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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.
In 2018 Nationstar and WMI Holdings Corporation (WMIH), the corporate successor to the defunct Washington Mutual, merged. As a result, Nationstar was delisted from the New York Stock Exchange and WMIH changed its name to Mr. Cooper Group.
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]
This page was last edited on 15 August 2006, at 18:28 (UTC).; Text is available under the Creative Commons Attribution-ShareAlike 4.0 License; additional terms may ...
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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". [5]
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