Washington Mutual
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Company Background: Washington Mutual,áInc. together with its subsidiaries is a financial services company committed to serving individual customers as well as small to mid-sized businesses. Buying businesses to acquire customers has been a core business tactic for Washington Mutual and a successful growth strategy since 1983. The company completed thirty-three acquisitions and mergers in the last twenty years. However, it was largely unheard of until it acquired Irvine-based American Savings in 1996, followed by its purchases of Great Western Bank in 1997, and Home Savings in 1998. According to John Brinsley of Orange County Business Journal, these three acquisitions cost approximately $20 billion, but made the Seattle-based company the nation's largest savings and loan association (Brinsley, 2000, 8). According to Heather Timmons of Business Week, since 1990, the company has completed more than twenty acquisitions, expanding into everything from lending to investments, and from insurance to financial advice. In doing so, what once was a small Seattle Thrift and Loan became the nation's seventh-largest bank, the nation's largest home lender, and a manager of over 200,000 investment accounts. Washington Mutual currently operates more than 2,400 consumer banking, mortgage lending, commercial banking, consumer finance and financial services offices nationwide. Between 1990 and 2001, total assets grew 25-fold, to more than $225 billion (Timmons, 2001, 54)
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e. Investment advisory and securities brokerage services are provided by approximately 600 financial consultants of WM Financial Services,áInc., a licensed broker-dealer. In addition, fixed annuities are offered to the public by approximately 1,300 licensed banking employees. The Company's mutual fund management business, WM Advisors,áInc., offers investment advisory and mutual fund distribution services and had assets under management at Decemberá31, 2003 of $17.87ábillion.
The WM Group of Funds manages more than $6.4 billion in assets and services more than 228,000 retail and institutional accounts.
Washington Mutual Home Loans is the nation's largest portfolio lender funding over $41 billion dollars in loans for 1999 alone. In 2003, according to an article in U.S. Banker, Washington Mutual originated more than $435 billion in loans making it the second largest loan originator in the nation with a market share of just over 11% (U.S. Banker, 2004, 60).
Washington Mutual Insurance Services, Inc. offers a range of insurance products. Depending on the state in which their customer resides, these insurance products can include auto, life, homeowner, earthquake, flood, recreational vehicle, marine, long term care, disability inco
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Approximate Word count = 1574
Approximate Pages = 6 (250 words per page)
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