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No Nickel And Diming At This Bank: Washington Mutual Bites Big Apple.(A)(COMPANY IN THE NEWS)
Byline: Robin M. Grugal
Washington Mutual Inc.'s pending purchase of New York's Dime Bancorp has been big news since word of the deal hit in June.
But for this growth-minded Seattle thrift, acquisitions even of this size are becoming a dime a dozen.
See company chart on A15
Washington Mutual has completed 28 purchases in the last 15 years. This year it's closed on three major ones: Bank United of Texas and the mortgage lending operations of FleetBoston Financial Corp. and PNC Corp.
Those recent additions made Washington Mutual the No. 1 mortgage originator and servicer in the country, up from third and fifth, respectively. Its assets, excluding the Dime buy, now total about $229 billion. Its branch network consists of 2,300 offices in nine states.
Dime, with $27 billion in assets, doesn't compare in size to past deals like Washington Mutual's buys of California-based Great Western and Home Savings of America. Each of those firms had assets of $40 billion to $50 billion.
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