Big mortgage lender expanding with purchase

Wednesday, Aug. 28, 2002 | 11:14 a.m.

SEATTLE -- Washington Mutual Inc. said today it agreed to buy National Australia Bank Ltd.'s American home loan business for $2.04 billion, extending the third-largest U.S. mortgage lender's reach in states including Florida and Texas.

Seattle-based Washington Mutual will pay $1.3 billion in cash for HomeSide Lending Inc. and will assume $735 million of debt, said Alan Gulick, a company spokesman. The purchase will bring an additional 1.4 million customers to Washington Mutual, which is a player in the Las Vegas banking market.

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