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Washington Mutual, Inc. (often abbreviated to WaMu) was an American savings bank holding company based in Seattle. It was the parent company of Washington Mutual Bank , which was the largest savings and loan association in the United States until its collapse in 2008.
By September 12, 1917, it was operating under the name Washington Mutual Savings Bank. [3] In mid 2008 WaMu suffered a massive run where customers pulled out $16.7 billion in deposits in a ten-day span. On the night of September 25th the Office of Thrift Supervision seized WaMu Bank and placed it into the receivership of the FDIC.
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]
Reckless credit practices at Washington Mutual Bank were detailed Tuesday at a hearing held by a Senate subcommittee investigating the role of high-risk home loans in the financial crisis. The ...
Washington Savings Bank can refer to a number of banking institutions: . Washington Savings Bank, an Effingham, Illinois bank founded in 1884; Washington Mutual Savings Bank (1889-2008), a Seattle-based bank founded as the Washington National Building Loan and Investment Association, and, as of 2009, the largest bank failure in American history
Washington Mutual subsequently failed in 2008. Dime was included in the assets that were sold to JPMorgan Chase by the Federal Deposit Insurance Corporation after Washington Mutual was seized and placed in receivership. [21] In 2016, Charney Companies purchased the bank's original site for $80 million. [22]
Bank of America: 1997 Washington Mutual: Great Western Financial CorporationGreat Western Bank: Washington Mutual: $6.8 billion JPMorgan Chase: 1997 First Union Corporation: Signet Banking Corporation First Union Corporation: Wells Fargo: 1997 National City Corp. First of America Bank National City Corp. PNC Financial Services: 1997 Banc One ...
Washington Mutual's last weeks Alan H. Fishman (born 16 March 1946) [ 1 ] is an American businessman. He was the last CEO of Washington Mutual (WaMu) [ 2 ] prior to federal regulators seizing its assets on September 25, 2008.