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Washington Mutual

Washington Mutual
Washington Mutual, Inc.

Fate

Insolvency • Washington Mutual, Inc.’s banking subsidiaries were closed by the OTS, placed into the receivership of the FDIC and their assets were sold to JPMorgan Chase which now operates the former banking assets as a division of JP Morgan Chase. • The holding company (the former bank owner) subsequently filed for Chapter 11 bankruptcy. September 25, 1889[1] Seattle, Washington, United States Alan H. Fishman, Chief Executive Officer Finance and Insurance Consumer Banking Financial Services US$15.962 billion 49,403 Washington Mutual Inc. WaMu Investments, Inc; Washington Mutual Insurance Services; Washington Mutual Card Services

Founded Headquarters Key people Industry Products Revenue Employees Parent Subsidiaries

during a 10-day bank run (amounting to 9% of the deposits it had held on June 30, 2008).[7] The FDIC sold the banking subsidiaries (minus unsecured debt or equity claims) to JPMorgan Chase for $1.9 billion, which reopened the bank the next day. The holding company, Washington Mutual, Inc. was left with $33 billion assets, and $8 billion debt, after being stripped of its banking subsidiary by the FDIC.[4][8][9][3] The next day, September 26, Washington Mutual, Inc. filed for Chapter 11 voluntary bankruptcy in Delaware, where it is incorporated.[4][8] Washington Mutual Bank’s closure and receivership is the largest bank failure in American financial history.[3][4] Before the receivership action, it was the sixth-largest bank in the United States.[10] According to Washington Mutual Inc.’s 2007 SEC filing, the holding company held assets valued at $327.9 billion.[11] On 20 March 2009, Washington Mutual Inc. filed suit against the FDIC in the United States District Court for the District of Columbia, seeking damages of approximately $13 Billion for what they claim to be an unjustified seizure and an extremely low sale price to JPMorgan Chase. JPMorgan Chase promptly filed a counterclaim in the Federal Bankruptcy Court in Delaware, where the Washington Mutual bankruptcy proceedings had been continuing since the Office of Thrift Supervision’s seizure of the holding company’s bank subsidiaries.[12][13]

Washington Mutual, Inc. (abbreviated to WaMu) (Pink Sheets: WAMUQ) is a savings bank holding company and the former owner of Washington Mutual Bank, which was the United States’ largest savings and loan association.[2][3][4][5][6] On September 25, 2008, the United States Office of Thrift Supervision (OTS) seized Washington Mutual Bank from Washington Mutual, Inc. and placed it into the receivership of the Federal Deposit Insurance Corporation (FDIC). The OTS took the action due to the withdrawal of $16.4 billion in deposits,

Business operations prior to bank receivership
Despite its name, Washington Mutual ceased being a mutual company in 1983 when it demutualized and became a public company. As of June 30, 2008, Washington Mutual Bank had total assets of US$ 307 billion, with 2,239 retail branch offices operating in 15 states, with 4,932 ATMs, and 43,198 employees. It held liabilities in the form of deposits of $188.3 billion, and owed $82.9 billion to the Federal Home Loan Bank, and had subordinated debt of $7.8 billion. It held as assets

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of $118.9 billion in single-family loans, of which $52.9 billion were "option adjustable rate mortgages" (Option ARMs), with $16 billion in subprime mortgage loans, and $53.4 billion of Home Equity lines of Credit (HELOCs) and credit cards receivables of $10.6 billion. It was servicing for itself and other banks loans totaling $689.7 billion, of which $442.7 were for other banks. It had non-performing assets of $11.6 billion, including $3.23 billion in payment option ARMs and $3.0 billion in subprime mortgage loans.[14] On September 15, 2008, the holding company received a credit rating agency downgrade; from that date through September 24, 2008, customers withdrew $16.7 billion in deposits, which ultimately led the Office of Thrift Supervision to close the bank.[14][9] The FDIC then sold most of the bank’s assets and liabilities, including secured debt to JPMorgan Chase for $1.9 billion. Claims of the subsidiary bank’s equity holders, senior and subordinated debt (all primarily owned by the holding company) were not acquired by JP Morgan Chase.[4][15][16]

Washington Mutual

Mutual savings bank
Washington Mutual was incorporated as the Washington National Building Loan and Investment Association on September 25, 1889, after the great Seattle fire destroyed 120 acres (0.49 km2) of the central business district of Seattle. The newly formed company made its first home mortgage loan on the West Coast on February 10, 1890. It changed its name to Washington Savings and Loan Association on June 25, 1908.[17] By 1917, it was operating under the name Washington Mutual Savings Bank.[18] The company purchased its first company, the financially distressed Continental Mutual Savings Bank, on July 25, 1930.[17] Its marketing slogan for much of its history was "The Friend of the Family". At the time of its demise, the slogan was "Simpler Banking, More Smiles".

