SEATTLE--(BUSINESS WIRE)--Oct. 1, 2002--Washington Mutual, Inc.
(NYSE:WM) today announced the company has completed its acquisition of
the stock of the parent company of HomeSide Lending, Inc., the U.S.
mortgage unit of the National Australia Bank Limited (the "National")
(ASX: NAB; NYSE: NAB) for approximately $1.3 billion.
Under terms of the agreement, Washington Mutual acquired
HomeSide's 1.4 million customer relationships nationwide associated
with its $131 billion mortgage servicing portfolio. The purchase price
includes $1.17 billion attributable to the acquired mortgage servicing
rights (MSRs) and approximately $900 million in other net assets and
liabilities, including hedge assets, offset by $735 million of assumed
debt. Washington Mutual expects to sell most of the excess servicing
acquired in the transaction, reflecting its strategy to limit growth
of MSRs, while maintaining core customer relationships with borrowers.
About Washington Mutual, Inc.
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 June 30, 2002, Washington Mutual and its subsidiaries
had assets of $261.28 billion. Washington Mutual currently operates
more than 2,500 consumer banking, mortgage lending, commercial
banking, consumer finance and financial services offices throughout
the nation. Washington Mutual's press releases are available at
||Washington Mutual, Inc.
||Alan Gulick, 206/377-3637
||Ruthanne King, 206/461-6421
||Michael Ihnken, 206/461-4263