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
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
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
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
||Washington Mutual, Inc.
||Libby Hutchinson, 206/461-2484
||Ruthanne King, 206/461-6421