Washington Mutual Buys 25 Branches
Washington Mutual Savings Bank today said it will acquire 25 branches, largely in the Portland-Vancouver area.
The branches, with $207 million in deposits, are owned by Brooklyn, N.Y.-based CrossLand Savings Bank, which is selling its Northwest and Florida operations to restore its capital base to meet minimum federal requirements.
Eighteen of the 25 branches are in Safeway stores. Seven of the branches are in Washington, with six in Vancouver. Terms were not disclosed.
Washington Mutual, with $6.9 billion in assets, said the acquisition couples with its pending purchase of Vancouver-based VanFed Savings to strengthen its market share in the populous Portland-Vancouver area. CrossLand bought its Northwest stake in 1987, when it acquired Western Savings and Loan of Salt Lake City.
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