WAMUQ - Washington Mutual
Washington Mutual, Inc. (OTC:WAMUQ) was officially a company on Sept. 25, 1889 when it was incorporated in Seattle to help the people of the town a place to safely invest and lend. Unfortunately that didn't work for the company itself, which ultimately was sold for pennies on the dollar to JPMorgan Chase after the Office of Thrift Supervision seized Washington Mutual Bank following a bank run where customers removed $16.7 billion in deposits.
That happened after no one made a bid for the failing bank after a period of time.
The FDIC, being the receiver, had the authority to sell the assets of
Washington Mutual Bank, which included its branch network, all of its deposit liabilities and secured debts to JPMorgan Chase for an incredibly low $1.9 billion. Considering the bank went public in 1983 and what seemed to be a strong future for the company, it was a devastating blow which reverberated across the world.
The former bank holding company had operated four main businesses: Retail Banking Group, Card Services Group and Commercial Group Home Loans Group. They filed for bankruptcy in September 2008.
Major acquisitions before its failure included Commercial Capital Bancorp, Providian Financial Corporation, HomeSide Lending, Inc., Dime Bancorp, Inc. and Fleet Mortgage Corp. Some of these and many other acquisitions have been partly blamed on some for the demise of the company.
Most of the assets of the company have been re-branded under the Chase brand.
Washington Mutual had its headquarters in Seattle, Washington.
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