SEATTLE Washington Mutual Inc. said Thursday that it has completed the purchase of the mortgage banking business of PNC Financial Services Group, expanding its distribution capabilities to the Midwest and the Northeast.
The Seattle thrift said the acquisition, for a premium of $212 million over fair market value, makes it the leading residential mortgage lender, by market share, in California, Connecticut, Illinois, Massachusetts, Oregon, Pennsylvania, and Washington.
Wamu is also near the closing of its purchase of Bank United Corp. in Texas. This deal would put it in the top five in market share in the largest U.S. mortgage markets, including California, Florida, Illinois, New York, and Texas.
With the addition of PNC we have taken a large step forward in achieving our goal of being the nations leading lender, said Craig S. Davis, president of Washington Mutuals home loans and insurance services group.