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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 WaMu Bank, which was the largest savings and loan association in the United States until its collapse in 2008.
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Kerry Killinger. Kerry Killinger (born June 6, 1949) is an American businessman and author. He is founder and CEO of Crescent Capital Associates, [1] and previously served as chairman and chief executive officer of Washington Mutual from 1990 until 2008. [2] [3]
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.
West Coast Mutual Savings Bank, Centralia, Washington, 1996; Metropolitan Bancorp, Seattle, November 29, 1996; United Savings and Loan Bank (4 branches, based in Seattle) for $65 million in 2003. Founded on July 6, 1960, it was the first savings and loan owned by Asian Americans. First Mutual Bank, Bellevue, Washington, 2008
Providian Financial Corporation. Providian Financial Corporation was one of the leading credit card issuers in the United States when it was sold to Washington Mutual for approximately US$ 6.5 billion in October 2005. Providian was headquartered in San Francisco, California, and had more than 10 million card holders at the time of its sale.
Howard Fieldstad Ahmanson, the company's founder, was born in Omaha, Nebraska on July 1, 1906. [1] Considered by his father to be a genius by the age of five, Ahmanson founded the H.F. Ahmanson company in 1927, before graduating from the University of Southern California. [2] Ahmanson's company specialized in casualty insurance and quickly ...
Through a case study of Washington Mutual Bank (WaMu), the Report found that in 2006, WaMu began pursuing high risk loans to pursue higher profits. A year later, these mortgages began to fail, along with the mortgage-backed securities the bank offered. As shareholders lost confidence, stock prices fell and the bank suffered a liquidity crisis.