Irvine Bank Sold

Shareholders of Seattle-based Washington Mutual Inc. approved the acquisition of Irvine-based American Savings Bank.

As part of the deal, Washington Mutual will issue 48 million shares, with about 40 million going to Keystone Holdings, the partnership that holds a major stake in American Savings, and to the Federal Deposit Insurance Corp., which also holds an interest in the company.

After the stock is issued, Keystone will hold 22% of Washington Mutual's stock.

Copyright © 2019, Los Angeles Times
EDITION: California | U.S. & World
59°