BELLEVUE, Wash. -- Summit Bancorp said its major shareholders approved its definitive agreement to merge into Washington Mutual Savings Bank of Seattle. It still requires the vote of two-thirds of Summit's shares.
The transaction was announced on June 14. Summit Bancorp is the holding company for Summit Savings Bank, which operates four branches in Bellevue, Tacoma, Bellingham, and Vancouver, Wash.
Meanwhile, Washington Mutual's board has unanimously -approved the merger agreement. The transaction is expected to be completed in the fourth quarter, subject to completion of due diligence and approvals by federal and state regulators. The briefs were compiled from staff and wire reports.