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.
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.
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.
Updated February 23, 2009