Post demutualization growth
In 1983, Washington Mutual bought the brokerage firm Murphey Favre and demutualized, converting into a capital stock savings bank. By 1989, its assets had doubled.[17] In October 2005, Washington Mutual purchased the formerly "subprime" credit card issuer Providian for approximately $6.5 billion, although Providian’s new management team’s strategy of targeting Prime credit card consumers had been underway since 2001, therefore the credit card unit’s nonperforming loan portfolio had improved significantly prior to the company’s sale to WaMu. In March 2006, Washington Mutual began the move into its new headquarters, WaMu Center, located in downtown Seattle. The company’s previous headquarters, Washington Mutual Tower, stands about a block away from the new building on Second Avenue. In August 2006, Washington Mutual began using the official abbreviation of WaMu in all but legal situations.

History

Acquisitions
Since the acquisition of Murphey Favre, WaMu made numerous acquisitions with the aim of expanding the corporation. By acquiring companies including PNC Mortgage, Fleet Mortgage and Homeside Lending, WaMu became the third-largest mortgage lender in the U.S. With the acquisition of Providian Financial Corporation in October

The Washington Mutual Tower in Seattle, Washington

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Washington Mutual

A WaMu Financial Center in San Jose, California • Fleet Mortgage Corp., South Carolina, 2001 • Bank United Corp., Texas, 2001 • PNC Mortgage, Illinois, 2001 • Alta Residential Mortgage Trust, California, 2000 • Long Beach Financial Corp., California, 1999 • Industrial Bank, California, 1998 • H. F. Ahmanson & Co. (Home Savings of America), California, 1998 • Great Western Bank, 1997 • United Western Financial Group, Inc., Utah, 1997 • Keystone Holdings, Inc. (American Savings Bank), California, 1996 • Utah Federal Savings Bank, 1996 • Western Bank, Oregon, 1996 • Enterprise Bank, Washington, 1995 • Olympus Bank FSB, Utah, 1995 • Summit Savings Bank, Washington, 1994 • Far West Federal Savings Bank, Oregon, 1994 • Pacific First Bank, Ontario, 1993 • Pioneer Savings Bank, Washington, 1993 • Great Northwest Bank, Washington, 1992 • Sound Savings & Loan Association, Washington, 1991 • CrossLand Savings FSB, Utah, 1991 • Vancouver Federal Savings Bank, Washington, 1991 • Williamsburg Federal Savings Association, Utah, 1990 • Frontier Federal Savings Association, Washington, 1990 • Old Stone Bank of Washington, FSB, Rhode Island, 1990

A WaMu office in Naperville, Illinois

Former Dime Savings Bank branch in Brooklyn, New York 2005, WaMu also became the nation’s 9thlargest credit-card company. A list of Washington Mutual acquisitions since demutualization:[19] • Commercial Capital Bancorp, California, 2006 • Providian Financial Corporation, California, 2005 • HomeSide Lending, Inc., Florida, a unit of National Australia Bank, 2002 • Dime Bancorp, Inc., New York, 2002

Rise and fall
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Washington Mutual
offices and removing 2,600 positions in its home-loan staff (a 22% reduction).[21] In March 2008, on the same weekend that JPMorgan Chase Chairman and CEO Jamie Dimon negotiated the takeover of Bear Stearns, he secretly dispatched members of his team to Seattle to meet with WaMu executives, urging them to consider a quick deal. However, WaMu Chairman and CEO Kerry Killinger rejected JPMorgan Chase’s offer that valued WaMu at $8 a share, mostly in stock.[6][20] In April 2008, the holding company, responding to losses and difficulties sustained as a result of the 2007-2008 subprime mortgage crisis, announced that 3,000 people companywide would lose their jobs, and the company stated its intent to close its approximately 186 remaining stand-alone, homeloan offices, including 23 in Washington State and a loan-processing center in Bellevue, Washington. It stopped buying loans from outside mortgage brokers — known in the trade as "wholesale lending." WaMu also announced a $7 billion infusion of new capital by new outside investors led by TPG Capital. TPG agreed to pump $2 billion into the Washington Mutual holding company; other investors, including some of WaMu’s current institutional holders, agreed to buy an additional $5 billion in newly issued stock. This angered many investors, as TPG’s investment would dilute the holdings of existing shareholders, and as WaMu executives excluded mortgage losses from computing bonuses.
[22]

