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Deal Makes Wachovia a Player.(Golden West Financial Corp. to be acquired)
Charlotte, NC -- Wachovia Corp. here has agreed to purchase mega-thrift Golden West Financial Corp., Oakland, Calif., for $26 billion in cash and stock, an acquisition that will catapult the bank into the upper echelons of residential servicing.
Once the sale is completed, the combined institution will rank squarely among the top 10 in residential servicing and production, according to figures compiled by Mortgage Servicing News and the Quarterly Data Report.
Wachovia is already the second largest commercial servicer in the U.S.
The sale of GWF caught some in the industry by complete surprise, while others have speculated that it was just a matter of time before the thrift's co-CEO's, the husband and wife team of Herbert and Marion Sandler, decided to exit the business.
The Sandlers, icons of the savings and loan industry, are both in their mid-70s. Until a few years ago, GWF's thrift affiliate, World Savings, didn't even have ATM machines, a situation that had some equities analysts scratching their heads.
GWF/World has 283 thrift branches in 10 states and lending operations in 39. The company was incorporated in 1959 and is currently the nation's second largest thrift, behind Washington Mutual of Seattle.
Wachovia has a relatively small servicing portfolio ($38 billion), ranking 25th nationwide, according to MSN. GWF ranks 11th in servicing. (Combined they will rank 10th.) ...
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Source: HighBeam Research, Deal Makes Wachovia a Player.(Golden West Financial Corp. to be...