SEATTLE — Financial services company Washington Mutual, Inc. said on Friday it had completed its acquisition of FleetBoston Financial Corp.’s mortgage unit, bringing its total loan servicing portfolio to $455.92 billion.
Washington Mutual said it paid a premium of $60 million more than the agreed-upon fair market value of Fleet Mortgage’s equity. Fleet will retain ownership its mortgage sales and telephone sales staff in Lincoln, R.I., and will deliver loans to Washington Mutual through a preferred correspondent agreement.
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FleetBoston announced in April it would sell the South-Carolina based mortgage business, as part of cost-cutting measures, for about $660 million.
