Kerry Killinger, Washington Mutual's chairman, president and CEO, says the merger will significantly expand the Texas market share as well as its national presence for retail banking and lending. Indeed the merger will add over 200 retail branches and 225 ATM operations. The merger comes at a key time since economic indicators show Texas outpacing the US economy with a growth rate of 4.6%. Furthermore, Texas is the nation's fourth largest deposit market. Washington Mutual will now have top-tier retail banking market share in three of the four major Texas metropolitan areas.

In the lending arena, Bank United is the state's largest SBA lender and subsequently a major player for mortgage lending. Washington Mutual also has acquired PNC Mortgage making it the fourth largest residential mortgage lender in Texas. On its own Washington Mutual, which has more than 2,000 consumer banking, mortgage lending, commercial banking, consumer finance and financial services offices in the US. PNC boasts $194.72 billion in assets as of December 2000.