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By September 12, 1917, it was operating under the name Washington Mutual Savings Bank. [26] The company purchased its first company, the financially distressed Continental Mutual Savings Bank, on July 25, 1930. [2] Its marketing slogan for much of its history was "The Friend of the Family".
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 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.
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]
Reckless credit practices at Washington Mutual Bank were detailed Tuesday at a hearing held by a Senate subcommittee investigating the role of high-risk home loans in the financial crisis. The ...
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 ...
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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.