On Thursday, September 25, , the United States Office of Thrift Supervision OTS seized Washington Mutual Bank from Washington Mutual, Inc.

The holding company, Washington Mutual, Inc. With respect to total assets under management , Washington Mutual Bank's closure and receivership is the largest bank failure in American financial history. On March 20, , Washington Mutual Inc. 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.

Despite its name, Washington Mutual ceased being a mutual company in when it demutualized and became a public company on March On September 15, , the holding company received a credit rating agency downgrade. Claims of the subsidiary bank's equity holders, senior and subordinated debt all primarily owned by the holding company were not assumed by JPMorgan Chase [ clarification needed ]. The newly formed company made its first home mortgage loan on the West Coast on February 10, It changed its name to Washington Savings and Loan Association on June 25, In April , Washington Mutual purchased the brokerage firm Murphey Favre for undisclosed amount in cash [24] and demutualized the following year, converting into a capital stock savings bank.

In November , Washington Mutual formed a new holding called Washington Mutual, Inc. In March , 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 , Washington Mutual began using the official abbreviation of WaMu in all but legal situations. After 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. With the acquisition of Providian Financial Corporation in October , WaMu became the nation's 9th-largest credit-card company. A partial list of Washington Mutual acquisitions since demutualization: Many of Washington Mutual's acquisitions became reviled as the rapid post-merger integrations resulted in numerous errors.

The purchase of the original PNC Mortgage came at a time when subprime lending was in a " boom " period, with PNC Financial Services believing that the market was too volatile. The Dime merger resulted in account ownership to be split with account beneficiaries. In January , Washington Mutual announced the pending acquisition of all seven offices of the Seattle-based Old Stone Bank of Washington from the Rhode Island -based Old Stone Corporation for an undisclosed amount.

The acquisition of the Pacific Northwest branch offices from the New York -based CrossLand Savings Bank that was announced in April and completed in November gave Washington Mutual four offices within the state of Washington in addition to other offices located in the state of Oregon.

In August , Washington Mutual announced the pending acquisition of the Seattle-based Sound Savings and Loan Association for an undisclosed amount. In December , Washington Mutual announced the pending acquisition of both Washington state branch offices of the California-based World Savings and Loan Association of America , a subsidiary of Golden West Financial , for an undisclosed amount.

The acquisition was contingent on having Pacific First dispose of its branch offices in California and having its Canadian parent Royal Trustco assume all of Pacific First's bad loans. Pacific First had previously announced that it was trading its California offices for Great Western's Washington offices. As a result of the Pacific First acquisition, Washington Mutual became one of the largest banking institution based upon consumer deposits in the state of Washington, second only to Seafirst.

The acquisition by was completed in November Unlike the previous acquisition targets, Enterprise held a commercial bank charter and not a thrift charter. As part of the transaction, CrossLand Savings closed seven offices in Oregon and three offices in Washington, leaving eleven offices in Oregon and four in Washington. As a result of the Pacific First acquisition in April , Washington Mutual became the fourth largest banking institution based upon consumer deposits within the state of Oregon.

At the time of the acquisition, Western Bank had 41 offices throughout Oregon. Five years later, Washington Mutual decided to abandon the Western Bank brand and integrate most of the former Western Bank offices into the existing Washington Mutual network in Oregon in In March , Washington Mutual announced that they were planning to expand into the state of Idaho by building new branch offices inside Fred Meyer supermarket stores with the first three being opened in the Boise -area in July and August.

In the following year, Washington Mutual opened a fourth Idaho location in a Moscow supermarket in February A branch office in Idaho Falls was acquired from the Utah-based United Savings Bank when Washington Mutual purchased the savings bank in January By March , there were 9 locations within Idaho [97] and later 22 locations in when Chase acquired Washington Mutual.

The acquisition by was completed in May In March , Washington Mutual announced the pending acquisition of the Ogden -based Utah Federal Savings Bank for an undisclosed amount. In September , Washington Mutual announced the pending acquisition of the Salt Lake City-based United Western Financial Group Inc.

The acquisition by was completed in January In May , Washington Mutual acquired two branch offices in Butte as the result of the acquisition of the Utah-based Olympus Capital Corporation with its Olympus Bank FSB subsidiary. Four years later, Washington Mutual later sold the two offices to Glacier Bancorp in for an undisclosed amount and quietly left the state of Montana. In July , Washington Mutual announced the pending acquisition of the Fort Worth, Texas -based Keystone Holdings Inc.

In February , the Chatsworth -based Great Western Financial , the holding company for second largest thrift in the nation Great Western Bank , found itself the target of a hostile takeover attempt of arch-rival H.

Since the two companies had large overlapping territories, many Great Western offices would have been closed by the victor if the takeover attempt had succeeded. One such company was Washington Mutual. In the end, it was felt that it was best for the company to have only one brand throughout the nation instead of multiple regional brands so it was announce in December that both Great Western and American names would be retired in favor of the Washington Mutual name.

In March , Washington Mutual announced the pending acquisition of the Irwindale -based H. Through the acquisition of Home Savings, Washington Mutual had gained 48 branch offices in Texas. As a result of branch overlap between Bank United and Washington Mutual, 17 branch offices were closed in Texas, 10 of which were in Houston. With a thrift charter, there were a few things that Washington Mutual was not able to do until it was able to obtain a commercial bank charter, such as making commercial loans above a certain size.

