Washington Mutual

File:ChinatownWaMu.jpg (2004)]]

Despite its name, WaMu ceased being a mutual company in 1983 when it demutualized and became a public company on March 11.{{Cite web|url=https://money.cnn.com/2008/09/25/news/companies/JPM_WaMu/|title=JPMorgan to buy WaMu - Sep. 25, 2008|website=money.cnn.com|access-date=June 24, 2019}} On June 30, 2008, WaMu had total assets of $307{{nbsp}}billion (~${{Format price|{{Inflation|index=US-GDP|value=307000000000|start_year=2008}}}} in {{Inflation/year|US-GDP}}), with 2,239 retail branch offices operating in 15 states, with 4,932 ATMs, and 43,198 employees. It held liabilities in the form of deposits of $188.3{{nbsp}}billion, and owed $82.9{{nbsp}}billion to the Federal Home Loan Bank, and had subordinated debt of $7.8{{nbsp}}billion. It held as assets of $118.9{{nbsp}}billion in single-family loans, of which $52.9{{nbsp}}billion were "option adjustable rate mortgages" (option ARMs), with $16{{nbsp}}billion in subprime mortgage loans, and $53.4{{nbsp}}billion of Home Equity lines of Credit (HELOCs) and credit cards receivables of $10.6{{nbsp}}billion. It was servicing for itself and other banks loans totaling $689.7{{nbsp}}billion, of which $442.7 were for other banks. It had non-performing assets of $11.6{{nbsp}}billion, including $3.23{{nbsp}}billion in payment option ARMs and $3.0{{nbsp}}billion in subprime mortgage loans.

On September 15, 2008, the holding company received a credit rating agency downgrade. From that date through September 24, 2008, WaMu experienced a bank run whereby customers withdrew $16.7{{nbsp}}billion in deposits over those nine days, and in excess of $22{{nbsp}}billion in cash outflow since July 2008, both conditions which ultimately led the Office of Thrift Supervision to close the bank.{{cite news |title= OTS Fact Sheet on Washington Mutual Bank |date=September 25, 2008 |publisher= Office of Thrift Supervision |url=http://files.ots.treas.gov/730021.pdf |access-date=September 28, 2008 |author= |archive-url=https://web.archive.org/web/20081001163230/http://files.ots.treas.gov/730021.pdf |archive-date=October 1, 2008 |url-status=dead}}

The FDIC then sold most of the bank's assets to JPMorgan Chase for $1.9{{nbsp}}billion in cash plus assumption of all secured debt and some unsecured debt. Claims of the subsidiary bank's equity holders, senior and subordinated debt (all primarily owned by the holding company) were not assumed by JPMorgan Chase.{{clarify|date=May 2012}}{{cite press release |title= JPMorgan Chase Acquires Banking Operations of Washington Mutual: FDIC Facilitates Transaction that Protects All Depositors and Comes at No Cost to the Deposit Insurance Fund |date=September 25, 2008 |publisher=Federal Deposit Insurance Corporation |url=http://www.fdic.gov/news/news/press/2008/pr08085.html |access-date=September 25, 2008 |author=}}{{cite news |url=https://www.wsj.com/articles/SB122238415586576687 |title=WaMu Is Seized, Sold Off to J.P. Morgan, In Largest Failure in U.S. Banking History |last1=Sidel |first1=Robin |first2=David |last2=Enrich |first3=Dan |last3=Fitzpatrick |name-list-style=amp |date=September 26, 2008 |newspaper=The Wall Street Journal |access-date=September 27, 2008 |url-access=subscription}} [https://www.proquest.com/docview/399108430/ Alternate Link]{{subscription required}} via ProQuest.

File:Wamu center3.jpg in Seattle, Washington]]

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. It changed its name to Washington Savings and Loan Association on June 25, 1908. By September 12, 1917, it was operating under the name Washington Mutual Savings Bank.{{cite news |url=http://seattletimes.nwsource.com/html/businesstechnology/2008204779_wamutimeline26.html |title=Timeline Washington Mutual: A long history |date=September 26, 2008 |newspaper=The Seattle Times |access-date=September 29, 2008 |author=}} The company purchased its first company, the financially distressed Continental Mutual Savings Bank, on July 25, 1930.{{cite news |title=History |publisher=Washington Mutual Bank |url=https://www.wamu.com/about/corporateprofile/history/default.asp |access-date=September 28, 2008 |date= |author= |archive-url=https://web.archive.org/web/20081116225416/https://www.wamu.com/about/corporateprofile/history/default.asp |archive-date=November 16, 2008 |url-status=dead}} Its marketing slogan for much of its history was "The Friend of the Family".

In April 1982, WaMu purchased the brokerage firm Murphey Favre for undisclosed amount in cash{{cite news |url=https://www.proquest.com/docview/134750943 |title=Business Briefs |newspaper=Wall Street Journal |date=April 22, 1982 |page=48 |author= |url-access=subscription |quote=Washington Mutual Savings Bank of Seattle, said it has purchased Murphey-Favre Inc., a brokerage firm in Spokane. for cash. The amount wasn't disclosed. Washington Mutual is the state's largest mutual savings bank. |access-date=July 7, 2017 |archive-date=March 21, 2017 |archive-url=https://web.archive.org/web/20170321170108/http://pqasb.pqarchiver.com/djreprints/doc/134750943.html |id={{ProQuest|134750943}} |url-status=live }} [https://www.proquest.com/docview/134750943/ Alternate Link]{{subscription required}} via ProQuest. and demutualized the following year, converting into a capital stock savings bank.{{cite news |title=Briefs; Debt Issues |newspaper=New York Times |date=February 19, 1983 |page=I40 |author= |quote=Washington Mutual Savings Bank said it filed a preliminary offering with the Supervisor of Banking covering the offering of common shares as it converts from a mutual to a stock savings bank, through underwriters led by Salomon Brothers.}} [https://www.proquest.com/docview/424550649/ Link]{{subscription required}} via ProQuest. Stock in the capital stock savings bank was first offered for sale on March 11, 1983.{{cite news |title=Briefs |newspaper=New York Times |date=March 11, 1983 |page=D7 |author= |quote=Washington Mutual Savings Bank's offering of 2.8{{nbsp}}million common shares was priced at $12.50 a share, through Salomon Brothers.}} [https://www.proquest.com/docview/424582406/ Link]{{subscription required}} via ProQuest. By 1989, its assets had doubled.

