Washington Mutual expands residential mortgage business

Herald news services

SEATTLE — Washington Mutual will acquire the residential mortgage business of the PNC Financial Services Group for about $605 million in cash.

The deal makes Washington Mutual the country’s third-largest mortgage originator and fourth-largest servicer of residential mortgages, based on data for the first half of 2000.

The deal adds to Washington Mutual’s penetration in its key western markets, but also allows it to broaden its base in the Midwest and Northeast.

  • Bartell launches Web site: Bartell Drugs went online Monday, offering prescription refills and more than 5,000 health and beauty items through www.bartelldrugs.com. Shoppers can pick up their orders at their neighborhood store or, for a fee, have it delivered by U.S. Postal Service or by local courier.

  • Monday’s prices: Gold sold for $273.10 a troy ounce, silver for $4.935 and platinum for $579.50.

  • T-bill rates rise: The Treasury Department sold $10.5 billion in three-month bills at a discount rate of 6.075 percent, up from 6.005 percent last week. An additional $9.5 billion was sold in six-month bills at a rate of 6.040 percent, up from 5.985 percent. The new discount rates understate the actual return to investors — 6.257 percent for three-month bills with a $10,000 bill selling for $9,846.40 and 6.318 percent for a six-month bill selling for $9,694.60. The average yield for one-year Treasury bills, the most popular index for making changes in adjustable rate mortgages, fell to 6.08 percent last week from 6.09 percent the previous week.
    Talk to us

    > Give us your news tips.

    > Send us a letter to the editor.

    > More Herald contact information.

  • More in Local News

    Customers enter and exit the Costco on Dec. 2, 2022, in Lake Stevens. (Olivia Vanni / The Herald)
    Costco stores could be impacted by looming truck driver strike threat

    Truck drivers who deliver groceries and produce to Costco warehouses… Continue reading

    Two Washington State ferries pass along the route between Mukilteo and Clinton as scuba divers swim near the shore Sunday, Oct. 22, 2023, in Mukilteo, Washington. (Ryan Berry / The Herald)
    Ferry system increases ridership by a half million in 2024

    Edmonds-Kingston route remains second-busiest route in the system.

    Lynnwood
    Lynnwood police: 1 suspect in custody, 1 at large after attempted carjacking

    Beverly Elementary School went into a precautionary lockdown Thursday afternoon. Numerous officers continue to search for the second suspect.

    Candidates announce campaigns for Everett city council seat

    Ryan Crowther, founder of the Everett Music Initiative, will challenge incumbent Paula Rhyne for the District 2 seat.

    Lynnwood City Council Vice President Julieta Crosby speaks during a Lynnwood City Council meeting on Wednesday, Nov. 20, 2024. (Olivia Vanni / The Herald)
    Lynnwood picks top eight candidates to replace former council VP

    The City Council will make its final decision Feb. 20 after interview process.

    Robin Cain with 50 of her marathon medals hanging on a display board she made with her father on Thursday, Jan. 2, 2025 in Lake Stevens, Washington. (Olivia Vanni / The Herald)
    Running a marathon is hard. She ran one in every state.

    Robin Cain, of Lake Stevens, is one of only a few thousand people to ever achieve the feat.

    People line up to grab food at the Everett Recovery Cafe on Wednesday, Dec. 4, 2024 in Everett, Washington. (Olivia Vanni / The Herald)
    Coffee, meals and compassion are free at the Everett Recovery Cafe

    The free, membership-based day center offers free coffee and meals and more importantly, camaraderie and recovery support.

    Devani Padron, left, Daisy Ramos perform during dance class at Mari's Place Monday afternoon in Everett on July 13, 2016. (Kevin Clark / The Herald)
    Mari’s Place helps children build confidence and design a better future

    The Everett-based nonprofit offers free and low-cost classes in art, music, theater and dance for children ages 5 to 14.

    The Everett Wastewater Treatment Plant along the Snohomish River on Thursday, June 16, 2022 in Everett, Washington. (Olivia Vanni / The Herald)
    Everett water, sewer rates could jump 43% by 2028

    The rate hikes would pay for improvements to the city’s sewer infrastructure.

    The bond funded new track and field at Northshore Middle School on Thursday, Oct. 24, 2024 in Bothell, Washington. (Courtesy of Northshore School District)
    Northshore School District bond improvements underway

    The $425 million bond is funding new track and field complexes, playgrounds and phase one of two school replacements.

    The peaks of Mount Pilchuck, left, and Liberty Mountain, right, are covered in snow on Wednesday, Feb. 12, 2025 in Lake Stevens, Washington. (Olivia Vanni / The Herald)
    Western Washington’s current winter drought may not last through the season

    Even with last week’s snow flurries, there’s no denying this… Continue reading

    A view of a homes in Edmonds, Washington on Friday, Sept. 8, 2023. (Olivia Vanni / The Herald)
    Snohomish County to mail property tax statements this month

    First half payments are due on April 30.

    Support local journalism

    If you value local news, make a gift now to support the trusted journalism you get in The Daily Herald. Donations processed in this system are not tax deductible.