ORANGE COUNTY EARNINGS
Long Beach Financial Corp.: The Orange-based subprime mortgage lender posted second-quarter net income of $5 million, or 21 cents a share, down 32% from the $7.4 million, or 29 cents a share, recorded for the second quarter of 1998. The previously announced acquisition of Long Beach Financial by Washington Mutual Inc. is anticipated to close by the beginning of the fourth quarter, the company said.
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