what happened to washington mutual stock

Washington Mutual Bank was placed into a Federal Deposit Insurance Corporation (FDIC) receivership on September 25, 2008, and immediately sold to JPMorgan Chase

(JPM) for $1.9 billion. Any stock ownership interests in WaMu bank were rendered worthless by the FDIC receivership.

Full Answer

What happened to Washington Mutual?

Washington Mutual was a conservative savings and loan bank. In 2008, it became the largest failed bank in U.S. history. By the end of 2007, WaMu had more than 43,000 employees, 2,200 branch offices in 15 states, and $188.3 billion in deposits. Its biggest customers were individuals and small businesses .

How much is Washington Mutual stock worth?

Washington Mutual Inc., the parent of one of Washington state's largest savings banks, agreed to acquire the thrift for at least 40 million shares of Washington Mutual stock. That stock was worth slightly more than $1.2 billion at Friday's closing price.

Did National Australia sell assets to Washington Mutual?

"National Australia Sells Assets to Washington Mutual". New York Times. ^ Gordon, Mark (December 12, 2001). "HomeSide Lending sold for $1.9 billion: Jacksonville staff expected to keep jobs". Florida Times-Union. Archived from the original on 2017-04-22. Retrieved 2017-04-21.

Who are Washington Mutual's new shareholders?

A new shareholder in Washington Mutual will be the Federal Deposit Insurance Corp., which as part of the bailout of American holds about a third of the company. The FDIC is expected to sell those shares.

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Does Washington Mutual still exist?

Washington Mutual, Inc—abbreviated to WaMu—was a savings bank holding company and the former owner of WaMu Bank, which was the United States' largest savings and loan association until its collapse in 2008.

Why did Washington Mutual go out of business?

The second reason for WaMu's failure was that it expanded its branches too quickly. As a result, it was in poor locations in too many markets. As a result, it made too many subprime mortgages to unqualified buyers. The third was the August 2007 collapse of the secondary market for mortgage-backed securities.

What happened to my Washington Mutual account?

If you had an account with Washington Mutual Bank, you now have an account with JPMorgan Chase Bank.

What happened to Washington Mutual shareholders?

On the day after WAMU failed, its holding company, Washington Mutual, Inc. ("WMI"), filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Case”). WMI owned all WAMU shares of stock and was the sole equity holder of WAMU.

Did Wells Fargo buy Washington Mutual?

Wells Fargo said Wednesday that it has agreed to buy Washington Mutual's entire portfolio of government mortgage servicing and a portion of its conforming, fixed-rate portfolio, totaling $140 billion and representing about 1.3 million servicing customers.

Who bought out Washington Mutual Bank?

JPMorgan ChaseSubsequent to the closure, JPMorgan Chase acquired the assets and most of the liabilities, including covered bonds and other secured debt, of Washington Mutual Bank from the FDIC as Receiver for Washington Mutual Bank. Any claims by equity, subordinated and senior unsecured debt holders were not acquired.

What bank is Washington Mutual now?

JP Morgan ChaseThe WaMu banks have combined assets of $307 billion and deposits of $188 billion. The FDIC facilitated the acquisition wherein JP Morgan Chase took all the assets and paid $1.9 billion.

What year did chase buy Washington Mutual?

New York, Sept. 25, 2008 - JPMorgan Chase & Co. (NYSE: JPM) tonight announced it has acquired all deposits, assets and certain liabilities of Washington Mutual's banking operations from the Federal Deposit Insurance Corporation (FDIC), effective immediately.

What happens when a mutual bank is bought?

A bank that is owned by its members, as opposed to a conventional bank, which is owned by shareholders. Profits from mutual banks are typically returned to members in the form of lower rates on loans and higher rates on deposits. Sometimes mutual banks decide to convert to regular, stockholder-owned banks.

What happened to Washington Mutual mortgages?

On Thursday, the Federal Deposit Insurance Corp. seized the assets of Washington Mutual, the nation's largest savings and loan, and brokered the sale of the company to JPMorgan Chase. The collapse of Washington Mutual — often called WaMu — is the largest bank failure in U.S. history.

What is the largest bank failure in US history?