To get around this problem, Washington Mutual began to purchase commercial banks and maintain them as separate business entities. In August , Washington Mutual acquired the one office Bellevue-based Enterprise Bank in Washington. A few months later, Washington Mutual acquired the 41 office Coos Bay-based Western Bank in Oregon. After Washington Mutual expanded into California through the acquisitions of American Savings, Great Western, and Home Savings, Washington Mutual quietly acquired the one-office Industrial Bank in the Van Nuys neighborhood of Los Angeles an undisclosed amount in [] [] and renamed it WM Business Bank.

By , Washington Mutual had 38 specialized business banking centers operating under the Western Bank name in the Northwest and the WM Business Bank name in California when they decided to exit the commercial banking market that was then dominated with the likes of Wells Fargo and Bank of America.

During the late s and early s, Washington Mutual decided to aggressively expand in the subprime mortgage lending field through the acquisition of existing mortgage companies at a time when other financial institutions were leaving. Some of Long Beach's questionable business practices may have led to Washington Mutual's failure in In December , Washington Mutual announced the pending acquisition of the Jacksonville, Florida -based HomeSide Lending, Inc.

The agreement did not include the mortgage servicing rights and related financial hedges for the business. In July , the San Mateo, California -based Bay View Capital Corporation announced the pending sale of the mortgage loan portfolio for its Bay View Bank subsidiary to Washington Mutual for a "slight premium to book value".

In April , Washington Mutual announced the pending acquisition of the Irvine, California -based Commercial Capital Bancorp, Inc. Chairman and CEO Kerry Killinger had pledged in 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. As WaMu was selling many of its loans to investors, it worried less about defaults. In March , 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.

In April , the holding company, responding to losses and difficulties sustained as a result of the — subprime mortgage crisis , announced that 3, people companywide would lose their jobs, and the company stated its intent to close its approximately remaining stand-alone, home-loan offices, including 23 in Washington and a loan-processing center in Bellevue, Washington.

It stopped buying loans from outside mortgage brokers — known in the trade as "wholesale lending. 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. In June , Kerry Killinger stepped down as the Chairman, though remaining the Chief Executive Officer.

Fishman , chairman of mortgage broker Meridian Capital Group , and a former chief operating officer of Sovereign Bank , was named the new CEO for 17 days. However, several deadlines passed without anyone submitting a bid. 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 held a secret auction of Washington Mutual Bank. Finally, on the morning of Thursday, September 25 which happened to be the th anniversary of WaMu's establishment , regulators informed JPMorgan Chase that they were the winners.

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.

JPMorgan agreed to assume the bank's secured debts and liabilities to depositors. The transaction did not require any FDIC insurance funds. However, due to the bank's deteriorating condition and leaks that a seizure was imminent, regulators felt compelled to act a day early.

Because JPMorgan Chase bought Washington Mutual's assets for a low price, WaMu's stockholders were nearly wiped out. The filing also indicates that enough funds are available for distribution to unsecured creditors.

Within days of the seizure, a hedge fund adviser and investment strategist, Mike Stathis of AVA Investment Analytics, issued a formal complaint to the Securities and Exchange Commission, demonstrating evidence of insider trading.

The complaint also alleged that Washington Mutual was not insolvent, and several Wall Street firms and hedge funds had conspired to short the stock. As a result of this, Stathis stated that he felt bullied and did not release the SEC complaint into the public domain until a year later. Shareholders fought what they considered the illegal seizure of Washington Mutual through such websites as WaMuCoup. Shareholders claimed 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 [] 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. The seizure of WaMu Bank resulted in the largest bank failure in American financial history, far exceeding the failure of Continental Illinois in On September 26, , Washington Mutual, Inc.

All assets but only some liabilities including deposits, covered bonds, and other secured debt of Washington Mutual Bank were assumed by JPMorgan Chase.

On January 11, , the United States Department of Justice, Office of the United States Trustee , District of Delaware, pursuant to Section a 1 of the Bankruptcy Code , appointed a Committee of Equity Security Holders to represent all shareholders of both preferred and common stock.

All of the Motions to Disband the Committee of Equity Security Holders were denied on January 28, by U. Bankruptcy Judge Mary F. Walrath, District of Delaware. On July 20, , bankruptcy judge Mary Walrath approved a motion of the EC for an examiner to investigate potential legal claims and assets of WMI, handing a victory to shareholders. The Judge directed the examiner to investigate not just the legal settlement with the FDIC and JPMorgan Chase at the heart of WaMu's reorganization, but also all potential claims and assets that are part of the settlement or that will be retained by the company.

On July 26, , U. Hochberg to conduct a probe into the proposed settlement between WMI, JPMorgan Chase and the FDIC. On August 10, , the bankruptcy judge rejected Washington Mutual Inc. Attorneys for the EC said that WMI was simply trying to delay scheduling a shareholder meeting by seeking personal information. The judge agreed that WMI was not entitled to the information. On November 1, , examiner Joshua R. On December 12, the court decided to exclude the examiner's report during the plan confirmation hearings, saying it can't be considered expert testimony or submitted as evidence unless it is subject to questioning to determine the basis of its conclusions.