Washington Mutual’s last headquarters, WaMu Center (center left) and its headquarters prior, Washington Mutual Tower (center right) in Seattle.

"Wal-Mart of Banking"
Chairman and CEO pledged in 2003:[20] Kerry Killinger had

We hope to do to this industry what Wal-Mart did to theirs, Starbucks did to theirs, Costco did to theirs and Lowe’s-Home Depot did to their industry. And I think if we’ve done our job, five years from now you’re not going to call us a bank. Killinger’s goal was to build WaMu into the “Wal-Mart of Banking,” which would cater to lower- and middle-class consumers that other banks deemed too risky. Complex mortgages and credit cards had terms that made it easy for the least creditworthy borrowers to get financing, a strategy the bank extended in big cities, including Chicago, New York and Los Angeles. WaMu pressed sales agents to pump out loans while disregarding borrowers’ incomes and assets. WaMu set up a system of dubious legality that enabled real estate agents to collect fees of more than $10,000 for bringing in borrowers, sometimes making the agents more beholden to WaMu than they were to their clients. Variable-rate loans — Option Adjustable Rate Mortgages (Option ARMs) in particular — were especially attractive because they carried higher fees than other loans, and allowed WaMu to book profits on interest payments that borrowers deferred. As WaMu was selling many of its loans to investors, it did not worry about defaults.[6][20]

In June 2008, Kerry Killinger stepped down as the Chairman, though remaining the Chief Executive Officer.[23] On September 8, 2008, under pressure from investors, the Washington Mutual holding company’s board of directors dismissed Kerry Killinger as the CEO. Alan H. Fishman, chairman of mortgage broker Meridian Capital Group, and a former chief operating officer of Sovereign Bank, was named the new CEO.[24]

Seizure by FDIC
By mid-September 2008, WaMu’s share price had closed as low as $2.00. It had been worth over $30.00 in September 2007, and had traded as high as $45 at one point in the previous year.[25] While WaMu publicly insisted it could stay independent, earlier in the month it had quietly hired Goldman Sachs to identify potential bidders. However, several

Subprime losses
In December 2007, the subsidiary Washington Mutual Bank reorganized its home-loan division, closing 160 of its 336 home-loan

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deadlines passed without anyone submitting a bid.[10] At the same time, WaMu suffered a massive run (mostly via electronic banking over the internet and wire transfer); customers pulled out $16.7 billion in deposits in a ten-day span.[26] This led the Federal Reserve and the Treasury Department to step up pressure for WaMu to find a buyer, as a takeover by the Federal Deposit Insurance Corporation (FDIC) could have been a severe drain on the FDIC insurance fund, which had already been hard hit by the failure of IndyMac that year. The FDIC ultimately brokered the deal, and held a secret auction of the bank. Finally, on the morning of Thursday, September 25 (coincidentally the 119th anniversary of WaMu’s establishment), regulators informed JPMorgan Chase that it was the winner.[10] On Thursday night (shortly after the close of business on the West Coast), the Office of Thrift Supervision seized Washington Mutual Bank and placed it into the receivership of the FDIC. In a statement, the OTS said that the massive run meant that WaMu was no longer sound.[26] The FDIC, as receiver, sold most of Washington Mutual Bank’s assets, including the branch network, all of its deposit liabilities and secured debts to JPMorgan Chase for $1.9 billion. The transaction did not require any FDIC insurance funds.[27] Normally, bank seizures take place after the close of business on Fridays so the FDIC can have the weekend to find a buyer for the failed bank. However, due to the bank’s deteriorating condition and leaks that a seizure was imminent, regulators felt compelled to act a day early.[10] JPMorgan Chase didn’t acquire any of Washington Mutual Bank’s equity obligations (though JPMorgan Chase planned to issue $8 billion in common stock to recapitalize the bank). As a result of the seizure, WaMu’s stockholders were nearly wiped out. Its stock price dropped to $0.16 a share, far from $45 a share in 2007.[25] In their Chapter 11 filing, WaMu listed assets of $33 Billion and Debt of $8 Billion. (ref. Appendix A). The filing also indicates that enough funds are available for distribution to unsecured creditors. Currently, shareholders are fighting what they consider the illegal seizure of Washington Mutual through such websites as WaMuCoup.com, WaMuStory.com, and WaMuEquity.org, claiming that the OTS acted in an arbitrary and capricious manner

