Washington Mutual To Buy Commercial Capital

Washington Mutual Inc. (WM) announced a $983 million deal to acquire Commercial Capital Bancorp Inc. (CCBI). Meanwhile, Commercial Capital reported first quarter income that dropped to 24 cents per share from 40 cents per share in the year ago period. Shares of Commercial Capital rose $1.54 to close at $15.69 while Washington Mutual stock eased 56 cents to close at $44.45.