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In June 2001, WaMu announced the pending acquisition of Providian Financial Corporation, tenth-largest credit-card issuer in the country, for $6.45 billion (~$10.6 billion in 2023) in stock and cash. [ 181 ] [ 182 ] The acquisition was completed in June 2001.
Washington Mutual Inc (at time of acquisition) JPMorgan Chase (since 2008) Providian Financial Corporation was an American financial services company founded in 1997, which became one of the leading credit card issuers in the United States before it was sold to Washington Mutual for approximately US$ 6.5 billion in October 2005.
As a result of the takeover, Washington Mutual shareholders lost all their equity. [34] Through the acquisition, JPMorgan became owner of the former accounts of Providian Financial, a credit card issuer WaMu acquired in 2005. The company completed the rebranding of Washington Mutual branches to Chase in late 2009.
WaMu was the largest financial institution overseen by the Office of Thrift Supervision, and WaMu's fees paid for 12% to 15% of the agency's budget, Levin said. "OTS was a feeble regulator," he said.
JPMorgan Chase (JPM) could bank a rich $1.4 billion tax refund this year, owing to Washington Mutual's 2008 losses and an oft-overlooked business tax break that was squeezed into the 2009 Stimulus ...
In early 1997 California thrift H. F. Ahmanson & Co. launched a hostile takeover bid for the company, but Washington Mutual's friendly offer won out later that year. Ironically, in 1998 Washington Mutual acquired Ahmanson for $10 billion. In 2008, it became part of JPMorgan Chase.
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JPMorgan Chase: Washington Mutual: JPMorgan Chase: $1.9 Billion [41] JPMorgan Chase & Co. 2008 Fifth Third Bank: First Charter Bank: Fifth Third Bank: $1.1 billion [42] Fifth Third Bank: 2008 PNC Financial Services: National City Corp. PNC Financial Services: $5.08 billion [43] PNC Financial Services: 2008 U.S. Bancorp: Downey Savings and Loan ...