SEATTLE -- Washington Mutual Savings Bank said it had completed the acquisition of Summit Bancorp of Bellevue, Wash., the holding company for Summit Savings Bank.

In the merger, Summit shareholders will receive $11.60 per share of Summit Bancorp stock, payable in the form of Washington Mutual common stock at an exchange ratio of 0.646.

The exchange ratio was based on Washington Mutual's average closing price of $17.96 per share before the close of the transaction.

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