Western Financial Bank Gets Nod to Merge with Wachovia

Western Financial Bank Gets Nod to Merge with Wachovia

The Office of the Comptroller of the Currency has approved the conversion of Western Financial Bank, a division of WFS Financial from a federal savings bank to a national banking institution.

Having jump over that hurdle, this would allow California auto finance company Westcorp and it’s subsidiary WFS Financial Bank to merge with Wachovia Bank.

This deal would add over 8,500 auto dealers to Wachovia’s auto finance arm.

Wachovia closed at $55.69 on Tuesday.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.