Judge Mary Walrath focused many of her criticisms on the company's releases of liability granted to directors, officers and others including some hedge funds, who she said did not contribute anything to the settlement. She noted for example that shareholders, who will likely get nothing, should not have to release the company's board from the threat of being sued by them.

On September 14, , the court also rejected the modified 6th proposed plan of reorganization. The four hedge funds are Appaloosa Management , Aurelius Capital Management, Centerbridge Partners and Owl Creek Asset Management.

A seventh plan of reorganization was announced in February [] [] and the company finally emerged from Chapter 11 bankruptcy the following month as WMI Holdings Corporation.

During , all of the Washington Mutual Bank branches that had been purchased from the FDIC after the bank had been placed into receivership, were rebranded to Chase or shuttered. All financial documents issued by WaMu were changed to carry the JPMorgan Chase logo. Credit and debit cards issued by WaMu or Providian were changed to carry the Chase logo. Since , Chase ATMs have been accessible for WaMu customers at no extra charge, and the branches and accounts were formally merged in as the WaMu brand was retired.

In markets where Chase already had a dominant presence, such as Greater New York and Chicago owing to the presence of Chase and predecessor Bank One in New York, the merger resulted in different branches on the same block , Chase further disposed of such branches to other banks. This advertising campaign was introduced between and Numerous WaMu commercials showed traditionally-dressed year-old overweight bankers laughing out loud at a WaMu representative who is much younger and fitter , who says the words "Free Checking Account".

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 traditionally-dressed bankers in suits. 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 consumer-friendly institution.

During its run, the Whoo hoo! Washington Mutual before the bank's September conservatorship and sale to JPMorgan Chase applied to register a trademark in the phrase. Washington Mutual introduced a unique branch design known as Occasio which eliminated traditional teller windows and queuing stanchions in favor of an open, circular floor plan with a greeter or "concierge" position and tellers working from behind podiums. From Wikipedia, the free encyclopedia. For the radio station, see WAMU.

Washington National Building Loan and Investment Association — Washington Savings and Loan Association — Washington Mutual Savings Bank — Washington Mutual Bank — JPMorgan Chase WMI Holdings Corp. Fishman , CEO Kerry Killinger. Seattle portal Companies portal.

Archived from the original on United States Securities and Exchange Commission. Banks and Banking; Section Savings Bank Holding Company See: Office of Thrift Supervision. The New York Times. United States Bankruptcy Court for the District of Delaware Report. Retrieved — via Kurtzman Carson Consultants. Puget Sound Business Journal. OTS receivership order for Washington Mutual PDF Report. Archived from the original PDF on Securities and Exchange Commission.

FDIC Washington Mutual court complaint PDF Report. United States District Court for the District of Columbia. Archived from the original PDF on — via Northwest Progressive Institute. FDIC Facilitates Transaction that Protects All Depositors and Comes at No Cost to the Deposit Insurance Fund" Press release.

Federal Deposit Insurance Corporation. Morgan, In Largest Failure in U. The Wall Street Journal. Alternate Link via ProQuest. Washington Mutual Savings Bank of Seattle, said it has purchased Murphey-Favre Inc. The amount wasn't disclosed. Washington Mutual is the state's largest mutual savings bank. Washington Mutual Savings Bank said it filed a preliminary offering with the Supervisor of Banking covering the offering of common shares as it converts from a mutual to a stock savings bank, through underwriters led by Salomon Brothers.

Washington Mutual Savings Bank's offering of 2. PR Newswire Press release. Chairman, President and Chief Executive Officer Kerry Killinger today announced the completion of the reorganization of Washington Mutual Savings Bank into a holding company structure.

The new financial services holding company is called Washington Mutual, Inc. In the reorganization, all outstanding shares of Washington Mutual Savings Bank stock were converted to shares of stock of Washington Mutual, Inc. Washington Mutual's common stock will continue to be reported on the Nasdaq National Market under the stock symbol "WAMU.

These organizations provide consumer banking, full service securities brokerage, mutual fund management, travel and insurance underwriting services. Washington Mutual Savings Bank said it formed a holding company named Washington Mutual Inc. Shares outstanding of the thrift institution were converted into shares of the new company. The name of the company's main banking subsidiary has been changed to Washington Mutual Bank. Investor Relations — Stock Information.

Archived from the original on April 13, An agreement has been reached for the Washington Mutual Savings Bank of Seattle to acquire the Lincoln Mutual Savings Bank of Spokane, Wash. Two Lincoln branches, in Bellevue and Kent, Wash. Washington Mutual Savings Bank said it agreed to merge with Lincoln Mutual Savings Bank of Spokane, Wash Washington Mutual has about 1, employees and 39 branches, mostly in western Washington. Lincoln currently employs about and has 16 branches mostly in eastern Washington.

Faster than you can say mergers and acquisitions, Washington Mutual Savings Bank added two new friends of the family. The state's third-largest financial institution, which keys its advertising off the friends of the family theme, in less than 48 hours said it was acquiring both Wenatchee-based Columbia Federal Savings Bank and north Seattle's Shoreline Savings Bank Washington Mutual has 50 branches. Shoreline operates 15 branches, Columbia Federal has An earlier agreement in which Shoreline would sell three branches to Washington Mutual was vetoed by regulators, ostensibly because it would have further weakened the ailing institution.

