SEATTLE (AFX) - Financial services company Washington Mutual Inc. said Wednesday regulators approved the acquisition of Irvine, Calif.-based rival Commercial Capital Bancorp Inc.
The approval comes from the Office of Thrift Supervision and follows shareholder approval of the $983 million buyout. The sale -- which was first announced in April -- is expected to close Oct. 1.
Washington Mutual said the deal will strengthen its position in making real estate loans in California.
Shares of Washington Mutual fell 43 cents to close at $43.65 on the New York Stock Exchange, while shares of Commercial Capital rose 4 cents to finish at $15.88 on the Nasdaq.
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