Washington Mutual Savings Bank said it has received federal approval to acquire seven Old Stone branches in Washington state.
The acquisition is expected to take effect May 31. Four of the branches are in Seattle. The other three are in Renton, Bellevue and Tacoma. They represent the entire Washington state branch network of Old Stone Bank.
The agreement, which was announced in late January, provides for Washington Mutual to assume Old Stone's deposit liabilities in Washington state and servicing rights on $185 million of primarily Washington-based residential loans serviced for others. The deposits and other liabilities total about $320 million.
In exchange, Old Stone is to provide Washington Mutual with about $307 million in assets consisting primarily of Washington-originated consumer, residential construction, residential mortgage and commercial real estate loans.