Washington Mutual

Uncommon card · No. 166727

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. On September 25, 2008, the United States Office of Thrift Supervision (OTS) seized WaMu's banking operations and placed them under the receivership of the Federal Deposit Insurance Corporation (FDIC). The OTS took the action due to the withdrawal of US$16.7 billion in deposits during a 9-day bank run (amounting to 9% of the deposits it had held on June 30, 2008). The FDIC sold the banking subsidiaries (minus unsecured debt and equity claims) to JPMorgan Chase for $1.9 billion, which had been considering acquiring WaMu as part of a plan internally nicknamed "Project West". All WaMu branches were rebranded as Chase branches by the end of 2009. The holding company was left with $33 billion in assets, and $8 billion in debt, after...

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