Washington Mutual Inc. Thursday touted a community reinvestment pledge $5 billion larger than the $70 billion promised by its rival in the battle for Great Western Financial Corp., but community groups weren't buying it.

"This is an historic commitment," said Kerry Killinger, chief executive of Washington Mutual, at a press conference in the Watts section of Los Angeles. He estimated it could lead to the creation of 257,000 jobs in the state.

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