SEATTLE - Washington Mutual Savings Bank said it sold its WM Trust Co. unit to four Seattle investors, completing the bank's exit from corporate retirement services.
Financial terms were not disclosed.
The company said the purchasers were Arthur Buerk Jr., Kirby Cramer, Howard Johnson & Co., and Frederick Paulsell Jr.
Washington Mutual said WM Trust Co. acts as directed trustee and custodian for corporate and institutional accounts.
The company said the transaction, which received regulatory approval, closed Sept. 30.
As reported in June, Howard Johnson & Co. bought the accounts and client list of Benefit Service Corp., the bank's retirement plan consulting and administration unit.
Mr. Cramer said he will be chairman and Mr. Buerk president of the new company, which will be called Rainier Trust.