Washington Mutual

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Washington Mutual, Inc.
IndustryFinance and Insurance
FateInsolvency. Closure by the Office of Thrift Supervision. Transferred to the FDIC who then sold WaMu to JPMorgan Chase.
Successor(s)JPMorgan Chase
When it was createdSeptember 25, 1889[1]
DefunctSeptember 25, 2008[1]
HeadquartersSeattle, Washington, United States
Key peopleAlan H. Fishman, Chief Executive Officer
Things madeConsumer Banking
Financial Services
Money earnedUS$15.962 billion
Employees49,403
SubsidiariesWaMu Investments, Inc; Washington Mutual Insurance Services; Washington Mutual Card Services
Websitewww.wamu.com

Washington Mutual (abbreviated to WaMu) (NYSEWM) was the United States' largest savings and loan association.[2] Despite its name, it ceased being a mutual company in 1983 when it began to be publicly traded on the New York Stock Exchange.

On September 25, 2008, the 119th anniversary of WaMu's founding, the United States Office of Thrift Supervision (OTS) announced that it was seizing the bank and would sell most of its functional assets to JPMorgan Chase.[3] WaMu's collapse is the largest U.S. bank failure in history.[4] At the time of the collapse, it was the sixth-largest bank in the United States.[5] According to Washington Mutual's 2007 SEC filing, it held assets valued at $327.9/Billion Dollars.

References[change | change source]

  1. 1.0 1.1 Bansal, Patriosh (2008-09-26). "FDIC crashes WaMu's birthday bash". DealZone. Thomson Reuters. Retrieved 2008-09-26.
  2. $5 Billion Said to Be Near for WaMu - New York Times
  3. " J.P. Morgan to Take Over Faltering WaMu"
  4. Levy, Ari; Hester, Elizabeth. "JPMorgan Buys WaMu Deposits; Regulators Seize Thrift". Bloomberg L.P.. September 26, 2008. Retrieved September 26, 2008.
  5. Dash, Eric; Andrew Ross Sorkin (September 26, 2008). "Government Seizes WaMu and Sells Some Assets". Business. The New York Times. p. A1. Retrieved 2006-09-26.