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Washington Mutual Inc

BUSINESS
April 24, 2006 | From Reuters
Washington Mutual Inc., the largest U.S. savings and loan, on Sunday said it had agreed to buy Commercial Capital Bancorp Inc. of Irvine to strengthen its commercial and retail banking business in a deal valued at $983 million. Washington Mutual said it would pay $16 a share in cash for Commercial Capital's outstanding stock, representing a 13% premium over Friday's closing price.
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BUSINESS
April 19, 2006 | E. Scott Reckard, Times Staff Writer
Major home lenders Wells Fargo & Co. and Washington Mutual Inc. reported sharply lower first-quarter profits from their mortgage businesses Tuesday, reflecting increased competition and rising short-term interest rates. The mortgage industry has been under stress recently as fewer homeowners have refinanced loans, higher short-term borrowing costs have pinched lending margins, competition has intensified and regulators have increased their scrutiny of certain riskier loans.
BUSINESS
March 13, 2006 | E. Scott Reckard, Times Staff Writer
Free checking has become commonplace in the 12 years since Washington Mutual Inc. began marketing it with much ballyhoo, so the Seattle-based thrift has come up with new incentives, to be announced today, in hopes of regaining its edge. The incentives include free outgoing money transfers -- an offering aimed at Latinos with relatives outside the U.S., a group much courted by big banks in Southern California. Bank of America Corp.
BUSINESS
February 16, 2006 | E. Scott Reckard, Times Staff Writer
Mortgage industry cutbacks continued Wednesday as Washington Mutual Inc. said it would close 10 of its 26 home-loan processing centers, eliminating 2,500 jobs, including 600 positions in Chatsworth. The cuts represent about 4% of a workforce of 60,000 at Seattle-based Washington Mutual, the nation's largest savings and loan and third-largest mortgage lender. Other home-loan specialists, including Countrywide Financial Corp. in Calabasas and Ameriquest Mortgage Co.
BUSINESS
January 19, 2006 | E. Scott Reckard, Times Staff Writer
Washington Mutual Inc. on Wednesday told 1,000 employees who work at a call center in Chatsworth that it would move their jobs to Texas and Costa Rica to cut costs. The positions will be phased out starting in two months, with some employees offered work at a new Washington Mutual center in San Antonio -- where most of the jobs are being moved -- and others given job-search assistance, the Seattle-based thrift said.
BUSINESS
November 9, 2005 | Kathy M. Kristof, Times Staff Writer
Washington Mutual Inc.'s free-for-all is about to become a free-for-some. Seattle-based Washington Mutual has been one of the few big banks to give everyone no-cost access to its automated teller machines. But starting Nov. 17, people who don't have Washington Mutual accounts will pay fees to use its ATMs, the bank said Tuesday. The so-called ATM surcharge will be $1.50 in California and most other states, said bank spokesman Gary Kishner.
BUSINESS
September 1, 2005 | From Associated Press
Providian Financial Corp.'s shareholders on Wednesday accepted Washington Mutual Inc.'s $6.5-billion takeover bid, brushing aside concerns that one of the nation's last independent credit card lenders could have been sold at a higher price. A total of 197.5 million Providian shares, or 67% of the common stock outstanding, supported the deal, clearing the way for Washington Mutual to complete the acquisition Oct. 1.
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.
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.
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