M&A Deal Summary

Mr. Cooper Group Acquires American Savings Bank

On December 1, 1996, Mr. Cooper Group acquired financial services company American Savings Bank from Oak Hill Capital

Acquisition Highlights
  • This is Mr. Cooper Group’s 1st transaction in the Financial Services sector.
  • This is Mr. Cooper Group’s 1st transaction in the United States.
  • This is Mr. Cooper Group’s 1st transaction in Hawaii.

M&A Deal Summary
Date 1996-12-01
Target American Savings Bank
Sector Financial Services
Buyer(s) Mr. Cooper Group
Sellers(s) Oak Hill Capital
Deal Type Add-on Acquisition

Target

American Savings Bank

Honolulu, Hawaii, United States
American Savings Bank was a $24 billion California savings and loan association which had been seized by the Federal Savings & Loan Association after a history of significant losses. In cooperation with the federal government, the firm restructured the bank into American Savings. In December 1996, American Savings merged into Washington Mutual, Inc.

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Buyer(S) 1

Buyer

Mr. Cooper Group

Coppell, Texas, United States
Category Company
Founded 2015
Sector Financial Services
Employees6,800
Revenue 2.3B USD (2023)
DESCRIPTION

Mr. Cooper Group is a provider of quality servicing, origination, and transaction-based services related principally to single-family residences throughout the United States with operations under its primary brands: Mr. Cooper® and Xome®. Mr. Cooper Group was founded in 2015 and is based in Coppell, Texas.

DEAL STATS #
Overall 1 of 13
Sector (Financial Services) 1 of 13
Type (Add-on Acquisition) 1 of 8
State (Hawaii) 1 of 1
Country (United States) 1 of 13
Year (1996) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
1997-06-30 Great Western Financial

Chatsworth, California, United States

Great Western Financial Corp., is a financial services provider.

Buy -

Seller(S) 1

SELLER

Oak Hill Capital

Stamford, Connecticut, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1986
PE ASSETS 9.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Oak Hill Capital Partners was originally formed as the private equity investment vehicle for Robert Bass and in 1999, opened up to outside investors and raised its first private equity fund. Oak Hill looks to invest in middle-market companies and focuses its efforts within six industry groups. The six groups include basic industries; business and financial services; consumer, retail, and distribution; healthcare; media and telecom; and technology. Oak Hill targets businesses with defensible business models, strong market positions, and 'best-in-class' management. Oak Hill Capital was formed in 1986 and has offices in Stamford, Connecticut; Menlo Park, California; and New York City.

DEAL STATS #
Overall 1 of 55
Sector (Financial Services) 1 of 4
Type (Add-on Acquisition) 1 of 23
State (Hawaii) 1 of 1
Country (United States) 1 of 46
Year (1996) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1993-01-01 Williams Scotsman

Baltimore, Maryland, United States

Williams Scotsman providers of mobile and modular office space, serving more than 24,000 customers through over 90 offices in the United States, Canada, and Mexico. Williams Scotsman was founded in 1955 and is based in Baltimore, Maryland.

Buy $234M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
1997-04-14 Williams Scotsman

Baltimore, Maryland, United States

Williams Scotsman providers of mobile and modular office space, serving more than 24,000 customers through over 90 offices in the United States, Canada, and Mexico. Williams Scotsman was founded in 1955 and is based in Baltimore, Maryland.

Sell $675M
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