Washington Mutual, which has spent the last several years digesting previous acquisitions has announced that it is to acquire Providian Financial for $6.45 billion and cash and stock.  Washington Mutual said it expects the transaction will add to its consumer banking business and strengthen its middle market customer segment.  Providian will be WaMu's fourth major unit. 

Kerry Killinger, chairman and chief executive of Washington Mutual, said in a statement. "Providian is a highly profitable business with solid credit quality. Its focus on middle market consumers makes Providian a natural fit for our business and a winning combination for both companies' customers," he said. 

"This combination also helps to further diversify our balance sheet and earnings by adding attractive, high-yielding credit card assets, while improving our net interest margin and adding stable fee income," Mr. Killinger added.

In other words - mortgages just don't do it anymore.