The Columbia Federal acquisition would give Washington Mutual its first significant presence in Central Washington. It obtained a strong Eastern Washington foothold in when it acquired Spokane-based Lincoln Mutual Savings Bank. Shoreline has 15 branches in the North Puget Sound area including Seattle. Washington Mutual Savings Bank today will merge two recent acquisitions, Columbia Federal Savings Bank and Shoreline Savings Bank, to form a new subsidiary.

The new subsidiary will operate under the Columbia Federal Savings Bank name, but Shoreline signs will remain at former Shoreline branches for an indefinite period, officials said. Joseph Evans, a Columbia senior vice president, was named president of the new branch subsidiary. Deposits will be insured by the Federal Savings and Loan Insurance Corp. After the merger, Washington Mutual Financial Group will have 76 branches, which can be used by customers of Washington Mutual Savings Bank and Columbia Federal.

Business Wire Press release. Thursday announced the signing of a definitive agreement to sell its Washington state retail division, Old Stone Bank of Washington, to Washington Mutual, a Federal Savings Bank. Originally named Citizens Federal Savings and Loan Association, Old Stone Bank of Washington was acquired with federal assistance by Old Stone Corp.

Washington Mutual Savings Bank announced yesterday it has agreed to purchase Old Stone Bank of Washington, a subsidiary of Old Stone Corp. The Rhode Island bank moved into the area in when it bought money-losing Citizens Federal Savings and Loan Association and renamed it Old Stone Bank of Washington. To enable the takeover to occur, the Federal Savings and Loan Insurance Corp. Old Stone and Washington Mutual reached a definitive purchase agreement on Jan.

Bank Old Stone Bank Sale Completion Announced". In , Old Stone acquired the troubled bank, which was formerly the Citizens Federal Savings and Loan Association. Frontier's branches in Walla Walla, Pullman, Kennewick, Richland and Dayton will open under Washington Mutual's management on Monday. Washington Mutual acquired Frontier Federal Friday from the Resolution Trust Corp. The RTC had managed Frontier Federal since it went into receivership Feb. Two of the former Frontier branches are in Walla Walla.

Others are in Pullman, Kennewick, Richland and Dayton. Assets include its consumer loan portfolio, options to purchase branch facilities and its residential loan portfolio.

Great Mutual Funds for Young Investors

Utah-based Williamsburg Federal Savings and Loan Association The deal, involving three financial institutions, was announced Friday night by the federal Resolution Trust Corp Washington Mutual said yesterday it has completed its acquisition of Sound Savings and Loan Association of Seattle. The merger was effective as of Wednesday. Washington Mutual Savings Bank plans to buy Great Northwest Bank of Bremerton, and the chairman of the Seattle thrift says his institution's appetite for acquisitions isn't sated yet.

The cash-and-stock takeover of Great Northwest's parent, GNW Financial Corp. Last year, Washington Mutual, the state's largest thrift, signed deals for VanFed BanCorp, the Washington branches of Old Stone Bank, Frontier Federal Savings and Loan in Walla Walla and three offices of Williamsburg Savings and Loan.

This year, Washington Mutual has agreed to buy Washington and Oregon branches of CrossLand Savings and Sound Savings and Loan of Seattle. Washington Mutual Savings Bank completed its purchase of GNW Financial Corp. Seattle-based Washington Mutual said the four branches, two in Tacoma and one each in Seattle and Spokane, will be combined with nearby branches. The four branches will be closed June GNW subsidiary Great Northwest Bank had employees working at its 17 branches.

The two branches, in Lynnwood and Everett, account for all of World's Washington business. Its subsidiary, Washington Mutual, a Federal Savings Bank, will continue operations at the two locations. All branch employees were offered continuing employment with Washington Mutual.

World Savings retains ownership of its loan centers in Lynnwood and Bellevue. Seattle's Washington Mutual Savings Bank continues to expand by gobbling up competitors in the Puget Sound region. Washington Mutual has also acquired two smaller savings and loan banks this year, which added three new branches. The savings bank's branches would increase to if the Pioneer deal goes through.

August 20, — via The Free Library. All but one of Pioneer's 17 branches are in King and Snohomish Washington Mutual has 53 locations in King and Snohomish counties, slightly less than half of its total financial centers and 18 home-loan centers in Washington, Oregon and Idaho. In one of the Pacific Northwest's biggest financial transactions of its kind, Washington Mutual Savings Bank said today it won the sweepstakes to take control of Pacific First Financial Corp.

The move will make Washington Mutual the second-largest financial institution in Washington and give it a huge initial presence in Oregon. After the deal is done next May or June, Washington Mutual will be second in size here only to Seafirst Bank. But since then, Royal Trustco has run into problems elsewhere, and decided to abandon its strategy to string branches along the West Coast of the United States.

It put Pacific First up for bid. Washington Mutual Savings Bank has signed a definitive agreement to buy Pacific First Bank from Canada's Royal Trustco Ltd. Washington Mutual will acquire Pacific First Financial Corp. After approval by regulators, the deal is expected to close in mid Washington Mutual Savings Bank will buy Pacific First Bank in a deal that cements its position as one of the three leading financial institutions in the Pacific Northwest.