The receivership of Washington Mutual Bank by federal regulators on September 26, 2008, was the largest bank failure in U.S. history. Regulators simultaneously brokered the sale of most of WaMu's assets to JPMorgan Chase, which planned to write down the value of Washington Mutual's loans at least $31 billion.

What was chase before Washington Mutual?

The bank was known as Chase Manhattan Bank until it merged with J.P. Morgan & Co. in 2000. Chase Manhattan Bank was formed by the merger of the Chase National Bank and the Manhattan Company in 1955. The bank merged with Bank One Corporation in 2004 and later acquired the deposits and most assets of Washington Mutual.

Is Washington Mutual now chase?

Washington Mutual, the 118-year-old banking giant, is now the biggest bank failure in history. On Thursday evening, WaMu became the 13th bank failure of the year, closed by the Office of Thrift Supervision and subsequently acquired by New York City-based JPMorgan Chase.

IS routing number 322271627 active for ACH?

Chase California routing numbers The routing number for Chase in California is 322271627 for checking and savings account. The ACH routing number for Chase is also 322271627.

What bank is routing number 322271627?

Chase322271627- Chase Routing Number in California.

What bank routing number is 325070760?

Chase325070760- Chase Routing Number in Washington.

What percentage of WMI settlements get nothing?

The remaining 40% get nothing. The WMI settlement ballot envelope didn't have any indication that the material was time sensitive. So unless you were really familiar with the bankruptcy process or had been following it day-to-day, you may not have known that your participation was critical to retain your rights.

What percentage of shareholders should get their share of the agreed settlement?

It was, if only someone had been thinking about them. If a majority of shareholders accepted the settlement and the release, as approximately 60% did, all shareholders should get their share of the agreed settlement, unless they took specific action to opt out.

How much of the reinsurance company will exist after bankruptcy?

Shareholders who voted for the settlement, signed the required release, and mailed it back in a timely fashion, will get a share of the $140 million reinsurance company that will exist after the bankruptcy. About 60% of the common shareholders did just that, according to one of the attorneys involved. The remaining 40% get nothing.

When did Wamu merge with Washington Mutual?

By 1989, its assets had doubled. In November 1994 , WaMu formed a new holding called Washington Mutual, Inc. and separated its non-banking units from its primary banking unit, Washington Mutual Savings Bank, which was simultaneously renamed Washington Mutual Bank.

When did Wamu buy Lincoln Mutual?

In April 1984 , WaMu announced the pending acquisition of the Spokane -based Lincoln Mutual Savings Bank with 14 of its 16 branch offices for $4.5 million. At the time of the announcement, WaMu had 39 branch offices, mostly in western Washington.

What banks did Wamu acquire?

In August 1995, WaMu acquired the one office Bellevue-based Enterprise Bank in Washington. A few months later, WaMu acquired the 41 office Coos Bay-based Western Bank in Oregon. By 1997, the Enterprise name and Western Bank name were megred and operated under Western Bank moniker.

How many branches does Wamu have?

At the time of the announcement, WaMu had 317 branch offices in Washington, Oregon, Idaho, Utah and Montana while American Savings Bank had 220 branch offices in California. The acquisition was completed in December 1996. American kept its name after the acquisition.

What is Wamu Bank?

Washington Mutual, Inc —abbreviated to WaMu —was a savings bank holding company and the former owner of WaMu Bank, which was the United States ' largest savings and loan association until its collapse in 2008.

When did Wamu change its name?

It changed its name to Washington Savings and Loan Association on June 25, 1908. By September 12, 1917, it was operating under the name WaMu Savings Bank. The company purchased its first company, the financially distressed Continental Mutual Savings Bank, on July 25, 1930.

When was Wamu founded?

WaMu was incorporated as the Washington National Building Loan and Investment Association on September 25, 1889, after the Great Seattle Fire destroyed 120 acres (49 ha) of the central business district of Seattle. The newly formed company made its first home mortgage loan on the West Coast on February 10, 1890.

What is a major shareholder?

Major shareholders can include individual investors, mutual funds, hedge funds, or institutions. The Schedule 13D indicates that the investor holds (or held) more than 5% of the company and intends (or intended) to actively pursue a change in business strategy. Schedule 13G indicates a passive investment of over 5%.

Do passive managed funds buy options?

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Overview

History

Business operations prior to bank receivership

Advertising campaigns

Occasio branch design

See also

External links