Sound Savings and Loan Association and Washington Mutual Savings Bank said today they will merge the savings and loan into a subsidiary owned by Washington Mutual.
Sound, the first female-directed savings and loan west of the Mississippi, was established in May 1977 by a group of Seattle businesswomen. With assets of $27.5 million, Sound has one location in Seattle at 1000 Second Ave. Washington Mutual, with assets of $7.1 billion, and its federal savings bank subsidiary, Washington Mutual, a Federal Savings Bank, operate 84 financial centers, and 18 home-loan centers in Washington, Oregon and Idaho.
"We approached Washington Mutual about this merger because its corporate values reflect the same commitment to the community and customer service we've established here," said Nobie Chan, Sound Savings chairman. "We welcome the merger and view it as an opportunity for our stockholders and customers to be part of a strong, locally owned financial institution."
The transaction, which is expected to take several months to complete, would provide Sound Savings shareholders with $6 per share to be paid in the form of Washington Mutual common stock.
"We're excited about this opportunity to serve an even greater number of customers in the Puget Sound region," said Kerry Killinger, Washington Mutual chairman, president and chief executive officer. "Sound Savings' business focus on home loans and deposits is very similar to our strategy of serving the financial needs of families and individuals in the Northwest."