In November 1994, WaMu reorganized as a holding company, Washington Mutual, Inc. It separated the non-banking units from its primary banking unit, Washington Mutual Savings Bank, which was simultaneously renamed Washington Mutual Bank.{{cite news |url=https://archive.seattletimes.com/archive/19941130/1944666/washington-mutual-assumes-new-holding-company-name |title=Washington Mutual Assumes New Holding-Company Name |newspaper=Seattle Times |date=November 30, 1994 |author=}}{{cite press release |title=Washington Mutual completes reorganization to holding company structure |work=PR Newswire |date=November 30, 1994 |page=1 |last=Ehrlich |first=Bill |quote=Chairman, President and Chief Executive Officer Kerry Killinger today announced the completion of the reorganization of Washington Mutual Savings Bank into a holding company structure. The new financial services holding company is called Washington Mutual, Inc. (Nasdaq: WAMU)... In the reorganization, all outstanding shares of Washington Mutual Savings Bank stock were converted to shares of stock of Washington Mutual, Inc. Washington Mutual's common stock will continue to be reported on the Nasdaq National Market under the stock symbol "WAMU." Also as part of the reorganization, Washington Mutual Savings Bank has become Washington Mutual Bank, a subsidiary of Washington Mutual, Inc... Washington Mutual, Inc. is a holding company for both banking and nonbanking subsidiaries. These organizations provide consumer banking, full service securities brokerage, mutual fund management, travel and insurance underwriting services. At Sept. 30, 1994, the predecessor of Washington Mutual, Inc. had consolidated assets of $17.8{{nbsp}}billion and operated more than 250 financial centers and home loan centers in Washington, Oregon and Idaho.}} [https://www.proquest.com/docview/447729639/ Link]{{subscription required}} via ProQuest.{{cite news |url=https://www.proquest.com/docview/904947534 |title=Washington Mutual's Name |newspaper=Wall Street Journal |date=December 1, 1994 |page=A3 |author= |url-access=subscription |quote=Washington Mutual Savings Bank said it formed a holding company named Washington Mutual Inc. Shares outstanding of the thrift institution were converted into shares of the new company. The name of the company's main banking subsidiary has been changed to Washington Mutual Bank. |access-date=July 7, 2017 |archive-date=March 20, 2017 |archive-url=https://web.archive.org/web/20170320144256/http://pqasb.pqarchiver.com/djreprints/doc/904947534.html |id={{ProQuest|904947534}} |url-status=live }} [https://www.proquest.com/docview/904947534/ Alternate Link]{{subscription required}} via ProQuest. The company's stock continued to trade on Nasdaq under WAMU.

In October 2005, WaMu purchased the formerly "subprime" credit card issuer Providian for approximately $6.5{{nbsp}}billion, although Providian's new management team's strategy of targeting Prime credit card consumers had been underway since 2001, therefore the credit card unit's nonperforming loan portfolio had improved significantly prior to the company's sale to WaMu. In March 2006, WaMu began the move into its new headquarters, WaMu Center, located in downtown Seattle. The company's previous headquarters, WaMu Tower, stands about a block away from the new building on Second Avenue. In August 2006, WaMu began using the official abbreviation of WaMu in all but legal situations.{{citation needed|date=August 2023}}

File:Washington mutual naperville.jpg]]

File:Dime Savings 86st 19av jeh.JPG branch in Brooklyn, New York]]

File:Washington Mutual branch in San Jose, California.jpg]]

After the acquisition of Murphey Favre, WaMu made numerous acquisitions with the aim of expanding the corporation. By acquiring companies including PNC Mortgage, Fleet Mortgage and Homeside Lending, WaMu became the third-largest mortgage lender in the U.S. With the acquisition of Providian Financial Corporation in October 2005, WaMu became the nation's 9th-largest credit-card company.

Many of WaMu's acquisitions became reviled as the rapid post-merger integrations resulted in numerous errors. The purchase of the original PNC Mortgage came at a time when subprime lending was in a "boom" period, with PNC Financial Services believing that the market was too volatile.{{cite press release |url=http://www.allbusiness.com/banking-finance/banking-lending-credit-services-mortgage/6048203-1.html |title=Washington Mutual Completes Acquisition of PNC Mortgage |date=February 1, 2001 |website=AllBusiness.com |author= |archive-url=https://web.archive.org/web/20080413173531/http://www.allbusiness.com/banking-finance/banking-lending-credit-services-mortgage/6048203-1.html |archive-date=April 13, 2008 }} (PNC later re-entered the mortgage market in 2009 through its acquisition of National City Corp., with no plans to re-enter subprime lending.) The Dime merger resulted in account ownership to be split with account beneficiaries. The Fleet Mortgage merger resulted in entire loans simply disappearing—being serviced, but unable to be found by customer service representatives.{{Cite web|url=https://www.govinfo.gov/content/pkg/USCOURTS-mab-4_09-ap-04190/pdf/USCOURTS-mab-4_09-ap-04190-1.pdf|title=UNITED STATES BANKRUPTCY COURT DISTRICT OF MASSACHUSETTS CENTRAL DIVISION|website=Gov Info}}

