I am shocked to hear this news. It is not like those investment banks on wall street. I was customer of this bank when I was in Pasadena. I could still remember the friendly service in one of its branch on the main street.
Washington Mutual (abbreviated to WaMu) (NYSE: WM) is a holding company[2] and was owner of the United States' largest savings and loan association[2] until its collapse in 2008 during the subprime mortgage crisis. Despite its name, it stopped being a mutual company in 1983 when it began to trade publicly 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 assets to JPMorgan Chase.[3] WaMu's collapse is the largest bank failure in American financial history.[4] Before the collapse, it was the sixth-largest bank in the United States.[5] According to Washington Mutual's 2007 SEC filing, it held assets valued at $327.9 billion. However, its stock declined from a high of $45 per share in 2007 to 16 cents per share on September 25, 2008.
Washington Mutual (abbreviated to WaMu) (NYSE: WM) is a holding company[2] and was owner of the United States' largest savings and loan association[2] until its collapse in 2008 during the subprime mortgage crisis. Despite its name, it stopped being a mutual company in 1983 when it began to trade publicly 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 assets to JPMorgan Chase.[3] WaMu's collapse is the largest bank failure in American financial history.[4] Before the collapse, it was the sixth-largest bank in the United States.[5] According to Washington Mutual's 2007 SEC filing, it held assets valued at $327.9 billion. However, its stock declined from a high of $45 per share in 2007 to 16 cents per share on September 25, 2008.
Comments
Post a Comment