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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.
Agency infighting and regulators' repeated disregard of shoddy lending practices allowed Washington Mutual Bank, a $300 billion thrift and the sixth largest U.S. depository institution before it ...
The holding company, Washington Mutual Inc was left without its major asset and equity investment, its former subsidiary Washington Mutual Savings Bank, and filed for bankruptcy the following day, the 26th. WaMu's collapse is the largest U.S. bank failure in history. [40]
The Office of Thrift Supervision (OTS) seized Washington Mutual's banking divisions on September 25, 2008, and named the Federal Deposit Insurance Corporation as their receiver in the largest bank failure in the history of the United States. [15] The FDIC incurred no losses on the seizure and sale of Washington Mutual.
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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.
As a result of this takeover and those of American Savings and Great Western Financial, Washington Mutual became California’s second largest bank. At the time, HF Ahmanson had $55 billion in assets. [9] The acquisition also gave Washington Mutual control over a part of the Ahmanson Ranch, a hotly disputed undeveloped area northwest of Los ...
Bank of America: 1997 Washington Mutual: Great Western Financial CorporationGreat Western Bank: Washington Mutual: $6.8 billion JPMorgan Chase: 1997 First Union Corporation: Signet Banking Corporation First Union Corporation: Wells Fargo: 1997 National City Corp. First of America Bank National City Corp. PNC Financial Services: 1997 Banc One ...