Industry News

Wachovia to acquire Golden West

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Wachovia Corp. is acquiring Golden West Financial Corp., gaining mortgage lending operations under the World Savings Bank name in 39 states, Wachovia said Sunday. The acquisition will strengthen Wachovia's presence in California, Florida and Texas, and extends the banking franchise within reach of 55 percent of the U.S. population, the company said. With the acquisition of Oakland, Calif.-based Golden West, Wachovia will add 285 consumer banking offices with $62 billion in retail deposits in 10 states while entering new markets in California, Arizona, Colorado, Illinois, Kansas and Nevada, the company said. The combined company will have assets of $669 billion and a market capitalization of $117 billion. "For four decades, Golden West has taken industry-wide challenges in stride and maintained a singular focus as a risk-averse residential mortgage portfolio lender. The result is a ... 25-year track record of 17 percent compound annual growth in earnings per share and virtually no cre...