Washington Mutual facts for kids
|Industry||Finance and Insurance|
|Fate||Insolvency. Closure by the Office of Thrift Supervision. Transferred to the FDIC who then sold WaMu to JPMorgan Chase.|
|When it was created||September 25, 1889|
|Defunct||September 25, 2008|
|Headquarters||Seattle, Washington, United States|
|Key people||Alan H. Fishman, Chief Executive Officer|
|Things made||Consumer Banking
|Money earned||US$15.962 billion|
|Subsidiaries||WaMu Investments, Inc; Washington Mutual Insurance Services; Washington Mutual Card Services|
Washington Mutual (abbreviated to WaMu) (NYSE: WM) was the United States' largest savings and loan association. Despite its name, it ceased being a mutual company in 1983 when it began to be publicly traded on the New York Stock Exchange.
On September 25, 2008, the 119th anniversary of WaMu's founding, the United States Office of Thrift Supervision (OTS) announced that it was seizing the bank and would sell most of its functional assets to JPMorgan Chase. WaMu's collapse is the largest U.S. bank failure in history. At the time of the collapse, it was the sixth-largest bank in the United States. According to Washington Mutual's 2007 SEC filing, it held assets valued at $327.9/Billion Dollars.
Images for kids
A former WaMu branch in the Chinatown section of New York City (2004)
A WaMu office in Naperville, Illinois
Former Dime Savings Bank branch in Brooklyn, New York
A WaMu Financial Center in San Jose, California
The Washington Mutual Tower (center right) in downtown Seattle was Washington Mutual's corporate headquarters from 1988 until 2006, when the company moved into the new WaMu Center (center left). These buildings have since been renamed; Washington Mutual Tower is now known as 1201 Third Avenue and WaMu Center is now known as Russell Investments Center.
Washington Mutual Facts for Kids. Kiddle Encyclopedia.