Washington Mutual
and seized the bank for political reasons or for the benefit of JPMorgan Chase, which acquired a large network of branches at what they claim to be an unfairly low price. Shareholders claim that as of the date of the takeover, the bank had enough liquidity to meet all its obligations and was in compliance with the business plan negotiated with the OTS 2 weeks earlier[28] and that the holding company’s board and management was kept completely in the dark about the government’s negotiations with Chase, hampering the bank’s ability to sell itself on its own. Chief executive Alan H. Fishman was flying from New York to Seattle on the day the bank was closed, and eventually received a $7.5 million sign-on bonus and cash severance of $11.6 million (which he declined)after being CEO for 17 days.[29] Senator Maria Cantwell has demanded an explanation from the government and threatened to open an investigation[30] and Washington Mutual’s former shareholders have threatened a lawsuit demanding compensation for the lost value of their shares[28]. The seizure of WaMu Bank resulted in the largest bank failure in American financial history, far exceeding the failure of Continental Illinois in 1984.[10][31][32]

Bankruptcy
On September 26, 2008, Washington Mutual, Inc. and its remaining subsidiary, WMI Investment Corp., filed for Chapter 11 bankruptcy.[33] As a result, it was delisted from the NYSE, and now trades on Pink Sheets. All assets of the bank and most liabilities (including deposits, covered bonds, and other secured debt) of Washington Mutual Bank’s liabilities had been assumed by JPMorgan Chase.[34] However unsecured senior debt obligations were not assumed, leaving holders of those obligations with little meaningful source of recovery.[34] On Friday, Sep. 26, 2008, Washington Mutual customers in the branches were given a letter that said the combined banks have 5,400 branches and 14,200 ATM’s in 23 states. [35] For the time being, Washington Mutual account holders can continue banking as normal. Deposits held by Washington Mutual are now liabilities of JPMorgan Chase.[36] Washington Mutual Inc. owed $12.5 billion in back taxes to the IRS. The company filed court papers on January 22, 2009 alleging losses were so great, $20 billion, the

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company requested that it pays only part of the tax debt, and that the IRS could owe Washington Mutual Inc. a tax refund.[37] Washington Mutual Inc. sued the Federal Deposit Insurance Corp for an unknown amount in connection with the sale of its banking operations to JPMorgan Chase.[38] WMI attorneys claim the bank did not get fair value for the bank, and multiple subsidiaries belonging to the parent company were taken. The FDIC does not currently have the authority to take bank holding companies or their subsidiairies. Shareholders have organized at websites as WamuTruth.com, WamuStory.com, WamuEquity.org, and WamuCoup.com. They believe that the sale was done in a haphazard and potentially illegal manner and have gathered information regarding this through these websites. JPMorgan is also being sued by some shareholders in Texas, for illegal activities leading to the banks downfall. Washington Mutual Inc’s attorneys have requested an investigation into these matters through the bankruptcy court in Delaware.

Washington Mutual
• Washington, Oregon, Idaho, and Utah: 341 branches — 2nd quarter 2009 (May/June, 2009) • Florida, Georgia, Connecticut, New Jersey, New York, Illinois, and Texas: 701 branches — 3rd quarter, 2009 (Summer, 2009) • California, Nevada, Arizona, and Colorado: 802 branches — 4th quarter, 2009 (Fall, 2009) The company has also disclosed that after branch conversions, additional branch consolidation and closure could occur, such as in the Chicago area[41].

Advertising campaigns
WaMu introduced an advertising campaign during the 2003 Academy Awards known as the “The Power of Yes”. This was to promote the offering of loans to all consumers, particularly borrowers that the banks deemed too risky. Another commercial in the ad series showed WaMu representatives in casual clothes, contrasting with traditionallydressed bankers in suits.

