WaMu Acquires Commercial Capital Bancorp

Washington Mutual, the biggest U.S. savings and loan operation, and one with a large presence in the Florida home loan market, agreed to buy Commercial Capital Bancorp, Inc., for about $983 million, according to the Sun-Sentinel. The company hopes that the move will increase returns from real estate banking in California.

Washington Mutual will pay $16 a share in cash for Commercial Capital, the third-biggest lender to multi-family homes (including apartment buildings) in the state of California. That equates to 13 percent more than the stock price of $14.25 posted by Commercial Capital on April 21.

In an effort to expand beyond single-family home loans, WaMu has made 10 acquisitions in the past few years. The company wants a presence in both the fields of credit cards and small business loans. With increasing pessimism regarding the housing market in Florida and elsewhere, the company is looking to diversify its business interests.