Key facts about Washington Mutual

Updated on Sep 26, 2008 09:23 AM IST

Washington Mutual Inc, the largest USsavings and loan, was closed by federal regulators on Thursday and bought by JPMorgan Chase & Co.

HT Image
HT Image
Reuters | By

Washington Mutual Inc, the largest US savings and loan, was closed by federal regulators on Thursday and bought by JPMorgan Chase & Co.

Washington Mutual is the largest ever US banking failure, occurring on the 119th anniversary of its founding in Seattle, Washington.

Here are some key facts about Washington Mutual:

- 2,239 branches in 15 US states;

- $307 billion of assets, according to regulators

- $188 billion of deposits, according to regulators

- 43,198 employees as of June 30

- Sept 25, 1889: Incorporated as the Washington National Building Loan and Investment Assn to help Seattle residents after a fire decimated the city's business district

- July 1930: Makes its first acquisition, buying distressed Continental Mutual Savings Bank during the Great Depression

- 1974: Develops the first shared cash machine network in the United States, called "The Exchange"

- 1983: Goes public with a $72 million initial public offering

- 2000: Introduces its distinctive "Occasio" branch design, for which it wins a patent in 2004

- 2005: Drops its free ATM policy and starts charging people who use its ATMs without having accounts

- 2007: Reaches naming rights agreement for 5,600-seat Theater at Madison Square Garden, the first time MSG ever sold naming rights

- Feb 12, 2008: Launched a new marketing and advertising campaign, called "Whoo hoo!" to reflect the essence of what it feels like to bank at WaMu.

- Sept 25, 2008: Closed by federal regulators, bought by JPMorgan

Sources: Washington Mutual website, news reports

Story Saved
Saved Articles
My Reads
My Offers
Sign out
New Delhi 0C
Sunday, November 27, 2022
Start 15 Days Free Trial Subscribe Now
Register Free and get Exciting Deals