Washington Mutual To Acquire Commercial Capital Bancorp, Inc.

Washington Mutual to Acquire Commercial Capital Bancorp, Inc.
Deal Strengthens WaMu's Commercial and Retail Banking Businesses-

SEATTLE & IRVINE, Calif.--(BUSINESS WIRE)--

April 23, 2006--

Washington Mutual, Inc. (NYSE:WM), and Commercial Capital Bancorp, Inc. (NASDAQ:CCBI) announced that they have entered into a definitive merger agreement in which Washington Mutual will acquire the outstanding shares of Commercial Capital in exchange for $16.00 per share in cash. The transaction is valued at approximately $983 million in aggregate. The acquisition of Commercial Capital enhances Washington Mutual's commercial and retail banking business in one of its core markets, California, and further diversifies the company's asset generation and earnings.

The acquisition is also expected to add attractive assets with higher risk-adjusted rates of return to Washington Mutual's balance sheet without any negative effect on Washington Mutual's credit quality. "Today's transaction strengthens our already solid position in the attractive California multifamily and small commercial real estate lending markets," said Kerry Killinger, Washington Mutual chairman and chief executive officer. "Commercial Capital is the third largest multifamily lender in California and has had an eight-year record of strong growth and excellent credit performance. Its production team is recognized as an industry leader and we look forward to offering the broader Washington Mutual product line to Commercial Capital's clients." Killinger added: "The transaction provides us additional opportunities for household acquisition, deposit growth and increased retail product cross-sell to Commercial Capital's existing retail customer base. And we believe that there are significant operating efficiencies to be gained by bringing our two very similar operations together, with very low integration risk."


Stephen H. Gordon, chairman and chief executive officer of Commercial Capital Bancorp, Inc., commented, "The merger with Washington Mutual is an attractive financial transaction for our shareholders and links our company with one of the preeminent banking organizations in the country. We believe our core lending and retail banking units will integrate smoothly with Washington Mutual."

The companies noted that the clients of Commercial Capital should expect business as usual. At this time, their accounts, policies and payment procedures remain unchanged. Washington Mutual expects the transaction to add $.04 per share on a GAAP basis to the company's 2007 earnings. The acquisition is expected to be completed in the third quarter of 2006 and is subject to approval of Commercial Capital shareholders and regulatory approvals. Washington Mutual was represented in the transaction by its legal advisors Simpson Thacher & Bartlett LLP. Commercial Capital was represented in the transaction by its financial advisors Credit Suisse Securities (USA) LLC and Sandler O'Neill & Partners L.P. and legal advisors Patton Boggs LLP.


Washington Mutual is one of the nation's leading consumer and small business banks. At March 31, 2006, Washington Mutual and its subsidiaries had assets of $348.67 billion. The company was established in 1889 and currently operates more than 2,600 consumer and small business banking stores throughout the nation. Washington Mutual's press releases are available at www.wamunewsroom.com.


Commercial Capital Bancorp, Inc. is a diversified financial services company with $5.5 billion of total assets, at December 31, 2005. Commercial Capital Bancorp provides depository and lending products and services under the Commercial Capital Bank brand name, and provides 1031 exchange services to income property investors nationwide under the TIMCOR Exchange Corporation, North American Exchange Company and Lawyers Asset Management brand names.