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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.
All of WaMu's deposits were preserved, bank branches were left open, many jobs were saved, and there was "a seamless transition for WaMu's customers the day after the bank was closed."
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]
Bank City State Year Assets at time of failure Ref. Nominal Inflation-adjusted (2024) Washington Mutual: Seattle: Washington: 2008 $307 billion $448 billion [4] First Republic Bank: San Francisco: California: 2023 $229 billion $229 billion [5] [6] Silicon Valley Bank: Santa Clara: California: 2023 $209 billion $209 billion [7] Signature Bank ...
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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]
Most bank failures don't make front-page news, so many people don't know how often they happen. Recently, however, the second-biggest bank failure in American history dominated headlines as Silicon...
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. [12] The FDIC incurred no losses on the seizure and sale of Washington Mutual.