It also brings to a somewhat messy and expensive end a foray into the American banking market by Royal Trustco Ltd. While Royal Trustco is giving up its dream of building an American banking empire anchored in Seattle, it will be stuck with hundreds of millions of dollars in real estate loans that are in default or heading that way.

It previously agreed to trade its 10 California branches for Great Western Bank's 14 Washington branches. Pacific First is merely the latest in a series of acquisitions Washington Mutual has made in the last few years, including Pioneer Savings in Lynnwood, Great Northwest in Bremerton and VanFed in Vancouver. With Pacific First's branches, Washington Mutual's share of consumer deposits in Washington will be In Oregon, Washington Mutual will become the fourth biggest in consumer deposits.

Washington Mutual Savings Bank announced the acquisition Monday of Pacific First Financial Corp. November 15, — via The Free Library. Tiny Bank's Commercial Charter". June 2, — via The Free Library. Washington Mutual Bank plans to acquire the 90 percent of Bellevue's Enterprise Bank it doesn't already own, completing a somewhat unusual alliance of a big thrift institution dealing mainly with consumers and a small commercial bank whose focus is business Enterprise will operate under Washington Mutual's state savings bank charter but as a separate organization and under its current name.

CrossLand, which acquired Western Savings Association this year CrossLand Savings on Wednesday announced plans to install full-service banking branches in Safeway stores in Oregon and Washington. The agreement calls for branches to be installed in 20 stores in the Portland-Vancouver area and eight in the Eugene-Springfield section of the state. The first branches are scheduled to open March 1 in the Safeway store in Raleigh Hills and one in the Esplanade mall in Hillsboro, according to Christopher J.

Sumner, president of the savings bank. All will be operating by December , the savings bank said CrossLand has seven full-service branches in the Portland metropolitan area that were picked up when it acquired Western Savings.

Federal regulators Thursday announced the acquisition of insolvent savings and loans in Salem and Vancouver, Wash. The insolvent institutions are American Home Savings Bank of Salem and Community First Federal Savings. Both have been under federal supervision for more than a year and have substantial negative net worth. The two thrifts were closed by regulators Thursday and will open under Pacific First ownership Friday where business will be conducted without interruption.

The institutions were acquired through a wholly owned subsidiary of Pacific First Federal Savings Bank and will be operated as Pacific First Bank The twin acquisition will expand Pacific First's operations in Oregon and the Portland market.

It already has 11 branches in Portland and Eugene, and it will pick up nine more from Community in the Portland area and 17 American Home offices in the mid-Willamette Valley.

It will also get seven Community branches in the Vancouver area. When Pacific First Financial Corp. At the time Seattle-based Pacific First acquired Willamette in June from the federal Resolution Trust Corp. Pacific First Bank, a Seattle-based thrift, has quietly become the largest holder of deposits among all thrifts operating in Oregon.

It also operates 78 branches in Oregon, more than any other thrift. Its rise has been due, in part, to turmoil in the thrift industry that has led to deposit declines at competitors and the shift of one large thrift to a bank. It now holds about 27 percent of the thrift market in Oregon and about 9 percent of the combined thrift and bank market.

Pacific First has been serving Oregonians since , but it had only a few branches until December , when it bought 17 branches of Salem-based American Home Savings.

Pacific First acquired the 45 branches of Willamette Savings and Loan in June and added the 12 Oregon branches of the Williamsburg Federal Savings and Loan Association in September. Some recently acquired branches have been closed, leaving the thrift with 78 Oregon branches spread throughout the state, but principally in the Portland metropolitan area and the Willamette Valley. The Canadian parent corporation of Pacific First Financial Corp. Mutual To Buy Bank -- Purchase Of Western Bank Will Expand Oregon Holdings".

In a deal that will both expand it geographically and diversify its lines of business, Washington Mutual Inc. Western Bank has 41 offices in 33 Oregon communities, so the acquisition will add to Washington Mutual's 72 branches in that state. It also adds 20 towns Washington Mutual isn't already in. Washington Mutual is already the leading residential real estate lender in Oregon.

But the deal also increases Washington Mutual's reach into the commercial banking market. Washington Mutual has traditionally emphasized the thrift business, which means home mortgage and consumer loans. Western, being a commercial bank, focuses on lending to small- and medium-sized businesses.

Commercial banking is a business Washington Mutual has been increasingly interested in. Last month it wrapped up a deal to acquire the 90 percent of Bellevue's Enterprise Bank it didn't already own. Like Enterprise, Western Bank will continue to operate under its existing name and management.

Most of Western's 41 branches are in Southern Oregon. It has only a single branch in the metropolitan area, in Beaverton. Washington Mutual, on the other hand, has 42 branches in and around Portland. Washington Mutual, principally a savings-bank company, says it has completed the acquisition of Western Bank of Coos Bay, Ore.

Western will be part of Washington Mutual's commercial banking group. Western has 42 offices in 35 Oregon communities. Western Bank, once a model of community banking, will disappear from the state's landscape this weekend. Workers are changing signs at 30 of the bank's remaining 31 branches. The branches will close Friday and re-open Tuesday as Washington Mutual offices. The exception is the E. Washington Mutual will expand into Southwest Idaho, as its federal savings bank subsidiary builds the Boise area's first full-service bank branches inside Fred Meyer stores.

