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Washington Mutual, Inc.
IndustryFinance and Insurance
Founded1889[1]
Defunct2008
FateInsolvency
  • 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 part of JP Morgan Chase Bank.
  • The holding company Washington Mutual, Inc. (the former bank owner) subsequently filed for Chapter 11 bankruptcy.
HeadquartersSeattle, Washington,
United States
Key people
Alan H. Fishman, Chief Executive Officer
ProductsConsumer Banking
Financial Services
RevenueUS$15.962 billion
Number of employees
49,403
ParentWashington Mutual Inc.
SubsidiariesWaMu Investments, Inc; Washington Mutual Insurance Services; Washington Mutual Card Services
WebsiteWamu.com

Washington Mutual, Inc. (Template:Pinksheets), abbreviated to WaMu, was a savings bank holding company and the former owner of Washington Mutual Bank, which was the United States' largest savings and loan association until it became the largest bank failure in U.S. history.[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, 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's offices the next day as JPMorgan Chase branches. 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.[3][4][8][9] 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]

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 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.[9][14]

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]

History

The Washington Mutual Tower in Seattle, Washington

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 September 12, 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".

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.

Acquisitions

A WaMu office in Naperville, Illinois
Former Dime Savings Bank branch in Brooklyn, New York
A WaMu Financial Center in San Jose, California

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 2005, WaMu also became the nation's 9th-largest 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
  • 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

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.[20] (PNC later re-entered the mortgage market in 2009 through its acquisition of National City Corp., with no plans to re-enter subprime lending.) The Dime merger resulted in account ownership to be split with account beneficiaries. The Fleet Mortgage merger resulted in entire loans simply disappearing—being services but unable to be found by customer service representatives.

Rise and fall

"Wal-Mart of Banking"

Chairman and CEO Kerry Killinger had pledged in 2003:[21]

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 approve loans while placing less emphasis on borrowers’ incomes and assets. WaMu set up a system that enabled real estate agents to collect fees of more than $10,000 for bringing in borrowers. 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 worried less about defaults.[6][21]

Subprime losses

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

In December 2007, the subsidiary Washington Mutual Bank reorganized its home-loan division, closing 160 of its 336 home-loan offices and removing 2,600 positions in its home-loan staff (a 22% reduction).[22]

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][21]

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, home-loan 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.[23]

In June 2008, Kerry Killinger stepped down as the Chairman, though remaining the Chief Executive Officer.[24] 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.[25]

Seizure by OTS and 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.[26] While WaMu publicly insisted it could stay independent, earlier in the month it had quietly hired Goldman Sachs to identify potential bidders. However, several 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.[27]

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 (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.[27] 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.[28] Normally, bank seizures take place after the close of business on Fridays. 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.[26] 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 and WaMuEquity.org, claiming that the OTS acted in an arbitrary and capricious manner 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[29] 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.[30] Senator Maria Cantwell has demanded an explanation from the government and threatened to open an investigation[31] and Washington Mutual's former shareholders have threatened a lawsuit demanding compensation for the lost value of their shares[29].

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][32][33]

Bankruptcy

On September 26, 2008, Washington Mutual, Inc. and its remaining subsidiary, WMI Investment Corp., filed for Chapter 11 bankruptcy.[34] Washington Mutual, Inc. was promptly delisted from trading on the New York Stock Exchange, and commenced trading via Pink Sheets. The bankruptcy was the second largest (by asset size) in U.S. history, with the largest being Lehman Brothers, which filed bankruptcy just 11 days prior to Washington Mutual.

All assets, but only some liabilities (including deposits, covered bonds, and other secured debt) of Washington Mutual Bank's liabilities were assumed by JPMorgan Chase.[35] Under the deal, JPMorgan Chase acquired all the banking operations of WaMu, including $307 billion in assets and $188 billion in deposits for only $1.9 billion from the FDIC.[36] Unsecured senior debt obligations of the bank of were not assumed by the FDIC, leaving holders of those obligations with little meaningful source of recovery.[35] On Friday, Sep. 26, 2008, Washington Mutual Bank customers were informed that Deposits held by Washington Mutual became now liabilities of JPMorgan Chase.[37]

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 $20 billion, and the company requested that it pay only part of the tax debt, stating that the IRS could owe Washington Mutual Inc. a tax refund.[38] In a settlement between Wash. Mutual Inc. (in receivership), the FDIC, and JP Morgan Chase that Wash. Mutual Inc. recently made public, a tax refund of about US$5.7 billion will be shared between Wash. Mutual Inc., Chase and FDIC.[39]. This is reduced from Wash. Mutual's original claim of US$12.5 billion to the IRS,, which some (WHO?) have claimed to be fraudulent claim only made to defraud shareholders of the company.

