Washington Mutual, Inc. said Friday that it has completed the $350 million acquisition of Long Beach Financial Corp. of Orange, Calif.

The agreement required that no more than 48% of the total merger consideration be paid in cash. Out of about 22.6 million total Long Beach shares outstanding, about 16.8 million shares selected a cash preference. Each shareholder expressing a preference for cash will receive $10.03 a share and the remaining $5.47 in Washington Mutual common stock.

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