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Wachovia
Plans To Buy Westcorp.
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Wachovia
(nyse: WB - news - people ) is at it again, striking its third
deal in two days, this time for a Southern California company
that specializes in residential mortgages.
The $83 million deal, for San Diego-based American Mortgage
Network, is a pittance for Wachovia, a bank with a $73 billion
market cap. But it is yet another entry into the high-growth
California market. Until this week, Wachovia had no on-the-ground
presence there.
But Monday, Wachovia unveiled a $3.9 billion plan to buy Westcorp
(nyse: WES - news - people ) and WFS Financial (nasdaq: WFSI
- news - people ) of Irvine, Calif. Westcorp has 19 branches
in affluent Orange County and a $12 billion auto loan portfolio,
which will make Wachovia the nation's ninth largest car lender.
Wachovia has been scouring for deals to build up its lending
operations, and its executives have talked about wanting to jump
back into the credit-card business. But earlier this summer it
lost out on the crown jewel of the credit card industry, MBNA
Corp. (nyse: KRB - news - people ), which agreed to a $35 billion
merger with Bank of America (nyse: BAC - news - people ). Meanwhile,
HSBC Holdings (nyse: HBC - news - people )' U.S. consumer finance
unit agreed to buy Metris, and Washington Mutual (nyse: WM -
news - people ) was snapped up Providian Financial (nyse: PVN
- news - people ).
What's a bank to do? Auto and mortgage lending are still hot
markets, despite prognostications of a big market downturn around
the corner. In auto lending, especially, banks see an opportunity
to catch up with the finance units owned by the big auto makers.
Ratings crunches at the car companies have crimped their ability
to offer more-attractive loan deals to customers than the banks
can offer, opening the doors to more competition.
But perhaps more tantalizing for Wachovia
is that the most recent deals all give it a base of operations
in California. The company's executives say they are going
to start building from there. Ben Jenkins, the head of Wachovia's
general bank, said Monday that "we're
going to take a measured, steady look" about expanding. "Between
now and year end, we'll have a much better feel for it."
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