In April 1983, WaMu announced the pending acquisition of three branch offices from the Tacoma-based United Mutual Savings Bank for $3.25{{nbsp}}million (~${{Format price|{{Inflation|index=US-GDP|value=3250000|start_year=1983}}}} in {{Inflation/year|US-GDP}}).{{cite news |url=https://www.proquest.com/docview/134864125 |title=Washington Mutual Agrees To Buy 3 Branches of a Bank |newspaper=Wall Street Journal |date=April 15, 1983 |page=14 |author= |url-access=subscription |quote=Washington Mutual Savings Bank said it signed a letter of intent to buy three branches from United Mutual Savings Bank, also of Tacoma, for $3,250,000. |access-date=July 7, 2017 |archive-date=March 20, 2017 |archive-url=https://web.archive.org/web/20170320144939/http://pqasb.pqarchiver.com/djreprints/doc/134864125.html |id={{ProQuest|134864125}} |url-status=live }} [https://www.proquest.com/docview/134864125/ Alternate Link]{{subscription required}} via ProQuest. 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{{nbsp}}million.{{cite news |title=Bank Merger Set |newspaper=New York Times |date=April 21, 1984 |page=1.28 |author= |quote=An agreement has been reached for the Washington Mutual Savings Bank of Seattle to acquire the Lincoln Mutual Savings Bank of Spokane, Wash., the companies said... Two Lincoln branches, in Bellevue and Kent, Wash., will be sold to United Bank of Tacoma, Wash., for an estimated $4.5{{nbsp}}million. Washington Mutual, which went public last year, is the third largest financial institution in the state, with assets of $3.4{{nbsp}}billion. Lincoln has assets of $480{{nbsp}}million.}} [https://www.proquest.com/docview/424928572/ Link]{{subscription required}} via ProQuest.{{cite news |url=https://www.proquest.com/docview/397874191 |title=Washington Mutual Set To Take Over Lincoln Mutual Savings Bank |newspaper=Wall Street Journal |date=April 23, 1984 |page=1 |author= |url-access=subscription |quote=Washington Mutual Savings Bank said it agreed to merge with Lincoln Mutual Savings Bank of Spokane, Wash... Washington Mutual has about 1,000 employees and 39 branches, mostly in western Washington. Lincoln currently employs about 170 and has 16 branches mostly in eastern Washington. |access-date=July 7, 2017 |archive-date=March 20, 2017 |archive-url=https://web.archive.org/web/20170320144942/http://pqasb.pqarchiver.com/djreprints/doc/397874191.html |id={{ProQuest|397874191}} |url-status=live }} [https://www.proquest.com/docview/397874191/ Alternate Link]{{subscription required}} via ProQuest. At the time of the announcement, WaMu had 39 branch offices, mostly in western Washington.

In May 1987, WaMu announced the pending acquisition of the Wenatchee-based Columbia Federal Savings Bank for $40{{nbsp}}million and also the Seattle-based Shoreline Savings Bank for $7.5{{nbsp}}million.{{cite news |url=http://nl.newsbank.com/nl-search/we/Archives?p_product=SPIB&p_theme=realcities&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=0EB04895D69B1E70&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |title=Washington Mutual to Buy Wenatchee Bank for $40 Million |newspaper=Seattle Post-Intelligencer |date=May 18, 1987 |page=B10 |first=Bruce |last=Ramsey |url-access=subscription |quote=Washington Mutual Savings Bank announced Saturday that it has reached a definitive agreement to buy Columbia Federal Savings Bank of Wenatchee for about $40{{nbsp}}million.}}{{cite news |url=http://nl.newsbank.com/nl-search/we/Archives?p_product=STIW&p_theme=realcities&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=0EB532572D3D9833&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |title=Washington Mutual Buys Seattle, Wenatchee Banks |newspaper=Seattle Times |date=May 18, 1987 |page=C11 |first=Greg |last=Heberlein |url-access=subscription |quote=Faster than you can say mergers and acquisitions, Washington Mutual Savings Bank added two new friends of the family. The state's third-largest financial institution, which keys its advertising off the friends of the family theme, in less than 48 hours said it was acquiring both Wenatchee-based Columbia Federal Savings Bank and north Seattle's Shoreline Savings Bank... Washington Mutual has 50 branches. Shoreline operates 15 branches, Columbia Federal has 12. An earlier agreement in which Shoreline would sell three branches to Washington Mutual was vetoed by regulators, ostensibly because it would have further weakened the ailing institution. The Columbia Federal acquisition would give Washington Mutual its first significant presence in Central Washington. It obtained a strong Eastern Washington foothold in 1985 when it acquired Spokane-based Lincoln Mutual Savings Bank.}}{{cite news |url=http://nl.newsbank.com/nl-search/we/Archives?p_product=SPIB&p_theme=realcities&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=0EB04896022C8FDF&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |title=Washington Mutual Will Buy Shoreline |newspaper=Seattle Post-Intelligencer |date=May 19, 1987 |page=B6 |first=Les |last=Gapay |url-access=subscription |quote=Washington Mutual Savings Bank continued its acquisition spree yesterday by agreeing to buy Shoreline Savings Bank for about $7.5{{nbsp}}million. Washington Mutual on Saturday reached an agreement to buy Columbia Federal Savings Bank of Wenatchee for about $40{{nbsp}}million. Washington Mutual, the third largest financial institution in Washington state with $5.6{{nbsp}}billion in assets, said the Shoreline deal would give it branches in areas where it wants to increase its presence. Shoreline has 15 branches in the North Puget Sound area including Seattle. In addition, the Columbia Federal deal would add $384{{nbsp}}million in assets and the Shoreline purchase $396{{nbsp}}million in assets to Washington Mutual.}} At the time of the announcement in May 1987, WaMu had 50 branch offices, all within Washington state. Both acquisitions were completed in April 1988.{{cite news |url=http://nl.newsbank.com/nl-search/we/Archives?p_product=SPIB&p_theme=realcities&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=0EB048DC83E8184B&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |title=Washington Mutual - Two Recent Purchases - to Merge Into One Bank |newspaper=Seattle Post-Intelligencer |date=April 29, 1988 |page=C5 |author= |url-access=subscription |quote=Washington Mutual Savings Bank today will merge two recent acquisitions, Columbia Federal Savings Bank and Shoreline Savings Bank, to form a new subsidiary. The new subsidiary will operate under the Columbia Federal Savings Bank name, but Shoreline signs will remain at former Shoreline branches for an indefinite period, officials said. Joseph Evans, a Columbia senior vice president, was named president of the new 26-branch subsidiary. Deposits will be insured by the Federal Savings and Loan Insurance Corp. After the merger, Washington Mutual Financial Group will have 76 branches, which can be used by customers of Washington Mutual Savings Bank and Columbia Federal. Washington Mutual's assets will increase to $6.2{{nbsp}}billion from $5.5{{nbsp}}billion. The Seattle-based savings bank paid about $39{{nbsp}}million, or $17.53 a share, for Columbia Federal, and $7.5{{nbsp}}million, or $5 a share, for Shoreline.}}

