LV bank operator buying mortgage firm for $605 million

Single Sign-On: You can use Facebook account to log in to LasVegasSun.com. (We will use your first and last name from your profile.)
Trusted Commenting: Facebook connected users automatically become trusted commenters.

Monday, Oct. 2, 2000 | 11:05 a.m.

SEATTLE -- Washington Mutual Inc. today agreed to buy PNC Financial Services Group Inc.'s residential mortgage business for $605 million in cash to become the third-largest mortgage originator in the United States.

The companies expect to close the transaction in the first quarter, PNC spokesman R. Jeep Bryant said. Pittsburgh-based PNC Mortgage has about $7 billion in assets and a primary mortgage-servicing portfolio of $85 billion.

Washington Mutual has built itself into the largest U.S. savings bank through acquisitions and growth into new markets like Las Vegas and Phoenix.