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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.
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.
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]
The bank was acquired by Washington Mutual in 1997 for $6.8 billion. Great Western Bank was held by Great Western Financial Corporation ("GWFC"), a corporation organized under the laws of the state of Delaware that was traded on the New York Stock Exchange under the stock symbol "GWF".
Washington Mutual: Dime Bancorp, Inc. Washington Mutual: JPMorgan Chase: 2002 HSBC Holdings plc: Household International, Inc. HSBC Bank USA: HSBC Bank USA: 2003 BB&T: 1st Virginia Banks, Inc. BB&T: Truist Financial: 2003 M&T Bank: Allfirst Bank: M&T Bank: M&T Bank: 2004 New Haven Savings Bank Savings Bank of Manchester, Tolland Bank ...
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. The company emphasized borrowers with lower income and lower credit ratings.
In June 2001, Washington Mutual announced the pending acquisition of Dime Bancorp for $5.2 billion in cash and stock. [17] [18] The acquisition was completed in January 2002. [19] At the time of its acquisition, Dime had 123 branch offices in the New York City area in the states of New York and New Jersey. [20]
In August 2000, Washington Mutual announced the pending acquisition of the Houston-based Bank United Corporation with its 155 branch offices, all located in Texas, for $1.49 billion in stock. [ 22 ] [ 23 ] [ 24 ] The acquisition was completed in February 2001.