Post receivership bank operations
In the future, all of the Washington Mutual Bank branches will be renamed to Chase or will be shuttered. All financial documents issued by WaMu will carry the JP Morgan Chase logo. WaMu credit and debit cards will also carry the Chase logo. Since November 2008, Chase ATMs have been accessible for WaMu customers at no extra charge, and WaMu customers will eventually be able to bank at Chase branches. The acquisition of Washington Mutual Bank gives Chase its first significant presence on the West Coast. An exact date for conversion or consolidation of branches had not been announced at the time of the acquisition.[10] The company has since announced plans to rebrand the 708 California branches Chase Bank by March 30, 2009 (although the company’s website indicates "WaMu branches in California have been rebranded to Chase. However, WaMu accounts in CA won’t transfer to Chase’s banking system until October. So please continue to bank at your current branch and we’ll let you know when other Chase branches become available."), and will proceed with branch conversions as follows:[39][40]

"Whoo hoo"

A promotional Washington Mutual "Whoo hoo!" bumper sticker. "Whoo hoo!" was an advertising campaign introduced by Washington Mutual in February of 2008. As fears of an economic crisis were rising, and WaMu was looking to become an "iconic brand that people love", they began courting consumers with a new slogan, designed to position WaMu as a consumerfriendly institution.[42] During its run, the Whoo hoo! ads, created by TBWA\Chiat\Day of Playa del Rey, California,[42] become widespread in web navigation.[43] After WaMu launched the new advertisement, there was double digit growth at its website[43] and the term “wamu” appeared in searches over 1,000% more

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between January and March than in all of 2007.[43] Washington Mutual (before the bank’s September 2008 conservatorship and sale to JPMorgan Chase) applied to register a trademark in the phrase.[44][45] Initially, the bank wanted to use "woo hoo" (without the "h" in the first word) as the slogan, but they were concerned because of the existing use of the phrase by Homer Simpson, a character in The Simpsons.[44]

Washington Mutual

References
[1]

[2]

[3]

[4]

[5]

[6]

[7]

story.php?storyId=95105112. Retrieved on 2008-10-27. [8] ^ Chasan, Emily; Sandra Maler (2008-09-27). "WaMu files bankruptcy petition in Delaware". Reuters. http://www.reuters.com/article/ marketsNews/ idUSN2733210920080927. Retrieved on 2008-09-27. [9] ^ Reich, John M. (2008-09-25). "OTS receivership order for Washington Mutual" (PDF). Office of Thrift Supervision. http://files.ots.treas.gov/ 680024.pdf. Retrieved on 2008-09-27. Bansal, Paritosh (2008-09-26). "FDIC [10] ^ Dash, Eric; Andrew Ross Sorkin crashes WaMu’s birthday bash". (September 26, 2008). "Government DealZone. Thomson Reuters. Seizes WaMu and Sells Some Assets". http://blogs.reuters.com/reutersBusiness (The New York Times): p. A1. dealzone/2008/09/26/fdic-crasheshttp://www.nytimes.com/2008/09/26/ wamus-birthday-bash/. Retrieved on business/26wamu.html. Retrieved on 2008-09-26. 2008-09-26. A savings bank holding company is [11] "ANNUAL REPORT PURSUANT TO defined in United States Code: Title 12: SECTION 13 OR 15(d) OF THE Banks and Banking; Section 1842: SECURITIES EXCHANGE ACT OF 1934 Definitions; Subsection (l): Savings Bank FOR THE FISCAL YEAR ENDED Holding Company See: 12 U.S.C. § 1841 DECEMBER 31, 2007". Securities and ^ "OTS 08-046 - Washington Mutual Exchange Commission. 2008-05-22. Acquired by JPMorgan Chase". Press http://www.sec.gov/Archives/edgar/data/ Releases (Office of Thrift Supervision). 933136/000104746908006870/ 2008-09-25. http://ots.gov/ a2185889z10-ka.htm. Retrieved on ?p=PressReleases&ContentRecord_id=9c306c81-1e0b-8562-eb0c2008-09-28. fed5429a3a56&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3.Mutual court [12] WMI v. FDIC Washington Retrieved on 2008-09-25. complaint. (PDF) ^ Levy, Ari; Hester, Elizabeth. [13] "Washington Mutual sues FDIC for over "JPMorgan Buys WaMu Deposits; $13 billion". Reuters (Thompson Regulators Seize Thrift". Bloomberg L.P.. Reuters). March 21, 2009. September 26, 2008. Retrieved http://www.reuters.com/article/newsOne/ September 26, 2008. idUSTRE52K1K620090321. Retrieved on Shen, Linda (2008-09-26). "WaMu’s Bank May 7 2009. Split From Holding Company, Sparing [14] ^ "OTS Fact Sheet on Washington FDIC". Bloomberg. Mutual Bank" (PDF). Office of Thrift http://www.bloomberg.com/apps/ Supervision. 2008-09-25. news?pid=20601087&sid=a2VofC5midrw&refer=home. http://files.ots.treas.gov/730021.pdf. Retrieved on 2008-09-27. Retrieved on 2008-09-28. ^ Dash, Eric (2008-04-07). "$5 Billion [15] "JPMorgan Chase Acquires Banking Said to Be Near for WaMu". The New Operations of Washington Mutual: FDIC York Times. http://www.nytimes.com/ Facilitates Transaction that Protects All 2008/04/07/business/07cndDepositors and Comes at No Cost to the wamu.html?_r=1&oref=slogin. Retrieved Deposit Insurance Fund". Press Releases on 2008-09-27. (United States Federal Deposit Insurance Zarroli, Jim (2008-09-26). "Washington Corporation). 2008-09-25. Mutual Collapses". All Things http://www.fdic.gov/news/news/press/ Considered, September 26, 2008 2008/pr08085.html. Retrieved on (National Public Radio). 2008-09-25. http://www.npr.org/templates/story/ [16] Sidel, Robin; David Enrich and Dan Fitzpatrick (2008-09-26). "WaMu Is

