| In a transaction valued at approximately $983 million, Washington Mutual, Inc. and Commercial Capital Bancorp, Inc. recently announced that they have entered into a definitive merger agreement in which Washington Mutual will acquire the outstanding shares of Commercial Capital in exchange for $16 per share in cash. Commercial Capital is a diversified financial services company with $5.5 billion of total assets.
The acquisition enhances Washington Mutual's commercial and retail banking business in one of its core markets, California, and further diversifies the company's asset generation and earnings. The acquisition is also expected to add attractive assets with higher risk-adjusted rates of return to Washington Mutual's balance sheet without any negative effect on Washington Mutual's credit quality. |
