WaMu Completes Acquisition of Commercial Capital Bancorp, Inc.

October 2, 2006; 07:51 AM
Washington Mutual, Inc. has completed the acquisition of Commercial Capital Bancorp, Inc. in a cash transaction worth approximately $983 million in aggregate. Commercial Capital stockholders will receive $16.00 in cash for each share of Commercial Capital common stock. The transaction is expected to be accretive to WaMu within a year on both a GAAP and cash basis.

The acquisition enhances WaMu’s commercial and retail banking business in California, expands its service offerings to include 1031 tax-deferred exchange accommodation, and further diversifies the company’s asset generation and earnings. The acquisition also adds attractive assets with higher risk-adjusted rates of return to the company’s balance sheet without any negative effect on WaMu’s credit quality.

WaMu received approval for the transaction from Commercial Capital shareholders on July 25 and the Office of Thrift Supervision on August 23, 2006. The merger officially closed on October 1, 2006.

Washington Mutual, through its subsidiaries, is one of the nation's leading consumer and small business banks. At June 30, 2006, Washington Mutual and its subsidiaries had assets of $351 billion. The company has a history dating back to 1889 and its subsidiary banks currently operate more than 2,600 consumer and small business banking stores throughout the nation. Washington Mutual's press releases are available at http://newsroom.wamu.com.