Washington Mutual, Inc. sued the Federal Deposit Insurance Corporation (FDIC) for US$ 13 billion after the sale of its banking operations to JPMorgan Chase.[40] WMI attorneys claim the bank did not get fair value for the bank, and multiple subsidiaries belonging to the parent company were taken.

Shareholders have organized via websites WamuStory.com, WamuEquity.org, GhostOfWamu.com, and WamuCoup.com. They argue that the sale was done in a haphazard and potentially illegal manner and have gathered information through these websites. JPMorgan has been sued by some shareholders in Texas, for illegal activities leading to the bank's receivership. Washington Mutual, Inc's attorneys have requested an investigation through the bankruptcy court in Delaware.[41]

However, at the end of December 2009 the discovery process was suddenly and inexplicably halted by Washington Mutual, Inc's attorneys Weil, Gotshal & Manges. The US Trustee presiding over the case responded by abruptly establishing an equity committee citing "exigent circumstances".[42]

On January 11, 2010 the United States Department of Justice, Office of the United States Trustee, District of Delaware, pursuant to Section 1102(a)(1) of the Bankruptcy Code, appointed a Committee of Equity Security Holders to represent all shareholders of both preferred (Template:Pinksheets , Template:Pinksheets) and common stock:[43]

  • 1. Esopus Creek Value, LLC
  • 2. Kenneth I. Feldman
  • 3. Saul Sutton
  • 4. Dorothea Barr
  • 5. Joyce M. Presnall
  • 6. Tyson Mathews
  • 7. Michael Willingham

All of the Motions to Disband the Committee of Equity Security Holders were Denied on January 28, 2010 by U.S. Bankruptcy Judge Mary F. Walrath, District of Delaware.[44] Organized shareholders from websites WamuStory.com, WamuEquity.org, GhostOfWamu.com, and WamuCoup.com attended.[45]

On July 20, 2010, bankruptcy judge Mary Walrath approved a motion of the Equity Committee 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.[46]

On July 26, 2010, U.S. Trustee Roberta A. DeAngelis appointed veteran bankruptcy examiner and McKenna Long & Aldridge LLP partner Joshua R. Hochberg to conduct a probe into the proposed settlement between WMI, JPMorgan Chase and the FDIC. Hochberg is a partner in McKenna Long & Aldridge's Washington office whose practice focuses on individual and corporate white collar defense, internal investigations and compliance.[47]

Post receivership bank operations

During 2009, all of the Washington Mutual Bank branches were rebranded to Chase or shuttered. All financial documents issued by WaMu were changed to carry the JP Morgan Chase logo. Credit and debit cards issued by WaMu or Providian were changed to carry the Chase logo.

Since November 2008, Chase ATMs have been accessible for WaMu customers at no extra charge, and the branches and accounts were formally merged in 2009 as the WaMu brand was retired.[10] Branches in the Pacific Northwest, Idaho, and Utah were rebranded in May 2009; branches in Texas, Illinois, the Southeast, and Greater New York were rebranded in July 2009, and the remaining branches in Nevada, California, Arizona, and Colorado were rebranded in October 2009.[48][49] The last rebrandings formally retired the WaMu name.

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 has resulted in different branches several feet away in some cases), Chase disclosed that there could be additional closures.[50].

Advertising campaigns

"The Power of Yes"

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 traditionally-dressed bankers in suits.

"Whoo hoo"

A promotional Washington Mutual "Whoo hoo!" bumper sticker.

"Whoo hoo!" was an advertising campaign introduced by Washington Mutual in February 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 consumer-friendly institution.[51]

During its run, the Whoo hoo! ads, created by TBWA\Chiat\Day of Playa del Rey, California,[51] become widespread in web navigation.[52] After WaMu launched the new advertisement, there was double digit growth at its website[52] and the term “wamu” appeared in searches over 1,000% more between January and March than in all of 2007.[52]

Washington Mutual (before the bank's September 2008 conservatorship and sale to JPMorgan Chase) applied to register a trademark in the phrase.[53][54] 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.[53]

Occasio branch design

Washington Mutual is notable in that it 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[55][56]. The Occasio design was introduced in 2000, patented in 2004[57] and was phased out following the JP Morgan Chase acquisition of Washington Mutual's retail banking operations [58].

