and in
Washington, D.C. on 7th & Pennsylvania and 14th & P streets." He
added: "Economic growth is the key to solving many problems faced by
minority community residents, and by joining forces with Washington
Mutual, we hope to help rebuild urban communities, stimulate local
economies, and bring much needed services to residents."
"Washington Mutual and JDC share a commitment to address the
financial needs of consumers and small-business owners of diverse
ethnic backgrounds, as well as those in the low- to moderate-income
population," said Meola. "Together, I know that we will develop
long-term relationships that will bring new opportunity and positive
change to our communities."
For more than 100 years, Washington Mutual has helped stabilize
neighborhoods to make them better places to live, work and raise
families. This commitment to urban America includes affordable lending
programs and products that increase accessibility, while furthering
the company's expansion into urban areas with new home loan centers.
The home loans center staff will:
-- Be hired from the local community;
-- Work with non-profits and government agencies to develop
programs to benefit local residents;
-- Develop curricula and teach homebuyer and financial literacy
in the community;
-- Offer a tailored set of products to local residents to
increase home ownership opportunities; and
-- Be supported by co-branded marketing materials and joint
advertising campaigns developed to increase awareness of home
ownership opportunities and foster trust and understanding in
The new home loan centers aim to put potential homeowners at ease
with a diverse and friendly staff. Loan consultants will offer highly
personalized service by explaining the flexible and affordable options
available to clients while guiding them through the process of buying
About Johnson Development Corp.
JDC, a company formed in 1994 by Johnson, is comprised of five
separate companies, each functioning independently to serve as a
business stimulus, foster local economic growth and create financial
empowerment in long neglected minority urban and suburban
neighborhoods. JDC develops entertainment complexes, restaurants and
retail centers. The development projects provide jobs and employ local
minority contractors in the communities in which they operate.
About Washington Mutual
With a history dating back to 1889, Washington Mutual is a
retailer of financial services that provides a diversified line of
products and services to consumers and commercial clients. At Sept.
30, 2003, Washington Mutual and its subsidiaries had assets of $286.63
billion. Washington Mutual currently operates more than 2,700 consumer
banking, mortgage lending, commercial banking, consumer finance and
financial services offices throughout the nation. Washington Mutual's
press releases are available at www.wamunewsroom.com.
CONTACT: Washington Mutual
Nova Hunn Barnett, 404-314-9500
Tara Williams, 973-280-1976
Flowers Communications Group
Ronald Childs, 312-986-1260
Audarshia Townsend, 312-986-1268
SOURCE: Washington Mutual