SEATTLE, Dec 21, 2001 (BUSINESS WIRE) -- Washington Mutual, Inc. (NYSE:WM)
today announced receipt from the Office of Thrift Supervision (OTS) of approval
of the company's acquisition of Dime Bancorp Inc. (NYSE:DME) through the merger
of Dime Bancorp with and into Washington Mutual. The merger is scheduled to
close on Jan. 4, 2002.
Dime stockholders may elect to receive the merger consideration in the form of
Washington Mutual stock, cash or a combination of both. Based on calculations
described in the merger agreement, the merger consideration per share of Dime
common stock will be either $35.0884 in cash, or an exchange ratio of 1.1232
shares of Washington Mutual common stock for each Dime share, or a combination
of both based on the allocation resulting from the elections made by all Dime
stockholders. Dime registered stockholders who want to receive cash in the
merger must return their election forms by 5:00 p.m. EST, Jan. 3, 2002. The
final allocations of cash and Washington Mutual common stock to be received by
each Dime stockholder will be announced by Jan. 10, 2002.
Dime's litigation tracking warrants will remain outstanding but become
exercisable for shares of Washington Mutual common stock instead of Dime shares.
Dime stockholders and holders of Dime litigation tracking warrants may find more
information about the merger by accessing www.dime.com online and clicking on
the button titled "Washington Mutual Dime Bancorp merger update."
In connection with its merger with Dime, Washington Mutual recently established
a ten-year, $375 billion community commitment which targets funding to low- and
moderate-income borrowers, and minority borrowers, as well as direct investments
and other forms of support in communities where the company operates, including
the greater metropolitan New York area. One of the largest community commitments
of its kind, the ten-year pledge will be implemented with the assistance and
support of a variety of non-profit community partners.
With a history dating back to 1889, Washington Mutual is a national financial
services company that provides a diversified line of products and services to
consumers and small- to mid-sized businesses. At Sept. 30, 2001, Washington
Mutual and its subsidiaries had consolidated assets of $223.64 billion.
Washington Mutual currently operates approximately 2,300 consumer banking,
mortgage lending, commercial banking, consumer finance and financial services
offices throughout the nation. Washington Mutual's press releases are available
CONTACT: Washington Mutual
Libby Hutchinson, 206/461-2484 (Media)
Ruthanne King, 206/461-6421 (Investor)
Tom Ducca, 212/326-6962 (Media)
Bill Burns, 212/326-6127 (Investor)
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