In January 1990, WaMu announced the pending acquisition of all seven offices of the Seattle-based Old Stone Bank of Washington from the Rhode Island{{En dash}}based Old Stone Corporation for an undisclosed amount.{{cite press release |title=Old Stone Completes Agreement to Sell Washington Retail Division to Washington Mutual Savings Bank |work=Business Wire |date=January 25, 1990 |page=1 |last1=Bilotti |first1=Armand G. |last2=Holbrook |first2=Robert B. |last3=Izzi |first3=Louis R. Jr. |name-list-style=amp |quote=Old Stone Corp. Thursday announced the signing of a definitive agreement to sell its Washington state retail division, Old Stone Bank of Washington, to Washington Mutual, a Federal Savings Bank. Originally named Citizens Federal Savings and Loan Association, Old Stone Bank of Washington was acquired with federal assistance by Old Stone Corp. at the end of the 1985.}} [https://www.proquest.com/docview/447086867/ Link]{{subscription required}} via ProQuest.{{cite news |url=http://nl.newsbank.com/nl-search/we/Archives?p_product=SPIB&p_theme=realcities&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=0EB0495803DDDEBD&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |title=Washington Mutual to Buy Old Stone State Subsidiary |newspaper=Seattle Post-Intelligencer |date=January 26, 1990 |page=C4 |author= |url-access=subscription |quote=Washington Mutual Savings Bank announced yesterday it has agreed to purchase Old Stone Bank of Washington, a subsidiary of Old Stone Corp. of Providence, R.I.. In addition, Washington Mutual will acquire all seven Seattle/Tacoma area branch offices of Old Stone. The Rhode Island bank moved into the area in 1985 when it bought money-losing Citizens Federal Savings and Loan Association and renamed it Old Stone Bank of Washington.}}{{cite news |url=https://archive.seattletimes.com/archive/19900407/1065162/bank-to-acquire-old-stone-branches |title=Bank To Acquire Old Stone Branches |newspaper=Seattle Times |date=April 7, 1990 |author=}} Old Stone originally entered the state of Washington through the acquisition of the ailing Seattle-based Citizens Federal Savings and Loan Association in 1985 with the assistance of the Federal Savings and Loan Insurance Corporation.{{cite news |url=http://nl.newsbank.com/nl-search/we/Archives?p_product=STIW&p_theme=realcities&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=0EB531A172EE028E&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |title=Old Stone Buys Citizens Federal |newspaper=Seattle Times |date=December 30, 1985 |page=D9 |first=Polly |last=Lane |url-access=subscription}}{{cite news |url=http://nl.newsbank.com/nl-search/we/Archives?p_product=STIW&p_theme=realcities&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=0EB531A1CA6FE216&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |title=FSLIC Helps Rhode Island Firm Buy Citizens |newspaper=Seattle Times |date=December 31, 1985 |page=D3 |first=Polly |last=Lane |url-access=subscription}}{{cite news |url=https://www.proquest.com/docview/397928002 |title=Old Stone Acquisition Of Citizens Savings Gets Bank Board Nod |newspaper=Wall Street Journal |date=December 31, 1985 |page=1 |author= |url-access=subscription |quote=The Federal Home Loan Bank Board approved the acquisition of ailing Citizens Savings & Loan Association, Seattle, by Old Stone Corp., a Providence, R.I., thrift holding company. Citizens, a mutual thrift with $477.4{{nbsp}}million in assets, was converted to a federally chartered stock savings bank, Old Stone Bank of Washington, effective yesterday. Old Stone Corp. has $3.7{{nbsp}}billion in assets. To enable the takeover to occur, the Federal Savings and Loan Insurance Corp. will give the new savings bank some cash and indemnify it from certain liabilities and "possible litigation resulting from the acquisition," a Bank Board spokesman said. |access-date=July 7, 2017 |archive-date=April 3, 2017 |archive-url=https://web.archive.org/web/20170403111250/http://pqasb.pqarchiver.com/djreprints/doc/397928002.html |id={{ProQuest|397928002}} |url-status=live }} [https://www.proquest.com/docview/397928002/ Alternate Link]{{subscription required}} via ProQuest. The acquisition by WaMu was completed in June 1990 for $10{{nbsp}}million.{{cite press release |title=Old Stone Completes Sale of Washington Branch Network |work=Business Wire |date=May 31, 1990 |page=1 |last1=Bilotti |first1=Armand G. |last2=Izzi |first2=Louis R. Jr. |name-list-style=amp |quote=Old Stone Corp. Thursday announced it has completed the sale of its Washington state retail division, Old Stone Bank of Washington, to Washington Mutual, a federal savings bank, a subsidiary of Seattle-based Washington Mutual Savings Bank, for a pre-tax gain of approximately $10{{nbsp}}million. Old Stone and Washington Mutual reached a definitive purchase agreement on January 25, 1990, and received regulatory approval for the sale from the Office of Thrift Supervision on April 6, 1990.}} [https://www.proquest.com/docview/447075265/ Link]{{subscription required}} via ProQuest.{{cite news |url=http://nl.newsbank.com/nl-search/we/Archives?p_product=SPIB&p_theme=realcities&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=0EB049775A8B8EDC&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |title=U.S. Bank Old Stone Bank Sale Completion Announced |newspaper=Seattle Post-Intelligencer |date=June 2, 1990 |page=B6 |author= |url-access=subscription |quote=Old Stone Corp. said it has completed the sale of its Washington state retail division, Old Stone Bank of Washington, to Washington Mutual for about $10{{nbsp}}million... In 1985, Old Stone acquired the troubled bank, which was formerly the Citizens Federal Savings and Loan Association.}}

