Say Goodbye to WaMu
Posted on Sep 26, 2008
JPMorgan Chase added to its failed financial behemoth collection by gobbling up the deposits of Washington Mutual, which set a record for the biggest U.S. bank failure Thursday. According to the FDIC and Chase, bank customers have nothing to worry about.
In March, JPMorgan absorbed Bear Stearns, which kicked off the financial meltdown with its own failure.
Interested Washington Mutual customers can hear directly from their new bank here.
Washington Mutual (WaMu) has been closed by its regulator, making it the biggest US bank to fail.
The Office of Thrift Supervision (OTS) stepped in to shut the mortgage lender before selling its assets to JPMorgan Chase for $1.9bn (£1.0bn).
The OTS said it was worried WaMu would run out of cash as $16.7bn of deposits had been withdrawn since 15 September.