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Washington Mutual acquires Pacific First

SEATTLE -- Washington Mutual Savings Bank announced the acquisition Monday of Pacific First Financial Corp. and its Seattle- based subsidiary, Pacific First Bank, for an undisclosed sum from RT Holdings Inc., a subsidiary of Toronto's Royal Trustco Ltd.

Bank officials said they planed to merge Pacific First Bank into Washington Mutual, with some operations consolidated. However, the suitor did not immediately say whether such moves would result in job losses.

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Washington Mutual added that prior to Monday's announced takeover, Pacific First transferred $659 million in assets to Royal Trustco affiliates.

The Pacific First acquisition gives Washington Mutual 265 financial offices and 32 home-loan bracches in Oregon and Washington state.

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