See also

References

  1. ^ Bansal, Paritosh (2008-09-26). "FDIC crashes WaMu's birthday bash". DealZone. Thomson Reuters. Retrieved 2008-09-26.
  2. ^ A savings bank holding company is defined in United States Code: Title 12: Banks and Banking; Section 1842: Definitions; Subsection (l): Savings Bank Holding Company See: 12 U.S.C. § 1841
  3. ^ a b c "OTS 08-046 - Washington Mutual Acquired by JPMorgan Chase". Press Releases. Office of Thrift Supervision. 2008-09-25. Retrieved 2008-09-25. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  4. ^ a b c d e Levy, Ari; Hester, Elizabeth. "JPMorgan Buys WaMu Deposits; Regulators Seize Thrift". Bloomberg L.P.. September 26, 2008. Retrieved September 26, 2008.
  5. ^ Shen, Linda (2008-09-26). "WaMu's Bank Split From Holding Company, Sparing FDIC". Bloomberg. Retrieved 2008-09-27.
  6. ^ a b c Dash, Eric (2008-04-07). "$5 Billion Said to Be Near for WaMu". The New York Times. Retrieved 2008-09-27.
  7. ^ Zarroli, Jim (2008-09-26). "Washington Mutual Collapses". All Things Considered, September 26, 2008. National Public Radio. Retrieved 2008-10-27. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  8. ^ a b Chasan, Emily (2008-09-27). "WaMu files bankruptcy petition in Delaware". Reuters. Retrieved 2008-09-27. {{cite news}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  9. ^ a b Reich, John M. (2008-09-25). "OTS receivership order for Washington Mutual" (PDF). Office of Thrift Supervision. Retrieved 2008-09-27. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  10. ^ a b c d e f Dash, Eric (September 26, 2008). "Government Seizes WaMu and Sells Some Assets". Business. The New York Times. p. A1. Retrieved 2008-09-26. {{cite news}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  11. ^ "ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2007". Securities and Exchange Commission. 2008-05-22. Retrieved 2008-09-28.
  12. ^ WMI v. FDIC Washington Mutual court complaint. (PDF)
  13. ^ "Washington Mutual sues FDIC for over $13 billion". Reuters. Thompson Reuters. March 21, 2009. Retrieved May 7, 2009.
  14. ^ a b "OTS Fact Sheet on Washington Mutual Bank" (PDF). Office of Thrift Supervision. 2008-09-25. Retrieved 2008-09-28. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  15. ^ "JPMorgan Chase Acquires Banking Operations of Washington Mutual: FDIC Facilitates Transaction that Protects All Depositors and Comes at No Cost to the Deposit Insurance Fund". Press Releases. United States Federal Deposit Insurance Corporation. 2008-09-25. Retrieved 2008-09-25. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  16. ^ Sidel, Robin (2008-09-26). "WaMu Is Seized, Sold Off to J.P. Morgan, In Largest Failure in U.S. Banking History". The Wall Street Journal. Retrieved 2008-09-27. {{cite news}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  17. ^ a b c "History". Washington Mutual Bank. Retrieved 2008-09-28. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help) (No Date. Corporate History from the company's own web page.)
  18. ^ "Timeline Washington Mutual: A long history". The Seattle Times. 2008-09-26. Retrieved 2008-09-29.
  19. ^ SNL Financial (2008). "Acqusition History". About WaMu: Investor Relations - Stock Information. Washington Mutual Inc. Retrieved 2008-09-30. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  20. ^ http://www.allbusiness.com/banking-finance/banking-lending-credit-services-mortgage/6048203-1.html
  21. ^ a b c Goodman, Peter S. (2008-12-27). "By Saying Yes, WaMu Built Empire on Shaky Loans". New York Times. pp. A1. Retrieved 2008-12-28. {{cite news}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  22. ^ Hester, Elizabeth (2007-12-10). "Washington Mutual to Take Writedown, Slash Dividend". Bloomberg. Retrieved 2008-09-26.
  23. ^ DeSilver, Drew (2008-04-09). "$7 billion gives shaky WaMu firmer footing for now". The Seattle Times. Retrieved 2008-09-26.