Washington Mutual Savings Bank said yesterday it plans to open a loan office and three in-store branches in the Boise area this year, its first venture into that market. Seattle-based Washington Mutual already operates 68 in-store locations in Washington and Oregon, in addition to free-standing branches.

The Idaho branches will open in July and August and will be located in Fred Meyer stores. March 10, — via The Free Library. Washington Mutual Savings Bank recently opened two in-store Boise branches and plans to open a third early next month, all inside Fred Meyer stores.

Washington Mutual will open its new Moscow Financial Center Monday inside the Rosauers grocery at N. The Moscow bank is the Seattle-based company's first venture into northern Idaho, although it has three other branches in the state. Plans to acquire the privately held company and its subsidiaries, which include United Savings Bank and Western Mortgage Loan Corp. Conversion of deposit accounts is expected to take place around midyear, with loan accounts to follow.

United Savings Bank operated nine branches, seven of them in the Salt Lake City area. The other two offices are in St. George and Idaho Falls. The Idaho Business Review. Among big banks serving southwest Idaho, Seattle-based Washington Mutual seems unique in that it is growing the old-fashioned way - by constructing standalone branch offices In the early s, Washington Mutual entered the southwest Idaho market with branches inside area Fred Meyer grocery and department stores WAMU has nine offices of various types in the Boise area.

Washington Mutual Savings Bank said yesterday it is joining the parade of banks and thrifts marching into Utah by buying an eight-office company in the Beehive State. Along with the acquisition come two branches in Butte, Mont. But Chairman Kerry Killinger said he doesn't know yet whether Washington Mutual will keep, expand or sell that operation.

The deal should be closed by early Olympus operates five branches in Salt Lake City, two in Ogden and one in Provo. Washington Mutual already has 16 branches and one loan office in the state, having moved into Utah in Washington Mutual didn't give a purchase price for Utah Federal, which isn't a publicly traded company. Mutual Completes Utah Federal Savings Deal".

Washington Mutual said it completed the acquisition of Ogden-based Utah Federal Savings Bank With Utah Federal, Washington Mutual operates 19 branches and four home-loan centers in Utah.

Western Financial is the parent of United Savings Bank, with eight branches in Utah and one in Idaho, and Western Mortgage Loan, with seven offices in Utah, Oregon, Idaho, Nevada and Montana. Washington Mutual, with 16 offices already in Utah, also has a deal pending to acquire Utah Federal Savings in Ogden. It said completing both deals would make Washington Mutual one of the largest residential mortgage lenders in the state. Glacier previously announced a definitive agreement to acquire two branches in Butte, Montana from Washington Mutual Bank.

In an acquisition that will virtually double the size of the savings bank the day it is completed, Seattle-based Washington Mutual said it will acquire Keystone Holdings Inc. In addition, because American's loan portfolio is heavily weighted toward adjustable rate mortgages, the acquisition helps Washington Mutual reduce its vulnerability to interest rate swings The third attraction for investors is the presence of billionaire investor Robert Bass, who bought into American Savings when it was taken over by the government and reorganized in He assures me he has totally bought into the business plan.

We believe he will be a good long-term shareholder, Killinger said of Bass. Bass will name two additional members to Washington Mutual's board, although Killinger said it's not likely Bass himself will serve It already operates branches in Washington, Oregon, Utah, Idaho and Montana.

American Savings will add branches in California A new shareholder in Washington Mutual will be the Federal Deposit Insurance Corp. The FDIC is expected to sell those shares. Los Angeles Daily News. Irvine-based American Savings Bank will keep its name, and officials said they expect all branches to remain open, officials said Washington Mutual, which owns a network of banks, is the No.

American Savings is California's second largest home-mortgage originator. The deal gives Washington Mutual its first presence in California, allowing an immediate foothold in key locations that will solidify its West Coast position Bass and his investor group control Keystone Holdings Inc. After the acquisition, Keystone will be merged into Washington Mutual. The investor group will get 26 million of the 48 million shares to be issued by Washington Mutual in the merger.

With total outstanding shares of About 14 million of the new shares will go to the Federal Deposit Insurance Corp. The rest will be held in escrow pending the outcome of a Keystone lawsuit against the federal government. Mario Antoci, American Savings' chairman and CEO, will retire after the deal closes. Post-merger management changes have not been finalized.

Antoci took over American Savings in , when the Bass Group bought it. American Savings Bank was originally part of American Savings and Loan, a failed thrift that led to the largest savings and loan bailout in history. The original thrift was divided into two parts: American Savings Bank controlled the profitable assets and loans while the other unit was liquidated. American Savings Bank has branches in California and Arizona. Washington Mutual has branches in Washington, Oregon, Idaho, Utah and Montana.

An investment group led by Fort Worth billionaire Robert M. Bass made his investment through Keystone Holdings, in which he owns about 36 percent. In , Keystone acquired American Savings from the federal government, which had seized the thrift in Keystone installed Mario J. Antoci, a respected thrift executive, to run American Savings.

The thrift, stripped of its most troubled assets, immediately started making money The Keystone group will also name two members of Washington Mutual's person board, suggesting that the group is likely to retain its interest in the company. American, California's second-biggest mortgage lender, will continue to operate under its old name. The merger doubles the size of Seattle-based Washington Mutual. Washington Mutual, which had no presence in California before the merger, will seek more acquisitions in the state.