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Washington Mutual

Seized, Sold Off to J.P. Morgan, In story.aspx?guid={3DB03BE0-A47D-4C74-92F3-FD84 Largest Failure in U.S. Banking History". Retrieved on 2008-09-27. The Wall Street Journal. [25] ^ "Washington Mutual stock trend". http://online.wsj.com/article/ Google Finance. SB122238415586576687.html. Retrieved http://finance.google.com/ on 2008-09-27. finance?q=NYSE%3AWM. Retrieved on [17] ^ "History". Washington Mutual Bank. 2008-09-27. https://www.wamu.com/about/ [26] ^ OTS press release announcing WaMu’s corporateprofile/history/default.asp. seizure Retrieved on 2008-09-28. (No Date. [27] "JPMorgan Chase Acquires Banking Corporate History from the company’s Operations of Washington Mutual". own web page.) FDIC. 2008-09-25. http://www.fdic.gov/ [18] "Timeline". The Seattle Times. news/news/press/2008/pr08085.html. 2008-09-26. [28] ^ "Register and be counted!". http://seattletimes.nwsource.com/html/ http://www.wamurape.org/. Retrieved on businesstechnology/ 2009-01-03. 2008204779_wamutimeline26.html. [29] "WaMu Gives New CEO Mega Payout as Retrieved on 2008-09-29. Bank Fails". FOX. 2008-09-26. [19] "Acqusition History". About WaMu: http://www.foxnews.com/story/ Investor Relations - Stock Information 0,2933,428641,00.html. Retrieved on (Washington Mutual Inc.). 2008. 2008-09-27. http://investors.wamu.com/irweblinkx/ [30] Virgin, Bill (2008-08-08). "Cantwell seeks mna.aspx?iid=102028. Retrieved on explanation of WaMu seizure by feds". 2008-09-30. SeattlePI. http://seattlepi.nwsource.com/ [20] ^ Goodman, Peter S.; Gretchen business/382407_cantwellwamu09.html. Morgenson (2008-12-27). "By Saying Retrieved on 2009-01-03. Yes, WaMu Built Empire on Shaky [31] "Washington Mutual sold to JPMorgan Loans". New York Times: pp. A1. Chase after FDIC seizure". KING 5 TV. http://www.nytimes.com/2008/12/28/ 2008-09-26. http://www.king5.com/ business/28wamu.html. Retrieved on topstories/stories/ 2008-12-28. NW_092508BUB_wamu_sale_jpmorgan_chase_TP.b08 [21] Hester, Elizabeth (2007-12-10). Retrieved on 2008-09-26. "Washington Mutual to Take Writedown, [32] DeSilver, Drew (2008-09-26). "Feds seize Slash Dividend". Bloomberg. WaMu in nation’s largest bank failure". http://www.bloomberg.com/apps/ Seattle Times. news?pid=newsarchive&sid=aNUz6NmbYZCQ. http://seattletimes.nwsource.com/html/ Retrieved on 2008-09-26. businesstechnology/ [22] DeSilver, Drew (2008-04-09). "$7 billion 2008204758_wamu26.html. Retrieved on gives shaky WaMu firmer footing for 2008-09-26. now". The Seattle Times. [33] Washington Mutual, Inc. (2008-09-26). http://seattletimes.nwsource.com/html/ Washington Mutual, Inc. Files Chapter businesstechnology/ 11 Case. Press release. 2004336243_wamu09.html. Retrieved on http://www.businesswire.com/news/ 2008-09-26. home/20080926005828/en. Retrieved on [23] "WaMu Strips CEO Killinger of Chair 2008-09-27. Title". TheStreet.com. 2008-06-02. [34] ^ FDIC Bank Acquisition Information for http://www.thestreet.com/newsanalysis/ Washington Mutual Bank, Henderson, banking/10419306.html. Retrieved on NV and Washington Mutual Bank, FSB, 2008-09-26. Park City, UT [24] Barr, Alistair (2008-09-08). "WaMu [35] "Washington Mutual Bank Failure". replaces CEO, signs agreement with KidsLike.info. http://www.kidslike.info/ regulator". Market Watch. washington_mutual_bank_failure. http://www.marketwatch.com/news/ [36] Citing news from Washington Mutual story/wamu-replaces-ceo-signsOnline Banking agreement/ [37] Washington Mutual Owes $12.5 Billion in Back Taxes, U.S. Claims