  24. ^ "WaMu Strips CEO Killinger of Chair Title". TheStreet.com. 2008-06-02. Retrieved 2008-09-26.
  25. ^ Barr, Alistair (2008-09-08). "WaMu replaces CEO, signs agreement with regulator". Market Watch. Retrieved 2008-09-27.
  26. ^ a b "Washington Mutual stock trend". Google Finance. Retrieved 2008-09-27.
  27. ^ a b OTS press release announcing WaMu's seizure
  28. ^ "JPMorgan Chase Acquires Banking Operations of Washington Mutual". FDIC. 2008-09-25.
  29. ^ a b "Register and be counted!". Retrieved 2009-01-03.
  30. ^ "WaMu Gives New CEO Mega Payout as Bank Fails". FOX. 2008-09-26. Retrieved 2008-09-27.
  31. ^ Virgin, Bill (2008-08-08). "Cantwell seeks explanation of WaMu seizure by feds". SeattlePI. Retrieved 2009-01-03.
  32. ^ "Washington Mutual sold to JPMorgan Chase after FDIC seizure". KING 5 TV. 2008-09-26. Retrieved 2008-09-26.
  33. ^ DeSilver, Drew (2008-09-26). "Feds seize WaMu in nation's largest bank failure". Seattle Times. Retrieved 2008-09-26.
  34. ^ "Washington Mutual, Inc. Files Chapter 11 Case" (Press release). Washington Mutual, Inc. 2008-09-26. Retrieved 2008-09-27.
  35. ^ a b FDIC Bank Acquisition Information for Washington Mutual Bank, Henderson, NV and Washington Mutual Bank, FSB, Park City, UT
  36. ^ http://money.cnn.com/2008/09/25/news/companies/JPM_WaMu/index.htm
  37. ^ Citing news from Washington Mutual Online Banking
  38. ^ Washington Mutual Owes $12.5 Billion in Back Taxes, U.S. Claims
  39. ^ http://www.benzinga.com/markets/company-news/171862/new-deal-will-allow-washington-mutual-inc-to-resolve-bankruptcy-jpm
  40. ^ "WaMu Sues FDIC for $13 Billion Over Bank Failure". 2009-03-21. Retrieved 2009-03-21. The case is Washington Mutual Inc. v. Federal Deposit Insurance Corp, U.S. District Court for the District of Columbia, No. 09-00533.
  41. ^ Quinn Emanuel Prevails in Early Test of WaMu's Billion-Dollar Case Against JPMorgan Chase
  42. ^ http://seekingalpha.com/article/201598-wamu-accuses-shareholders-of-milking-system
  43. ^ Notice of Appointment of Committee of Equity Security Holders
  44. ^ Big day for WaMu shareholders
  45. ^ United States Bankruptcy Court, District Of Delaware, Minute Entry
  46. ^ http://uk.reuters.com/article/idUKN2026582720100720
  47. ^ http://www.law360.com/articles/183462
  48. ^ Scharf, Charlie, Retail Financial Services CEO JPMorgan Chase, "2009 Investor Day Presentation: Retail Financial Services", February 26, 2009, page 28
  49. ^ WaMu customers: We'll soon make banking easier and get your money working harder, "Branches and ATMs"
  50. ^ Yerak, Becky, "Chase to close 57 WaMu branches here", Chicago Tribune, January 19, 2009
  51. ^ a b Newman, Eric (2008-02-13). "WaMu Wants Customers Yelling 'Whoo Hoo!'". Adweek. Retrieved 2008-09-03. {{cite news}}: Italic or bold markup not allowed in: |publisher= (help)
  52. ^ a b c "Are Consumers Going 'Whoo Hoo' Over WaMu's New Campaign?". Seeking Alpha. 2008-05-19. Retrieved 2008-09-03. {{cite news}}: Italic or bold markup not allowed in: |publisher= (help)
  53. ^ a b Guzman, Monica (2008-03-11). "WaMu's 'Whoo-hoo' campaign: Blame 'The Simpsons'". Seattle Post-Intelligencer. Retrieved 2008-09-21.
  54. ^ U.S. Patent and Trademark Office, application no. 77/357,506, "WHOO HOO," filed 2007-12-20
  55. ^ Washington Mutual. "Occasio Overview" (w). Retrieved 2009-06-25.{{cite web}}: CS1 maint: postscript (link)
  56. ^ Torres, Blanca (2004-07-02). "WaMu seeks patent for its "banking stores"". The Seattle Times. Retrieved 2009-06-25.
  57. ^ Curtin, Karen (2004-01-27), United States Patent: 6681985 - System for providing enhanced systems management, such as in branch banking, retrieved 2009-06-25 {{citation}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  58. ^ Virgin, Bill (2008-12-04). "JPMorgan Chase to change look of WaMu branches". Seattle Post-Intelligencer. Retrieved 2009-06-25.


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