Washington Mutual bought American Savings from majority holder Keystone Holdings and the Federal Deposit Insurance Corp. Hoping to marry the nation's two largest savings and loans into a financial powerhouse, the corporate parent of Home Savings of America has offered to buy Great Western Financial Corp.

The unsolicited offer by Irwindale-based H. It would also result in the closure of more than bank branches and the probable loss of hundreds of jobs, sources said. Great Western Financial Corp. Sources said possible bidders that Great Western may have contacted include First Bank System Inc.

Local banking executives and analysts said Washington Mutual is likely to take a close look at a deal for Great Western, and said there are equally strong reasons why the Seattle-based thrift might bid or walk away. On the negative side, Washington Mutual is currently digesting a major California acquisition, a hurry-up deal wouldn't give it time to carefully review the transaction, it wouldn't get the same cost savings Ahmanson would to make the deal attractive, and a bidding war could become expensive.

Great Western Financial, moving to thwart a hostile takeover offer by H. But locally based Ahmanson may raise its competing offer. Analyst says rejection comes as no surprise and that consent solicitation is a more important step. Nation's largest thrift will result from deal with Washington Mutual, pending federal agencies' sanction. The acquisition of Great Western, the second-largest U. Washington Mutual has completed 22 acquisitions and multiplied its assets more than twentyfold in 14 years.

Now comes the job of absorbing Great Western, a task complicated by the fact that this deal makes Washington Mutual a true coast-to-coast institution, with the addition of branches in Florida. American Savings, Great Western signage will be changed to Washington Mutual. Name Change May Follow 85 Branch Closings".

Ridding itself of overlapping operations, a Seattle-based thrift said Thursday it would close 85 Great Western and American Savings Bank branches in California and may eventually drop those two nameplates Washington Mutual will have branches in California after the closures are completed next year, most of them in the second quarter. They will retain their nameplate - either Great Western or American Savings depending on the branch - for the time being.

But Washington Mutual officials are rethinking their earlier decision to keep the Great Western name, said Great Western spokesman Tim McGarry. In a move that would significantly expand Washington Mutual, Inc.

WAMU and Great Western Financial Corporation NYSE: GWF today jointly announced the signing of a definitive merger agreement. Merger with Washington Mutual, the nation's biggest thrift, would mean branch closures and up to 3, lost jobs, mostly in Southern California. Ahmanson - It'll Become 7th-Largest U. The merger will also mean closing to branches and eliminating 3, to 3, jobs, almost entirely in California.

AHM today announced that they have signed a definitive agreement for Washington Mutual to acquire Ahmanson in a tax-free exchange of common stock. The combined entity is to retain the Washington Mutual name and headquarters in Seattle. Ahmanson is based in Irwindale, Calif The deal, code-named "Project Grand Slam" by Washington Mutual, came together with startling speed. More than 60 Washington Mutual advisers registered under assumed names at the Doubletree Hotel in Pasadena, Calif.

Seattle-based Washington Mutual, the largest U. The Seattle-based financial services company said 82 of the branches are Home Savings offices and 79 are Washington Mutual offices. The news follows the completion last week of Washington Mutual's acquisition of Irwindale, Calif.

Seattle-based Washington Mutual will acquire Bank United Corp. Texas was something of an incidental market Washington Mutual picked up in its acquisition of H. Bank United will provide that, with branches, including 66 in Houston, 77 in Dallas-Fort Worth and a handful in Midland, Austin and San Antonio. Bank United, the largest financial institution based in Texas, said yesterday that it agreed to be acquired by Washington Mutual, the nation's biggest savings and loan.

The Seattle-based institution entered Texas in with its acquisition of H. Washington Mutual, which ranks No. In , it acquired American Savings, a California thrift owned by Fort Worth investor Robert M. Bass, who became a major Washington Mutual shareholder as a result of that deal. A Bass lieutenant, Jay Crandall, remains on Washington Mutual's board of directors Bank United has retail branches in the state, including 77 in North Texas, along with 42 commercial loan offices and 11 other sales offices.

Washington Mutual has 48 branches in Texas, including two in Tarrant County About a dozen Texas branches share overlapping market areas, the companies said.

That includes downtown Fort Worth, where two branches are within blocks of each other. San Diego Union Tribune. More than retail United Bank branches in Texas will be converted over the next few weeks to branches of Washington Mutual, which operates more than 1, retail branches in seven Western states and Florida.

After finalizing the acquisition of locally based Bank United Corp. Bank United and Washington Mutual on Tuesday identified 17 Texas bank branches that will close this summer as part of the recently completed merger of the two institutions. WaMu wraps up purchase of N. By purchasing Dime, Seattle-based Washington Mutual gains more than branches in New York and New Jersey.

Washington Mutual broke into the commercial lending business with the August acquisition of Enterprise Bank in Bellevue.

A few months later, it signed an agreement to buy Western Bank in Coos Bay, Ore. The two banks have been consolidated under the name of Western Bank. Jewell hired on in January It was so small a deal that Washington Mutual Inc. But the significance of the acquisition was not in the numbers, or Washington Mutual wouldn't have bothered making it.

