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Washington Mutual Inc

BUSINESS
August 19, 2005 | From Dow Jones/Associated Press
Institutional Shareholder Services, the influential proxy advisory service, recommended Thursday that shareholders approve Washington Mutual Inc.'s planned acquisition of credit-card issuer Providian Financial Corp. The recommendation from the Rockville, Md., advisor comes about two weeks before Providian shareholders are set to vote on the $6.45-billion deal and about two weeks after mutual fund company Putnam Investments took the unusual step of declaring that it would oppose the merger.
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BUSINESS
August 2, 2005 | E. Scott Reckard, Times Staff Writer
Providian Financial Corp.'s second-largest shareholder said Monday that it would oppose the sale of the San Francisco-based credit card company to Washington Mutual Inc., saying the $6.5-billion price was too cheap. Putnam Investments, the Boston mutual fund company, said it would vote its 7.5% stake in Providian against the sale at a special shareholder meeting Aug. 31. It called the offer "well below" the fair value of Providian stock.
BUSINESS
June 7, 2005 | E. Scott Reckard, Times Staff Writer
Washington Mutual Inc. agreed Monday to acquire credit card company Providian Financial Corp. for about $6.4 billion in stock and cash, a move that would give the Seattle-based thrift a potentially high-profit new business line. San Francisco-based Providian offers Visa cards in its own name and in partnership with entities as PayPal Inc. and the Democratic Party, as well as MasterCards in partnership with EBay Inc. Shares of both companies fell on the news, with Washington Mutual dropping $1.
BUSINESS
April 20, 2005 | Kathy M. Kristof, Times Staff Writer
Wells Fargo & Co. reported a 5% increase in first-quarter profit Tuesday but fell slightly short of analyst estimates after accelerating its time frame for writing off bad loans. The San Francisco-based banking company earned $1.86 billion, or $1.08 a share, for the period ended March 31. That compares with $1.77 billion, or $1.03 a share, a year ago. Revenue rose 13% to $8.09 billion. Analysts had predicted that Wells would earn a penny more a share. Its shares fell 58 cents to $58.
BUSINESS
March 24, 2005 | From Associated Press
Three directors are resigning from the board of Washington Mutual Inc., according to a regulatory filing. According to a filing with the Securities and Exchange Commission, directors Elizabeth A. Sanders, Douglas P. Beighle and William D. Schulte submitted their resignation notices. Shares of Washington Mutual fell 2 cents to $39.69 on the NYSE.
BUSINESS
January 20, 2005 | From Bloomberg News
Washington Mutual Inc., the biggest U.S. savings and loan, said fourth-quarter profit fell for a third consecutive quarter as rising interest rates crimped demand for home loans. Net income fell to $668 million, or 76 cents a share, from $842 million, or 93 cents, a year earlier, the Seattle-based company said. Analysts had expected Washington Mutual to report a fourth-quarter profit of $673.3 million, or 76 cents a share.
BUSINESS
January 6, 2005 | From Reuters
Washington Mutual Inc., the nation's largest savings and loan, said Wednesday that retail banking president Deanna Oppenheimer would resign from the company to pursue other business ventures. Many analysts have called Oppenheimer, 46, one of the most influential women in U.S. banking. In 2003, she ranked fifth in U.S. Banker magazine's survey of the most powerful female bankers.
BUSINESS
August 25, 2004 | E. Scott Reckard, Times Staff Writer
For Washington Mutual Inc., the glory days of growth and acquisitions have given way to layoffs and lowered expectations. The Seattle-based savings and loan, which became the nation's largest after swallowing three major California thrifts, is completing 13,450 job cuts, closing 100 mortgage offices and shuttering 53 commercial banking branches. WaMu reported zero income from mortgages in the second quarter, compared with $611 million last year. Overall profit was down 49%.
BUSINESS
July 23, 2004 | From Associated Press
Washington Mutual Inc. said it would eliminate 2,500 jobs and close operations across the country while trying to improve performance at its struggling mortgage business. The Seattle-based banking company said it planned to eliminate about 1,840 jobs and close approximately 100 retail lending and loan processing offices. The rest of the jobs will be eliminated when the company closes a mortgage loan processing facility in San Antonio. Washington Mutual shares fell 40 cents to $39.
BUSINESS
July 22, 2004 | From Bloomberg News
Washington Mutual Inc., the biggest U.S. savings and loan, said second-quarter profit fell 51% as rising interest rates damped consumers' demand for mortgage loans. Net income fell to $489 million, or 55 cents a share, from $995 million, or $1.07 a share -- excluding discontinued operations -- a year ago, the Seattle-based company said. It was expected to earn 60 cents, the average estimate of 12 analysts surveyed by Thomson First Call.
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