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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.
I live in Portland, Oregon, and a lot of my friends have accounts with Washington Mutual, given its roots in the Pacific Northwest (WaMu was founded in Seattle over 100 years ago). Most of my ...
The FDIC sold the assets, all deposit accounts, and secured liabilities to JPMorgan Chase, but not unsecured debt or equity obligations. [39] Washington Mutual Savings Bank's closure and receivership is the largest U.S. bank failure in history. [40] Kerry Killinger, the CEO from 1988 to August 2008, had been fired by the board of directors.
Washington Mutual: H.F. Ahmanson & Co. Washington Mutual: JPMorgan Chase: 1999 [2] Fleet Financial Corp. BankBoston Corp. FleetBoston Financial Corp. Bank of America: 1999 Deutsche Bank AG Bankers Trust Corp. Deutsche Bank AG Deutsche Bank: 1999 HSBC Holdings plc: Republic New York Corporation HSBC Bank USA: HSBC Bank USA: 1999 Firstar Corporation
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 raised $10 billion in a stock sale to cover writedowns and losses after taking on deposits and branches of Washington Mutual. [58] Through the acquisition, JPMorgan now owns the former accounts of Providian Financial, a credit card issuer WaMu acquired in 2005. The company announced plans to complete the rebranding of Washington ...
Providian was a company that sold credit in the "subprime" market. Providian provided credit cards primarily to the lowest income groups in the U.S. at high interest rates. The annual percentage rates (APR) charged by Providian were as high as 29.9 percent. In a March 1999 memorandum published by the San Francisco Chronicle, the founder of the ...
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