FACTBOX- Key facts about Washington Mutual

Fri Sep 26, 2008 4:37am BST
 
Email | Print | | Single Page
[-] Text [+]

(Reuters) - Washington Mutual Inc (WM.N), the largest U.S. savings and loan, was closed by federal regulators on Thursday and bought by JPMorgan Chase & Co (JPM.N). Washington Mutual is the largest ever U.S. banking failure, occurring on the 119th anniversary of its founding in Seattle, Washington. Here are some key facts about Washington Mutual: - 2,239 branches in 15 U.S. states; - $307 billion of assets, according to regulators - $188 billion of deposits, according to regulators - 43,198 employees as of June 30 - September 25, 1889: Incorporated as the Washington National Building Loan and Investment Assn to help Seattle residents after a fire decimated the city's business district - July 1930: Makes its first acquisition, buying distressed Continental Mutual Savings Bank during the Great Depression - 1974: Develops the first shared cash machine network in the United States, called "The Exchange" - 1983: Goes public with a $72 million initial public offering - 2000: Introduces its distinctive "Occasio" branch design, for which it wins a patent in 2004 - 2005: Drops its free ATM policy and starts charging people who use its ATMs without having accounts - 2007: Reaches naming rights agreement for 5,600-seat Theatre at Madison Square Garden, the first time MSG ever sold naming rights - Feb 12, 2008: Launched a new marketing and advertising campaign, called "Whoo hoo!" to reflect the essence of what it feels like to bank at WaMu. - Sept 25, 2008: Closed by federal regulators, bought by JPMorgan Sources: Washington Mutual website, news reports (Compiled by Phil Wahba) ʘ

 
A dealer works on the trading floor shortly after the U.S. markets opened, at CMC Markets in London October 3, 2008. REUTERS/Toby Melville
Hormones make best traders

Scientists say a perfect combination of testosterone, experience and a hunger for a share of profits can produce financial traders who consistently outperform.  Full Article | Related Story 

Market Update

  • UKUK
  • USUS
  • Europe
  • Asia
  • UK Most Actives

Most Popular Business News on Reuters UK

  • Articles
  • Videos