Washington Mutual Washington Mutual, the biggest U.S. savings and loan, completed its purchase of credit-card provider Providian in a cash and stock transaction valued at $6.1 billion, the company said Monday.
The deal, announced in June, brings together two of the nation’s leading retail financial services companies and gives Washington Mutual entry into the credit-card business.
The company will roll out a Washington Mutual-branded credit card over the next year, complete with a mid-October direct-mail marketing campaign, Washington Mutual said.
Providian CEO Joseph Saunders will continue to lead the credit-card unit from San Francisco as president of the new Washington Mutual Card Services Division. He will report directly to Washington Mutual President and Chief Operating Officer Steve Rotella, the companies said.
“We’re excited to welcome the Providian team to the Washington Mutual family,” Washington Mutual Chairman and CEO Kerry Killinger said in a statement. “It is a transformational moment in the history of both companies and one that we believe will result in great things for our shareholders.”
Washington Mutual operates more than 2,400 retail banking, mortgage lending, commercial banking and other financial service centers throughout the nation, including 16 bank and mortgage branches in San Antonio. The company had assets of $323.5 billion as of June 30.
The company also is establishing a regional operations center in North San Antonio that is expected to create 4,200 jobs over the next seven years.
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