WaMu to Buy Commercial Capital

Washington Mutual Inc., Seattle, has agreed to acquire Irvine, Calif.-based Commercial Capital Bancorp Inc. for $983 million, or $16 per share, in cash.Kerry Killinger, WaMu's chairman and chief executive, said the deal "strengthens our already solid position in the attractive California multifamily and small commercial real estate lending markets. Commercial Capital is the third-largest multifamily lender in California and has had an eight-year record of strong growth and excellent credit performance." According to Commercial Capital's 10-K filing, Dataquick was the source for the company's ranking as the third-largest multifamily lender in California for 2005. Last year it did $1.3 billion in multifamily fundings and $313 million in commercial real estate loan fundings. According to its 10-K, WaMu's multifamily portfolio as of Dec. 31 was $25.6 billion.