First Mutual Bank merging with Washington Federal

Our company received a letter dated January 18, 2008 from Jeff Olson, Senior VP of Residential Lending for First Mutual Bank, headquartered in Bellevue, stating:

"Please be advised that the merger transaction between First Mutual Bank and Washington Federal Savings is scheduled to close Friday, February 1, 2008.

In consideration of that closing date, First Mutual Bank will not accept any residential loans…after 5pm, January 31, 2008…Loans that arrive after that date will be forwarded to the Wholesale Lending Department of Washington Federal Savings…These loans will be reviewed for eligibility under the Washington Federal loan program guidelines."

From First Mutual Bank’s website:

January 28, 2008 – Washington Federal has notified First Mutual that it has elected to pay all cash consideration to shareholders of First Mutual for their shares of stock. Within 10 days following the close of the merger of First Mutual with and into Washington Federal, First Mutual shareholders will receive $26.8359 in cash for each share of First Mutual common stock owned. The merger is scheduled to close February 1, 2008

First Mutual recently constructed a bank branch in my town of West Seattle.  Looks like it may become a Washington Federal branch now!

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