Wamu deposits are Safe

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In the biggest bank failure in history, JPMorgan Chase will acquire massive branch network and troubled assets from Washington Mutual for $1.9 billion. - JPMorgan Chase acquired the banking assets of Washington Mutual late Thursday after the troubled thrift was seized by federal regulators, marking the biggest bank failure in the nation's history and the latest stunning twist in the ongoing credit crisis. Under the deal, JPMorgan Chase will acquire all the banking operations of WaMu, including $307 billion in assets and $188 billion in deposits. To put the size of WaMu in context, its assets are equal to about two-thirds of the combined book value assets of all 747 failed thrifts that were sold off by the Resolution Trust Corp. - the former government body that handled the S&L crisis from 1989 through 1995. In exchange, JPMorgan Chase (JPM, Fortune 500) will pay approximately $1.9 billion to the Federal Deposit Insurance Corporation. Separately, JPMorgan announced plans to raise $8 billion in additional capital through the sale of stock as part of the deal. The acquisition is JPMorgan Chase's second major purchase this year following the mid-March acquisition of investment bank Bear Stearns, a deal that was also engineered by the government. "We think it is a great thing for our company," JPMorgan Chase Chairman and CEO Jamie Dimon said in a conference call with investors late Thursday night.

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FDIC: Federal Deposit Insurance Corporation
Federal deposit insurance protects the first $100,000 of deposits that are payable in the United States.
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FDIC: Federal Deposit Insurance Corporation
Hurricane Recovery The FDIC has put together information to assist those affected by storms in 2008.
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FDIC, the world's largest firefighter training conference and ...
FDIC in Indianapolis attracts firefighters from around the world to train, network and learn from the industry's most elite instructors. FDIC features H.O.T. (Hands-On Training ...
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Federal Deposit Insurance Corporation - Wikipedia, the free ...
The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation created by the Glass-Steagall Act of 1933. It provides deposit insurance which guarantees ...
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FDIC Real Estate for Sale
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First Convenience Bank
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Washington Mutual
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Colonial Bank
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Fitch cuts WaMu ratings after FDIC seizure
NEW YORK - Fitch Ratings said Friday it has downgraded the issuer-default rating on Washington Mutual Inc. to "C" from "B-" and placed the company's ratings on negative watch, meaning they may be cut further. The move comes after WaMu collapsed on ...
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Source: CNBC
NewsDateTime: 37 minutes ago

JPMorgan Chase buying Washington Mutual's assets for $1.9 billion ...
One positive is that the sale of WaMu's assets to JPMorgan Chase prevents the thrift's collapse from depleting the FDIC's insurance fund. But that detail is likely to give only marginal solace to Americans facing tighter lending and watching their ...
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Source: Chicago Tribune
NewsDateTime: 3 hours ago

FDIC Reassures WaMu Customers
WASHINGTON -- The head of the FDIC said that depositors and other customers of Washington Mutual shouldn't notice any irregularities despite the failure of the thrift. Federal regulators seized WaMu on Thursday and then sold the thrift's banking ...
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Source: BayInsider
NewsDateTime: 2 hours ago

How the Washington Mutual Takeover Will Affect Consumers
No depositor has lost any money, even if it was above FDIC insurance limits. Direct deposits and Social Security checks will continue as normal.
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Source: US News and World Report
NewsDateTime: 23 minutes ago

Why Congress Is Failing America
The FDIC insurance fund contains about $45 billion, and analysts had feared that the failure of a bank the size of WaMu (it had $188 billion in deposits) would swamp the fund.
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Source: Slate
NewsDateTime: 1 hour ago


As a result of the acquisition, the New York City-based JPMorgan Chase will now boast some 5,400 branches in 23 states. Federal regulators, who helped shepherd the deal, stressed that the transition for WaMu customers would be "seamless." "There will be no interruption in services and bank customers should expect business as usual come Friday morning," FDIC Chairman Sheila Bair said in a statement. WaMu becomes the 13th bank to fail so far this year and earns the title of the nation's biggest bank failure by assets on record, ahead of Continental Illinois, which had about $40 billion in assets when it failed in May of 1984. The FDIC, however, was also quick to point out Thursday evening that the WaMu-JPMorgan Chase deal would not have any impact to its insurance fund which covers customer deposits when banks fail. "WaMu's balance sheet and the payment paid by JPMorgan Chase allowed a transaction in which neither the uninsured depositors nor the insurance fund absorbed any losses," Bair said. The FDIC insures the assets held by 8,451 banking institutions with a total of $13.4 trillion.

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Published on: 1/25/2008 12:04:48 PM
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Published on: 9/18/2008 12:15:07 PM
Title: Wamu is done. Martial Law, Get Your House In Order
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Published on: 9/26/2008 12:12:57 AM

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