Friday, September 26, 2008

The Feeling is (Washington) Mutual

Yesterday, JPMorgan Chase acquired the banking operations of Seattle-based Washington Mutual Bank. The Office of Thrift Supervision (OTS) closed WaMu late in the day after a run on its deposit accounts. The Federal Deposit Insurance Corporation (FDIC) took over as receiver. The FDIC sold nearly all of WaMu's operations to JPMorgan for $1.9 billion. The acquisition is expected to wipe out WaMu stockholders.

The JP Morgan web site hosts the deal docs for the asset acquisition. More info about WaMu's failure and receivership are at FDIC and Treasury. No insured depositor will lose a dime.

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