For Washington Mutual, Industrial Bank is a way to boost its often overlooked but growing commercial banking business in California. Combination to Expand Washington Mutual's Specialty Mortgage Finance Business, Accelerate Growth at Long Beach Mortgage Company". Scott April 13, The failed bank made subprime loans it knew were likely to go bad and then packaged them into risky securities, investigators say.

January 31, — via Highbeam Research. Jacksonville staff expected to keep jobs". Bank Agrees to Purchase Bay View Bank Retail Branches". Regarding Allegations of Insider Trading and Suspicious Events Underlying the Seizure of Washington Mutual" PDF.

One Year Later and Still No Indictments". Archived from the original on September 26, Files Chapter 11 Case" Press release. Retrieved — via Business Wire. Washington Mutual Online Banking blog. To Resolve Bankruptcy JPM ".

Federal Deposit Insurance Corp, U. District Court for the District of Columbia, No. United States Bankruptcy Court. Announces Confirmation of Plan of Reorganization". More than three years after Washington Mutual became the nation's largest bank failure, a thin sliver of the company could soon emerge from bankruptcy and offer shareholders a small chance at recouping some value.

Retail Financial Services PDF Report. Blame 'The Simpsons ' ". Patent and Trademark Office. United States Patent Office. Africa Americas United States South America Asia Europe Oceania.

Automotive industry crisis California budget crisis Housing bubble Housing market correction Subprime mortgage crisis. Consumer Financial Protection Bureau Federal Deposit Insurance Corporation Federal Home Loan Banks Federal Housing Administration Federal Housing Finance Agency Federal Housing Finance Board Federal Reserve System Government National Mortgage Association Irish Bank Resolution Corporation National Asset Management Agency Office of Federal Housing Enterprise Oversight Office of Financial Stability UK Financial Investments.

Government policy and spending responses. Anglo Irish Bank Corporation Act Banking Special Provisions Act China—Japan—South Korea trilateral summit Commercial Paper Funding Facility Dodd—Frank Wall Street Reform and Consumer Protection Act Emergency Economic Stabilization Act of Irish emergency budget, Irish budget, Irish budget, Irish budget, Irish budget, Temporary Liquidity Guarantee Program Term Asset-Backed Securities Loan Facility Troubled Asset Relief Program United Kingdom bank rescue package.

List of banks acquired or bankrupted during the Great Recession. Auction rate securities Collateralized debt obligations Collateralized mortgage obligations Credit default swaps Mortgage-backed securities Secondary mortgage market.

Tea Party protests United States; c. European debt crisis Financial crisis of —08 List of countries by public debt. Chase Bank Chase Paymentech Chase Card Services Canada EMC Mortgage Company Highbridge Capital Management J. Morgan Cazenove One Equity Partners. Jamie Dimon CEO Matthew E.

Washington Mutual Soars % On Bankruptcy Exit Plan | Problem Bank List

Zames Steven Black Jing Ulrich. John Pierpont Morgan J. Junius Spencer Morgan George Peabody Henry Sturgis Morgan David Rockefeller William B. Warner III Temple Bowdoin Jes Staley Blythe Masters James B. Lamont Dennis Weatherstone John J. Crown Jamie Dimon Ellen V. American Fletcher Anchor Savings Bank Banca Commerciale Italiana Trust Co. State Bank of Chicago Texas Commerce Bank Valley National Bank of Arizona Washington Mutual.

Retrieved from " https: Pages containing links to subscription-only content All articles with dead external links Articles with dead external links from June Articles with permanently dead external links Pages with citations lacking titles Pages with citations having bare URLs Articles with dead external links from March Pages using deprecated image syntax Webarchive template wayback links Wikipedia articles needing clarification from May All articles with unsourced statements Articles with unsourced statements from June Articles with unsourced statements from April Official website different in Wikidata and Wikipedia.

Navigation menu Personal tools Not logged in Talk Contributions Create account Log in. Views Read Edit View history. Navigation Main page Contents Featured content Current events Random article Donate to Wikipedia Wikipedia store. Interaction Help About Wikipedia Community portal Recent changes Contact page. Tools What links here Related changes Upload file Special pages Permanent link Page information Wikidata item Cite this page.

In other projects Wikimedia Commons. This page was last edited on 16 June , at Text is available under the Creative Commons Attribution-ShareAlike License ; additional terms may apply.

By using this site, you agree to the Terms of Use and Privacy Policy. Privacy policy About Wikipedia Disclaimers Contact Wikipedia Developers Cookie statement Mobile view. Seattle, Washington , U. Consumer Banking Financial services. WaMu Investments, Inc; Washington Mutual Insurance Services; Washington Mutual Card Services. Archived official website at the Wayback Machine archive index. Government policy and spending responses Banking and finance stability and reform Anglo Irish Bank Corporation Act Banking Special Provisions Act China—Japan—South Korea trilateral summit Commercial Paper Funding Facility Dodd—Frank Wall Street Reform and Consumer Protection Act Emergency Economic Stabilization Act of Irish emergency budget, Irish budget, Irish budget, Irish budget, Irish budget, Temporary Liquidity Guarantee Program Term Asset-Backed Securities Loan Facility Troubled Asset Relief Program United Kingdom bank rescue package Bank stress tests EU U.

List of banks acquired or bankrupted during the Great Recession Non-banking Chrysler General Motors.