1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading ... Loading ...

Washington Mutual to acquire Commercial Capital

Washington Mutual has said in a statement that they are acquiring Commercial Capital Bancorp. The deal would be worth around $983 million and it would help the company increase returns from real-estate banking in states like California.

Washington Mutual added that they would be paying $16 a share in cash for Commercial Capital. This price is around a 13% premium over Commercial Capital’s current stock price in the market.

Chief Executive Officer Kerry Killinger said in a statement that this deal would provide them additional opportunities to increase deposits and cross-sell consumer banking products in California. They are the America’s biggest U.S. savings and loan company and are now planning to add higher-return products such as home-equity and subprime loans to borrowers with a higher risk of defaulting.

The deal is expected to close in the third quarter of the current year itself.



Related Posts

Prudential ICICI is India’s number one mutual fund company

Air India to launch a new Delhi-Washington flight

Leonard Downie Jr. steps down as executive editor of Washington Post

UTI Mutual Fund to bring out six new schemes this financial year

Washington Times offering audio version of their news content

Your Ad Here

Leave a Comment