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[38] "WaMu Sues FDIC for $13 Billion Over Bank Failure". 2009-03-21. http://www.cnbc.com/id/29812823. Retrieved on 2009-03-21. [39] Scharf, Charlie, Retail Financial Services CEO JPMorgan Chase, "2009 Investor Day Presentation: Retail Financial Services", February 26, 2009, page 28 [40] WaMu customers: We’ll soon make banking easier and get your money working harder, "Branches and ATMs" [41] Yerak, Becky, "Chase to close 57 WaMu branches here", Chicago Tribune, January 19, 2009 [42] ^ Newman, Eric (2008-02-13). "WaMu Wants Customers Yelling ’Whoo Hoo!’". Adweek. http://www.adweek.com/aw/ content_display/creative/news/ e3i76778d3ae0efdedcc88a5760b27ea659. Retrieved on 2008-09-03. [43] ^ "Are Consumers Going ‘Whoo Hoo’ Over WaMu’s New Campaign?". Seeking

Washington Mutual
Alpha. 2008-05-19. http://seekingalpha.com/article/ 77898-are-consumers-going-whoo-hooover-wamus-new-campaign. Retrieved on 2008-09-03. [44] ^ Guzman, Monica (2008-03-11). "WaMu’s ’Whoo-hoo’ campaign: Blame ’The Simpsons’". Seattle PostIntelligencer. http://blog.seattlepi.nwsource.com/ thebigblog/archives/134038.asp. Retrieved on 2008-09-21. [45] U.S. Patent and Trademark Office, application no. 77/357,506, "WHOO HOO," filed 2007-12-20

External links
• WaMu Story • WaMu Equity Org. • Washington Mutual

Retrieved from "http://en.wikipedia.org/wiki/Washington_Mutual" Categories: Companies listed on the Pink Sheets, JPMorgan Chase, 2000s economic history, 2008 in the United States, Companies that have filed for Chapter 11 bankruptcy, Companies disestablished in 2008, Companies established in 1889, Defunct banks of the United States, Entities involved in United States housing bubble, Texas Pacific Group, Defunct companies of Washington (U.S. state), Private equity portfolio companies, Companies bankrupted during the Late 2000s Recession This page was last modified on 25 May 2009, at 22:26 (UTC). All text is available under the terms of the GNU Free Documentation License. (See Copyrights for details.) Wikipedia® is a registered trademark of the Wikimedia Foundation, Inc., a U.S. registered 501(c)(3) taxdeductible nonprofit charity. Privacy policy About Wikipedia Disclaimers

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