In June 1990, WaMu announced the completed acquisition of all six offices of the failed Walla Walla{{En dash}}based Frontier Federal Savings and Loan Association in Eastern Washington from the Resolution Trust Corporation for $1.8{{nbsp}}million (~${{Format price|{{Inflation|index=US-GDP|value=1800000|start_year=1990}}}} in {{Inflation/year|US-GDP}}).{{cite news |url=http://nl.newsbank.com/nl-search/we/Archives?p_product=SPIB&p_theme=realcities&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=0EB0497BAAAF0E22&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |title=Frontier Federal A Deal With Washington Mutual |newspaper=Seattle Post-Intelligencer |date=June 23, 1990 |page=B6 |author= |url-access=subscription |quote=Washington Mutual yesterday paid $2.3{{nbsp}}million to federal regulators to acquire portions of Frontier Federal Savings and Loan Association in eastern Washington... Frontier's branches in Walla Walla, Pullman, Kennewick, Richland and Dayton will open under Washington Mutual's management on Monday. Resolution Trust Corp. had managed Frontier since it went into receivership on Feb. 23.}}{{cite news |url=http://nl.newsbank.com/nl-search/we/Archives?p_product=STIW&p_theme=realcities&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=0EB534076A9CCDDE&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |title=Washington Mutual Acquisitions to Open |newspaper=Seattle Times |date=June 25, 1990 |page=C7 |author= |url-access=subscription |quote=Frontier Federal Savings & Loan Association offices in Eastern Washington will open today as branches of Washington Mutual. Washington Mutual acquired Frontier Federal Friday from the Resolution Trust Corp. for about $1.8{{nbsp}}million, once accounting adjustments were made. The RTC had managed Frontier Federal since it went into receivership Feb. 23. Two of the former Frontier branches are in Walla Walla. Others are in Pullman, Kennewick, Richland and Dayton. The Seattle-based federal savings bank will assume Frontier's deposit liabilities of about $91.5{{nbsp}}million. Assets include its consumer loan portfolio, options to purchase branch facilities and its residential loan portfolio.}}

In September 1990, WaMu announced the completed acquisition of all three Washington branches of the failed Utah-based Williamsburg Federal Savings and Loan Association from the Resolution Trust Corporation for $1.3{{nbsp}}million (~${{Format price|{{Inflation|index=US-GDP|value=1300000|start_year=1990}}}} in {{Inflation/year|US-GDP}}).{{cite news |url=http://nl.newsbank.com/nl-search/we/Archives?p_product=OR&p_theme=or&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=0EB086289FA1AF79&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |title=Buyers Pick Segments Of Utah Thrift |newspaper=The Oregonian |date=September 15, 1990 |page=E01 |first=Bill |last=MacKenzie |url-access=subscription |quote=Utah-based Williamsburg Federal Savings and Loan Association... The deal, involving three financial institutions, was announced Friday night by the federal Resolution Trust Corp... Washington Mutual Savings Bank, also of Seattle, bought Williamsburg's three Washington branches for $1.3{{nbsp}}million}}

In November 1990, WaMu announced the pending acquisition of the Vancouver-based VanFed Bancorp with its Vancouver Federal Savings Bank subsidiary for $23.3{{nbsp}}million (~${{Format price|{{Inflation|index=US-GDP|value=23300000|start_year=1990}}}} in {{Inflation/year|US-GDP}}).{{cite news |url=https://archive.seattletimes.com/archive/19901112/1103721/washington-mutual-to-buy-savings-bank-in-vancouver |title=Washington Mutual To Buy Savings Bank In Vancouver |newspaper=Seattle Times |date=November 12, 1990 |first=Polly |last=Lane}} At the time of the announcement in November 1990, WaMu had 75 branch offices, all within Washington state. The acquisition was completed in August 1991.{{cite news |url=http://nl.newsbank.com/nl-search/we/Archives?p_product=STIW&p_theme=realcities&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=0EB534C89D3A60FA&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |title=Vanfed Purchase Completed Yesterday |newspaper=Seattle Times |date=August 1, 1991 |page=C6 |author= |url-access=subscription |quote=Washington Mutual Savings Bank's $23.3{{nbsp}}million acquisition of VanFed Bancorp was completed late yesterday. VanFed shareholders will receive $19 a share, the companies said. Vancouver, Wash.-based VanFed operates seven branches in the Clark County area.}}

The acquisition of the Pacific Northwest branch offices from the New York{{En dash}}based CrossLand Savings Bank that was announced in April 1991 and completed in November 1991 gave WaMu four offices within the state of Washington in addition to other offices located in the state of Oregon.

In August 1991, WaMu announced the pending acquisition of the Seattle-based Sound Savings and Loan Association for an undisclosed amount.{{cite news |url=https://archive.seattletimes.com/archive/19910809/1299034/sound-savings-to-merge |title=Sound Savings To Merge |newspaper=Seattle Times |date=August 9, 1991 |author=}} At the time of the announcement in August 1991, WaMu had 84 branch offices, all within Washington state. The acquisition was completed in January 1992.{{cite news |url=http://nl.newsbank.com/nl-search/we/Archives?p_product=STIW&p_theme=realcities&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=0EB53537EADE090B&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |title=Washington Mutual Completes S&L Buy |newspaper=Seattle Times |date=January 3, 1992 |page=F1 |author= |url-access=subscription |quote=Washington Mutual said yesterday it has completed its acquisition of Sound Savings and Loan Association of Seattle. The merger was effective as of Wednesday.}}

