Key facts about Washington Mutual
Washington Mutual Inc, the largest USsavings and loan, was closed by federal regulators on Thursday and bought by JPMorgan Chase & Co.business Updated: Sep 26, 2008 09:23 IST
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