Washington Mutual
Company
Man sentenced for Wash. bank robberiesIn his plea agreement, the Morgan Hills, Calif., man admitted robbing three Puyallup bank branches in late 2007. He also admitted robbing a Washington Mutual branch in Vancouver. He was arrested by Tacoma police in November 2007 on a warrant... In this article: Washington, California, Tacoma, Defendant, Washington Mutual, and Vancouver |
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Forbes.com News | 23 hours ago
Bernanke Saved Your Company
...( AMD - news - people ) on Monday. The financial crisis that pushed Lehman Brothers ( LEHMQ - news - people ), General Motors and Washington Mutual into bankruptcy made borrowing costs soar as creditors began to fear offering new loans.
In this article: The Fed, Inflation, Bankruptcy, Ben Bernanke, Barclays, HealthSouth, Advanced Micro Devices, Clearwire, and Jpmorgan Chase
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Forbes.com News | 2 days ago
See No Evil Accounting
Other banks are asking appraisers to value properties without leaving their desks. That's the kind of shady behavior that marked Washington Mutual and other subprime home lenders for an untimely death not too long ago. Morford worries...
In this article: Wells Fargo, Bank of America, Balance sheet, and California
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Huffington Post | 2 days ago
Smaller Banks May Be Forced To Subsidize Too Big To Fail; Leading House Dem Wants To Change That
...orderly fashion, argue those banks. The firms deemed "too big to fail" are those that the FDIC would have trouble taking over, like a Washington Mutual, a $307 billion behemoth that was pushed into a shotgun marriage with JPMorgan Chase, or...
In this article: Brad Sherman, Comcast, Tax, Dean Baker, Citigroup, GE, Jeff Zucker, Joint venture, Lehman Brothers, and Bank of America
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Reuters | 2 days ago
FBR's Miller sees problems for JPM's WaMu deal
By Elinor Comlay JPMorgan Chase & Co's <JPM.N> acquisition of Washington Mutual Inc's <WAMUQ.PK> assets last year could still cause some headaches for Chief Executive Jamie Dimon, according to bank analyst Paul Miller at FBR Capital...
In this article: Jpmorgan, New York, Headache, Federal Deposit Insurance Corporation, Washington Mutual Inc, and Seattle
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Reuters | 2 days ago
Some ex-bank execs want into FDIC auctions
...Corp CEO Charles Rinehart. And Miller said rumors persist that former Washington Mutual Chief Executive Kerry Killinger is raising a fund. Washington Mutual was the nation's largest thrift, but failed in 2008 as the biggest U.S. bank...
In this article: FDIC, Goldman Sachs Group Inc, United States, and Kerry Killinger
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Financial Times | 5 days ago
TPG investors can cut exposure to financial fund
...and loans crisis in the late 1980s and early 1990s, taking part in the purchase of American Savings Bank and its subsequent sale to Washington Mutual in 1996 at a large profit. TPG failed to repeat that success when it invested in...
In this article: JC Flowers, Corus Bank, David Bonderman, Federal Deposit Insurance Corporation, and Jpmorgan Chase
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Indiana Times - The Economic Times | 6 days ago
Investment bank powers Morgan Q3
...president of Holland & Co in New York. Profits were boosted by earnings from investment bank Bear Stearns Cos and Seattle-based thrift Washington Mutual Inc, two ailing businesses JPMorgan was able to snap up last year in the depths of...
In this article: Jpmorgan, Revenue, Washington Mutual Inc, Wall Street, NEW YORK, Bear Stearns Cos, and Dow Jones Industrial Average
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Ft. Worth Star-Telegram | November 12, 2009
Stop-payment orders don't make checks go away
...twice: once by the apparent scammer who took their $1,350 check for a vending machine he never delivered, and again, they believe, by Washington Mutual, which cashed the check six months and six days after the stop-payment order was placed.
In this article: Chase Bank, Complaint, Customer, Texas, Better Business Bureau, and Craigslist
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Reuters | October 22, 2009
Washington Mutual argues JPMorgan owes it $4 billion
...hours of depositions, was more than $4 billion in deposits that the holding company said was held by its Washington Mutual Bank fsb and Washington Mutual Bank affiliates. "Not a single witness, not a single witness, says the most obvious and...
In this article: Jpmorgan, U.S. Bankruptcy Court, Delaware, Bankruptcy, Sullivan and Cromwell, and FDIC
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Description from Wikipedia:
Washington Mutual, Inc. (abbreviated to WaMu) () is a savings bank holding company and the former owner of Washington Mutual Bank, which was the United States' largest savings and loan association.
On September 25, 2008, the United States Office of Thrift Supervision (OTS) seized Washington Mutual Bank from Washington Mutual, Inc. and placed it into the receivership of the Federal Deposit Insurance Corporation (FDIC). The OTS took the action due to the withdrawal of $16.4 billion in deposits, during a 10-day bank run (amounting to 9% of the deposits it had held on June 30, 2008).
The FDIC sold the banking subsidiaries (minus unsecured debt or equity claims) to JPMorgan Chase for $1.9 billion, which re-opened the bank the next day. The holding company, Washington Mutual, Inc. was left with $33 billion assets, and $8 billion debt, after being stripped of its banking subsidiary by the FDIC.
The next day, September 26, Washington Mutual, Inc. filed for Chapter 11 voluntary bankruptcy in Delaware, where it is incorporated.
Washington Mutual Bank's closure and receivership is the largest bank failure in American financial history.
Before the receivership action, it was the sixth-largest bank in the United States.
According to Washington Mutual Inc.'s 2007 SEC filing, the holding company held assets valued at $327.9 billion.
- Name:
- Washington Mutual, Inc.
- Location:
- Seattle, Washington, United States
- Founded:
- September 25, 1889
- Industry:
- Finance and Insurance
- Key People:
- Alan H. Fishman, Chief Executive Officer
- Products:
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- Consumer Banking
- Financial Services
- No. of Employees:
- 49,403
- Parent Company:
- Washington Mutual Inc.
- Subsidiaries:
- WaMu Investments, Inc; Washington Mutual Insurance Services; Washington Mutual Card Services
- Market Cap:
- US$ 5.66 Billion (intraday)
- Status:
- Insolvency
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