In September 1991, WaMu announced the pending acquisition of the Bremerton-based GNW Financial Corporation with its Great Northwest Bank subsidiary for $64{{nbsp}}million (~${{Format price|{{Inflation|index=US-GDP|value=64000000|start_year=1991}}}} in {{Inflation/year|US-GDP}}) in cash and stock.{{cite news |url=http://nl.newsbank.com/nl-search/we/Archives?p_product=STIW&p_theme=realcities&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=0EB534E840DAE837&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |title=Washington Mutual to Buy GNW |newspaper=Seattle Times |date=September 20, 1991 |page=D8 |first=Greg |last=Heberlein |url-access=subscription |quote=The acquisitive Washington Mutual Savings Bank jumped back in the marketplace today, announcing a $64{{nbsp}}million cash-and-stock deal for the parent of Bremerton-based Great Northwest Bank. The state's largest residential lender, with assets of $7{{nbsp}}billion, said it plans to pay about $24.60 a share for GNW Financial, which has about $700{{nbsp}}million in assets.}}{{cite news |url=http://nl.newsbank.com/nl-search/we/Archives?p_product=SPIB&p_theme=realcities&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=0EB049D8184D545A&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |title=Washington Mutual Plans Another Buy |newspaper=Seattle Post-Intelligencer |date=September 21, 1991 |page=B4 |last=Bill Virgin |first=P-I Reporter |url-access=subscription |quote=Washington Mutual Savings Bank plans to buy Great Northwest Bank of Bremerton, and the chairman of the Seattle thrift says his institution's appetite for acquisitions isn't sated yet. The cash-and-stock takeover of Great Northwest's parent, GNW Financial Corp., for $64{{nbsp}}million was announced yesterday and is the seventh acquisition by Washington Mutual during 1990 and 1991... Last year, Washington Mutual, the state's largest thrift, signed deals for VanFed BanCorp, the Washington branches of Old Stone Bank, Frontier Federal Savings and Loan in Walla Walla and three offices of Williamsburg Savings and Loan. This year, Washington Mutual has agreed to buy Washington and Oregon branches of CrossLand Savings and Sound Savings and Loan of Seattle.}} The acquisition was completed in April 1992.{{cite news |url=http://nl.newsbank.com/nl-search/we/Archives?p_product=SPIB&p_theme=realcities&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=0EB049FB4D318927&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |title=Washington Mutual Completes Bremerton Thrift Buyout |newspaper=Seattle Post-Intelligencer |date=April 2, 1992 |page=B4 |author= |url-access=subscription |quote=Washington Mutual Savings Bank completed its purchase of GNW Financial Corp. yesterday and said it will close three of the Bremerton thrift's branches and one of its own. Seattle-based Washington Mutual said the four branches, two in Tacoma and one each in Seattle and Spokane, will be combined with nearby branches. The four branches will be closed June 19. GNW subsidiary Great Northwest Bank had 119 employees working at its 17 branches.}}

In December 1991, WaMu announced the pending acquisition of both Washington state branch offices of the California-based World Savings and Loan Association of America, a subsidiary of Golden West Financial, for an undisclosed amount.{{cite news |url=http://nl.newsbank.com/nl-search/we/Archives?p_product=STIW&p_theme=realcities&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=0EB5352818FEFC77&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |title=Washington Mutual Buys World Offices |newspaper=Seattle Times |date=December 19, 1991 |page=E3 |author= |url-access=subscription |quote=ashington Mutual Savings Bank has agreed to buy two Snohomish County branches of World Savings and Loan Association of America, a subsidiary of Golden West Financial Corp. of Oakland, Calif. The two branches, in Lynnwood and Everett, account for all of World's Washington business.}} The acquisition was completed in March 1992.{{cite news |url=http://nl.newsbank.com/nl-search/we/Archives?p_product=STIW&p_theme=realcities&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=0EB53550C8688783&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |title=Washington Mutual Expands Holdings |newspaper=Seattle Times |date=March 7, 1992 |page=A16 |author= |url-access=subscription |quote=Washington Mutual Savings Bank yesterday completed the acquisition of about $40{{nbsp}}million of deposits at World Savings and Loan Association's Washington branches in Everett and Lynnwood. Its subsidiary, Washington Mutual, a Federal Savings Bank, will continue operations at the two locations. All branch employees were offered continuing employment with Washington Mutual. World Savings retains ownership of its loan centers in Lynnwood and Bellevue. With assets of $7.1{{nbsp}}billion, Washington Mutual has $7.1{{nbsp}}billion in assets and operates a total of 104 financial centers and 18 home-loan centers in Washington, Oregon and Idaho.}}

In August 1992, WaMu announced the pending acquisition of the Lynnwood-based Pioneer Savings Bank for $181{{nbsp}}million (~${{Format price|{{Inflation|index=US-GDP|value=181000000|start_year=1992}}}} in {{Inflation/year|US-GDP}}) in stock.{{cite news |url=http://nl.newsbank.com/nl-search/we/Archives?p_product=TNTB&p_theme=tntb&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=0F1CFF62652F76A6&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |title=Washington Mutual to Buy Pioneer for $181 Million |newspaper=Tacoma News-Tribune |date=August 21, 1992 |page=C9 |first=Graham |last=Fysh |url-access=subscription |quote=Seattle's Washington Mutual Savings Bank continues to expand by gobbling up competitors in the Puget Sound region. The bank announced late Thursday that it has agreed to buy Pioneer Savings Bank of Lynnwood in a stock-swap deal valued at $181{{nbsp}}million... The buyout - which is likely to be completed early next year after federal and shareholder approval - comes less than a year after Washington Mutual's $64{{nbsp}}million purchase of Bremerton-based Great Northwest Savings Bank, which added 17 branches. Washington Mutual has also acquired two smaller savings and loan banks this year, which added three new branches. The savings bank's 123 branches would increase to 141 if the Pioneer deal goes through.}}{{cite press release |url=https://www.thefreelibrary.com/PIONEER+SAVINGS+BANK+SIGNS+AGREEMENT+TO+MERGE+WITH+WASHINGTON+MUTUAL...-a012486706 |title=Pioneer Savings Bank Signs Agreement to Merge With Washington Mutual Savings Bank |work=PR Newswire |date=August 20, 1992 |author= |via=The Free Library |access-date=March 19, 2017 |archive-date=March 20, 2017 |archive-url=https://web.archive.org/web/20170320052423/https://www.thefreelibrary.com/PIONEER+SAVINGS+BANK+SIGNS+AGREEMENT+TO+MERGE+WITH+WASHINGTON+MUTUAL...-a012486706 |url-status=dead }}{{cite news |url=http://nl.newsbank.com/nl-search/we/Archives?p_product=STIW&p_theme=realcities&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=0EB535BD6A41A572&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |title=Pioneer Savings to Be Acquired - Washington Mutual Deal Worth $181 Million |newspaper=Seattle Times |date=August 21, 1992 |page=D7 |first=Himanee Gupta; Michele Matassa |last=Flores |url-access=subscription |quote=All but one of Pioneer's 17 branches are in King and Snohomish... Washington Mutual has 53 locations in King and Snohomish counties, slightly less than half of its total 118 financial centers and 18 home-loan centers in Washington, Oregon and Idaho.}} The acquisition was completed in March 1993.{{cite news |url=http://www.upi.com/Archives/1993/03/01/Washington-Mutual-completes-takeover-of-Pioneer-Bank/8609730962000/ |title=Washington Mutual completes takeover of Pioneer Bank |newspaper=United Press International |date=March 1, 1993 |author=}}

