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In June 1995, WaMu announced the pending acquisition of the Bellevue-based Enterprise Bank for $26.8 million (~$49 million in 2023) in stock, this was WaMu's entry into the commercial banking sector. Enterprise Bank was a highly profitable one unit carriage trade business bank staffed with highly successful management.
The receivership of Washington Mutual Bank by federal regulators on September 26, 2008, was the largest bank failure in U.S. history. Regulators simultaneously brokered the sale of most of the banks's assets to JPMorgan Chase, which planned to write down the value of Washington Mutual's loans at least $31 billion. [7] [8]
As a result of this takeover and those of American Savings and Great Western Financial, Washington Mutual became California’s second largest bank. At the time, HF Ahmanson had $55 billion in assets. [9] The acquisition also gave Washington Mutual control over a part of the Ahmanson Ranch, a hotly disputed undeveloped area northwest of Los ...
From 2000 to 2007, WaMu and Long Beach securitized at least $77 billion in subprime loans, stopping only when the subprime secondary market collapsed in September 2007. WaMu sold another $115 ...
Data source: Yahoo! Finance. Bank stocks took the lead on the eve of a number of earnings reports by big banks, and the SPDR S&P Bank ETF (NYSEMKT: KBE) rose 1.8%. Industrials also were strong ...
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Washington Mutual, Seattle: JPMorgan Chase, New York City Savings and loan association $ 1.9 × 10 ^ 9 [23] September 26, 2008: Lehman Brothers C: Nomura Holdings: Investment bank $600,000,000 [24] September 28, 2008: Bradford & Bingley D: Government of the United Kingdom (Mortgage Assets) Banco Santander (Savings Liabilities) Diversified ...
I live in Portland, Oregon, and a lot of my friends have accounts with Washington Mutual, given its roots in the Pacific Northwest (WaMu was founded in Seattle over 100 years ago). Most of my ...