SEATTLE and IRVINE, Calif.--(BUSINESS WIRE)--Aug. 23,
2006--Washington Mutual, Inc. (NYSE:WM) and Commercial Capital
Bancorp, Inc. (NASDAQ:CCBI) today announced that the Office of Thrift
Supervision (OTS) has approved the acquisition of Commercial Capital
CCBI stockholders overwhelmingly approved the acquisition during a
special meeting held in late July. The transaction is expected to
close on October 1.
"With Commercial Capital shareholder and OTS approvals complete,
we're set to welcome CCB to the WaMu family," said Kerry Killinger,
Washington Mutual chairman and chief executive officer. "This
acquisition strengthens our already solid position in the attractive
California multi-family and small commercial real estate lending
markets. We look forward to offering the broader Washington Mutual
product line to Commercial Capital's clients."
"We're very excited that all of the approvals are complete and
that our team will soon be joining WaMu," said Stephen H. Gordon,
chairman and chief executive officer of Commercial Capital Bancorp,
Inc. "We look forward to a smooth closing and our customers
experiencing the benefits of being served by one of the preeminent
banking organizations in the country."
About Washington Mutual
Washington Mutual, through its subsidiaries, is one of the
nation's leading consumer and small business banks. At June 30, 2006,
Washington Mutual and its subsidiaries had assets of $350.70 billion.
The company has a history dating back to 1889 and its subsidiary banks
currently operate more than 2,600 consumer and small business banking
stores throughout the nation. Washington Mutual's press releases are
available at http://newsroom.wamu.com.
About Commercial Capital Bancorp, Inc.
Commercial Capital Bancorp, Inc. is a diversified financial
services company with $5.7 billion of total assets, at June 30, 2006.
The Company provides depository and lending products and services
under the Commercial Capital Bank brand name, and provides 1031
exchange services to income property investors nationwide under the
TIMCOR Exchange Corporation, North American Exchange Company and
Lawyers Asset Management brand names.
CONTACT: Washington Mutual
Alan Gulick, 206-500-2760 (Media)
Alan Magleby, 206-490-5182 (Investor Relations)
Commercial Capital Bancorp, Inc.
Jeff L. Leonard, 949-585-7500
SOURCE: Washington Mutual, Inc.