Washington Mutual Closes On Keystone

Tue., Dec. 24, 1996

From Staff And Wire Reports

Washington Mutual Inc. said Monday it completed its $1.68 billion acquisition of Keystone Holdings Inc. and its American Savings Bank unit.

Washington Mutual, a financial services company based in Seattle, also assumed about $365 million of debt as part of the deal.

The combination of Washington Mutual Inc. and American Savings Bank, of Irvine, Calif., creates a banking franchise with more than $43 billion in assets, $24 billion of deposits and more than 500 offices, based on Sept. 30 figures. The combined company will operate in Arizona, California, Colorado, Idaho, Montana, Nevada, Oregon, Utah and Washington.

Washington Mutual said it expects its fourth-quarter earnings to be reduced by about $210 million for expenses related to the transaction. In the year-ago fourth quarter, Washington Mutual reported earnings of $53.6 million, or 72 cents a share.

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Washington Mutual Closes On Keystone

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