Westcorp Buys 80% Interest in Newport Beach Mortgage Firm
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IRVINE — Westcorp, parent of Western Financial Savings Bank, said it has completed its acquisition of an 80.1% interest in the Hammond Co., a privately held Newport Beach mortgage banking company, for $5.4 million. Thomas T. Hammond will continue as president of Hammond, which he founded 20 years ago, Westcorp said.
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