Washington Mutual

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Headquarters: 1201 3rd Ave. Seattle, WA 98101 Employees: 43,000 CEO: Alan Fishman Website: http://www.wamu.com Career Site Note: Washington Mutual was seized by the FDIC on September 25, 2008 and became the biggest bank failure in U.S. history. JPMorganChase agreed to acquire the assets and deposits of Washington Mutual for $1.9 billion from the FDIC. The deal will create the second largest bank branch network with over 5,400 branches in 23 states and more than $900 billion in customer deposits. No deposits will be lost by customers after the deal. Shares in the company will likely be worthless. Profile: Washington Mutual is a banking and financial services firm based in Seattle serving both consumers and small to mid-sized businesses. The company has 2,500 retail banking, commercial banking and financial services offices throughout the nation. WaMu conducts business through four primary business lines: Retail Banking & Financial Services, Home Loans, Commercial Banking, and Card Services. WaMu reported heavy losses last year due to the mortgage market decline. It announced it would cut 3,000 jobs. At the end of 2007, the bank had $327.9 billion in assets and average total deposits of $200.3 billion. In 2007, the company reported a net loss of $67 milion. In April, WaMu announced it would close all 186 of its home-loan offices resulting in the loss of 3,000 jobs nationwide. History Following a massive fire in Seattle in 1989 that destroyed 25 city blocks, the Washington National Building Loan and Investment Association filed articles of incorporation on September 25, 1889, to offer its stockholders a safe and profitable vehicle for investing and lending. This allowed the Association to help Seattle residents rebuild after the fire. On June 25, 1908, the company changed its name to Washington Savings and Loan Association. The company would convert from a mutually owned bank to a capital stock savings bank and go public in 1983. Washington Mutual entered the credit card market through the acquisition of San Francisco-based Providian Financial in October 2005. WaMu has branches in the NYC area following its 2002 acquisition of Dime Bancorp. Benefits - Medical: Choose from several coverage options, including a PPO with a $250, $550 or $1,000 deductible, a nationwide HMO and several HMOs that vary according to the state where you live. - Dental: Receive benefits of 50 to 100 percent of the cost of diagnostic, preventive and restorative care. - Flexible spending accounts: Set aside money tax-free from your pay and use those funds to reimburse yourself for eligible health care and dependent daycare expenses. - Life insurance: Receive company-paid basic life insurance and elect supplemental coverage that fits your needs. - Long-term disability plan: This plan is paid 100 percent by WaMu. Following six months of service, you can receive up to 60 percent of your monthly salary after 180 days of qualifying disability. - WaMu Savings Plan, the 401(k): Defer up to 50 percent of pre-tax earnings when you start working at WaMu. After you complete one year of service, you start receiving a match on a percentage of your contributions. - WaMu Pension Plan: After you complete one year of service, you will begin accruing benefits. The benefits you accrue in this plan are based on your compensation and years of service. - Employee Stock Purchase Plan: Purchase Washington Mutual, Inc. common stock at a discount through convenient payroll deductions. - Employee discounts: From premium free checking to home loan discounts, you can benefit from the special discounts offered to WaMu employees. - Learning and development: WaMu offers a variety of leadership education and professional and career development opportunities to help you maximize your talents and grow in your career. - Volunteering: WaMu encourages employees to give back to their communities by providing eligible employees up to 40 hours per year of paid time away from work to volunteer. - Vacation: Eligible employees receive two to five weeks each year, depending on years of service. - Holidays: Eligible full-time employees enjoy 80 hours each year. - Sick leave: Eligible full-time employees receive eight hours per month after 90 days of service, and there is no cap on the hours that can be accrued. Updated February 23, 2009