{{anchor|Pacific First Financial Corporation}}

In October 1992, WaMu announced the pending acquisition of the ailing Seattle-based Pacific First Financial Corporation with its Pacific First Bank subsidiary for $663{{nbsp}}million (~${{Format price|{{Inflation|index=US-GDP|value=663000000|start_year=1992}}}} in {{Inflation/year|US-GDP}}) from its Canada-based parent Royal Trustco. The acquisition was contingent on having Pacific First dispose of its branch offices in California and having its Canadian parent Royal Trustco assume all of Pacific First's bad loans.{{cite news |url=https://archive.seattletimes.com/archive/19921027/1521043/washington-mutual-to-buy-bank----washington-mutual-wins-bid-for-pacific-first |title=Washington Mutual To Buy Bank—Washington Mutual Wins Bid For Pacific First |newspaper=Seattle Times |date=October 27, 1992 |first=Greg |last=Heberlein |quote=In one of the Pacific Northwest's biggest financial transactions of its kind, Washington Mutual Savings Bank said today it won the sweepstakes to take control of Pacific First Financial Corp., parent company to Pacific First Bank. The move will make Washington Mutual the second-largest financial institution in Washington and give it a huge initial presence in Oregon. Washington Mutual said it will pay $663{{nbsp}}million for the rival institution - both have Seattle headquarters. After the deal is done next May or June, Washington Mutual will be second in size here only to Seafirst Bank. Just three years ago, then publicly held Pacific First was acquired by Royal Trustco of Toronto, Canada, for $212{{nbsp}}million. But since then, Royal Trustco has run into problems elsewhere, and decided to abandon its strategy to string branches along the West Coast of the United States. It put Pacific First up for bid.}}{{cite news |url=http://web.kitsapsun.com/archive/1992/10-27/249242_washington_mutual_buying_pacifi.html |title=Washington Mutual buying Pacific First |newspaper=Kitsap Sun |date=October 27, 1992 |author= |quote=Washington Mutual Savings Bank has signed a definitive agreement to buy Pacific First Bank from Canada's Royal Trustco Ltd. for $663{{nbsp}}million, the companies announced today. Washington Mutual will acquire Pacific First Financial Corp., the holding company for the federal savings bank, from RT Holdings Inc., a subsidiary of Royal Trustco. After approval by regulators, the deal is expected to close in mid 1993.}}{{cite news |url=http://nl.newsbank.com/nl-search/we/Archives?p_product=SPIB&p_theme=realcities&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=0EB04A1A30768A76&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |title=Washington Mutual Plans to Buy Pacific First Bank |newspaper=Seattle Post-Intelligencer |date=October 28, 1992 |page=B5 |first=Bill |last=Virgin |url-access=subscription |quote=Washington Mutual Savings Bank will buy Pacific First Bank in a deal that cements its position as one of the three leading financial institutions in the Pacific Northwest. It also brings to a somewhat messy and expensive end a foray into the American banking market by Royal Trustco Ltd. of Toronto, parent of Pacific First. While Royal Trustco is giving up its dream of building an American banking empire anchored in Seattle, it will be stuck with hundreds of millions of dollars in real estate loans that are in default or heading that way. And the $663{{nbsp}}million acquisition of Pacific First Financial Corp. marks the third major upheaval of banking in Washington in a year, which will mean more sign changes, building closures and potential layoffs for employees. Washington Mutual already has $8.4{{nbsp}}billion in assets and 118 branches and 17 loan centers in Washington and Oregon. Pacific First has assets of $6.9{{nbsp}}billion, 127 branches in Washington, Oregon and California and eight mortgage offices. It previously agreed to trade its 10 California branches for Great Western Bank's 14 Washington branches. Once the Pacific First deal is completed, Washington Mutual will have assets of about $14{{nbsp}}billion... Pacific First is merely the latest in a series of acquisitions Washington Mutual has made in the last few years, including Pioneer Savings in Lynnwood, Great Northwest in Bremerton and VanFed in Vancouver. With Pacific First's branches, Washington Mutual's share of consumer deposits in Washington will be 17.2 percent, ahead of KeyCorp-Puget Sound with 10.3 percent and trailing only Seafirst at 20.4 percent, Tejera said. In Oregon, Washington Mutual will become the fourth biggest in consumer deposits.}} The acquisition was completed in April 1993.{{cite news |url=http://www.upi.com/Archives/1993/04/12/Washington-Mutual-acquires-Pacific-First/4405734587200/ |title=Washington Mutual acquires Pacific First |newspaper=United Press International |date=April 12, 1993 |author= |quote=Washington Mutual Savings Bank announced the acquisition Monday of Pacific First Financial Corp. and its Seattle- based subsidiary, Pacific First Bank, for an undisclosed sum from RT Holdings Inc., a subsidiary of Toronto's Royal Trustco Ltd.}} At the time of the initial announcement in October 1992, WaMu had 118 branch offices in Washington and Oregon while Pacific First had 127 branch offices in Washington, Oregon and California. Pacific First had previously announced that it was trading its California offices for Great Western's Washington offices. As a result of the Pacific First acquisition, WaMu became one of the largest banking institution based upon consumer deposits in the state of Washington, second only to Seafirst.

In June 1994, WaMu announced the pending acquisition of the Bellevue-based Summit Bancorp with its Summit Savings Bank subsidiary for $25{{nbsp}}million in stock.{{cite news |url=https://archive.seattletimes.com/archive/19940614/1915630/summit-merging-with-washington-mutual |title=Summit Merging With Washington Mutual |newspaper=Seattle Times |date=June 14, 1994 |first=Byron |last=Acohido}} At the time of the announcement, WaMu had 231 branch offices in Washington and Oregon. The acquisition was completed in November 1994.{{cite press release |url=https://www.thefreelibrary.com/WASHINGTON+MUTUAL+SAVINGS+BANK+COMPLETES+SUMMIT+BANCORP+MERGER-a015864460 |title=Washington Mutual Savings Bank Completes Summit Bancorp Merger |work=PR Newswire |date=November 15, 1994 |author= |via=The Free Library |access-date=March 21, 2017 |archive-date=March 21, 2017 |archive-url=https://web.archive.org/web/20170321165436/https://www.thefreelibrary.com/WASHINGTON+MUTUAL+SAVINGS+BANK+COMPLETES+SUMMIT+BANCORP+MERGER-a015864460 |url-status=dead }}

