During the quarter all short-term bank borrowings were repaid resulting in a decline in other interest expense. The regular preferred stock dividend was also declared. In September, Group announced the acquisition of two private water utilities serving approximately 14,000 customers in the state of Washington. A new subsidiary, Washington Water Service Company which is the largest investor owned water utility in the state, was formed to operate the two systems. California Water Service Group is the parent company of California Water Service Company, CWS Utility Services and Washington Water Service Company serving approximately 1.5 million people in 60 California and Washington communities.
Group is the largest investor owned water utility in the western states.
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