Washington Mutual of Seattle Acquires Crossland Deposits
SEATTLE - Washington Mutual Savings Bank said it has completed the acquisition of $187 million of deposits at 25 Crossland Savings offices in Oregon and Washington.
Crossland Savings of Salt Lake City, an affiliate of a Brooklyn, N.Y., thrift of the same name, sold its 18 branches in the greater Portland area and seven in Washington to Washington Mutual's federal savings bank affiliate.
In the course of the sale, Crossland closed seven of its Oregon locations and three in Washington. The remaining 15 reopened as financial centers of the Washington Mutual unit.
The transaction brought the $7 billion-asset Washington Mutual and its affiliate to 98 full-service offices and 18 home-loan centers in Washington, Oregon, and Idaho.
Before the Crossland deal, Washington Mutual had one financial center and two homeloan centers in the Portland area and seven financial centers and one home-loan center in nearby Vancouver, Wash.
Greater Presence in Portland
"A key goal has been to establish a significant presence in the Portland market," said Kerry Killinger, Washington Mutual's chairman, president, and chief executive officer.
Separately, Crossland's parent in New York reported a loss in the third quarter of $143.5 million, or $10.17 a share, compared with $75.4 million, or $6.20 a share, in the 1990 period. The nine-month loss was $308.5 million, compared with $251.8 million in 1990.
Crossland announced in July that the Office of Thrift Supervision would seek a buyer for it under the agency's accelerated resolution strategy. Republic New York Corp. is said to be the leading candidate to buy the $8 billion-asset thrift, which has reduced assets by one-fifth over the past year.
