Acquisition of Long Beach Financial a Wrap

Washington Mutual Inc., the nation’s largest thrift, said Friday that it completed its acquisition of Orange-based Long Beach Financial Corp., a fast-growing mortgage lender catering to borrowers with spotty credit records. Shareholders of Long Beach Financial received $10.03 a share in cash and $5.47 a share in Washington Mutual common stock. On their last day of trading Thursday, Long Beach shares closed at $15.88, up 69 cents. Long Beach Financial retains its name and will operate as a wholly owned subsidiary of Washington Mutual. Long Beach had $346.4 million in assets on June 30.