LV bank operator posts higher profit

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Monday, July 24, 2000 | 11:08 a.m.

SEATTLE -- Washington Mutual Inc. posted a second quarter profit of $490.8 million or 92 cents per share vs. $452.7 million or 78 cents in the year-ago quarter.

With assets of $185.7 billion, Washington Mutual has more than 2,000 offices nationwide.

It recently opened five "Occasio" branches in the Las Vegas area and plans to open 40 more in the Phoenix market.

The Las Vegas branches, which offer a retail environment more like a Starbucks coffee shop than a bank branch, have exceeded expectations. In the first few months of operation, they have generated twice as many checking account openings and three times the dollar volume of deposits as the average for previous new Washington Mutual branches, Washington Mutual said.