In June 1995, WaMu announced the pending acquisition of the Bellevue-based Enterprise Bank for $26.8{{nbsp}}million (~${{Format price|{{Inflation|index=US-GDP|value=26800000|start_year=1995}}}} in {{Inflation/year|US-GDP}}) in stock, this was WaMu's entry into the commercial banking sector. Enterprise Bank was a highly profitable one unit carriage trade business bank staffed with highly successful management. WaMu named Tom Cleveland President of the commercial banking unit which later included Western Bank in Coos Bay Oregon.{{cite news |url=https://archive.seattletimes.com/archive/19950602/2124302/washington-mutual-to-buy-enterprise----aim-of-deal-tiny-banks-commercial-charter |title=Washington Mutual To Buy Enterprise—Aim Of Deal: Tiny Bank's Commercial Charter |newspaper=Seattle Times |date=June 2, 1995 |author=}}{{cite press release |url=https://www.thefreelibrary.com/WASHINGTON+MUTUAL+SIGNS+AGREEMENT+TO+ACQUIRE+ENTERPRISE+BANK-a016987895 |title=Washington Mutual Signs Agreement to Acquire Enterprise Bank |work=PR Newswire |date=June 2, 1995 |author= |via=The Free Library |access-date=March 21, 2017 |archive-date=March 21, 2017 |archive-url=https://web.archive.org/web/20170321165835/https://www.thefreelibrary.com/WASHINGTON+MUTUAL+SIGNS+AGREEMENT+TO+ACQUIRE+ENTERPRISE+BANK-a016987895 |url-status=dead }}{{cite news |url=http://nl.newsbank.com/nl-search/we/Archives?p_product=SPIB&p_theme=realcities&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=0EB04AAA9AF55390&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |title=Washington Mutual to Buy All Of Enterprise - Combination Is Good for Both Sides, Executives Say |newspaper=Seattle Post-Intelligencer |date=June 3, 1995 |page=B4 |first=Bill |last=Virgin |url-access=subscription |quote=Washington Mutual Bank plans to acquire the 90 percent of Bellevue's Enterprise Bank it doesn't already own, completing a somewhat unusual alliance of a big thrift institution dealing mainly with consumers and a small commercial bank whose focus is business... Enterprise has one office and assets of about $135{{nbsp}}million, compared with 260 offices and $19.1{{nbsp}}billion for Washington Mutual... Enterprise will operate under Washington Mutual's state savings bank charter but as a separate organization and under its current name.}} At the time of the announcement, WaMu had 260 branch offices. Unlike the previous acquisition targets, Enterprise held a commercial bank charter and not a thrift charter.

In April 1991, WaMu announced the pending acquisition of the 25 offices in the Portland, Oregon / Vancouver, Washington area from the failing New York{{En dash}}based CrossLand Savings Bank, a subsidiary of Brooklyn Bancorp, for an undisclosed amount.{{cite news |url=https://archive.seattletimes.com/archive/19910415/1277626/washington-mutual-buys-25-branches |title=Washington Mutual Buys 25 Branches |newspaper=Seattle Times |date=April 15, 1991 |author=}} The acquisition was completed in November 1991.{{cite news |url=https://archive.seattletimes.com/archive/19911111/1316706/washington-mutual-completes-sl-buy |title=Washington Mutual Completes S&L Buy |newspaper=Seattle Times |date=November 11, 1991 |author=}} Seven of the 25 offices were located in Washington with the remainder in Oregon. As part of the transaction, CrossLand Savings closed seven offices in Oregon and three offices in Washington, leaving eleven offices in Oregon and four in Washington. CrossLand had previously entered Oregon (and three other states) through the relatively recent acquisition of the troubled Utah-based Western Savings and Loan Association.{{cite news |url=https://www.nytimes.com/1987/02/20/business/company-news-crossland-savings.html?pagewanted=all |title=Crossland Savings |newspaper=New York Times |date=February 20, 1987 |author=}}{{cite news |url=http://nl.newsbank.com/nl-search/we/Archives?p_product=OR&p_theme=or&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=0EB084B62B54655E&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |title=Weak Thrifts Still Face Hard Times |newspaper=The Oregonian |date=November 9, 1987 |page=D09 |first=Donald J. |last=Sorensen |url-access=subscription |quote=CrossLand, which acquired Western Savings Association this year...}}{{cite news |url=http://nl.newsbank.com/nl-search/we/Archives?p_product=OR&p_theme=or&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=0EB0853E6CCD0E02&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |title=Crossland Savings Plans Bank Branches In NW Safeway Stores |newspaper=The Oregonian |date=December 15, 1988 |page=F15 |first=Donald J. |last=Sorensen |url-access=subscription |quote=CrossLand Savings on Wednesday announced plans to install full-service banking branches in Safeway stores in Oregon and Washington. The agreement calls for branches to be installed in 20 stores in the Portland-Vancouver area and eight in the Eugene-Springfield section of the state. The first branches are scheduled to open March 1 in the Safeway store in Raleigh Hills and one in the Esplanade mall in Hillsboro, according to Christopher J. Sumner, president of the savings bank. All will be operating by December 1990, the savings bank said... CrossLand has seven full-service branches in the Portland metropolitan area that were picked up when it acquired Western Savings.}} The CrossLand acquisition gave WaMu a toe hold entry into Oregon via Portland.

As a result of the Pacific First acquisition in April 1993, WaMu became the fourth largest banking institution based upon consumer deposits within the state of Oregon. Originally, Pacific First grew quickly in Oregon during the late 1980s through the acquisition of troubled savings and loans.{{cite news |url=http://nl.newsbank.com/nl-search/we/Archives?p_product=OR&p_theme=or&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=0EB0853ECF8A3904&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |title=Tacoma Thrift Acquires Two S&Ls |newspaper=The Oregonian |date=December 16, 1988 |page=C01 |first=Donald J. |last=Sorensen |url-access=subscription |quote=Federal regulators Thursday announced the acquisition of insolvent savings and loans in Salem and Vancouver, Wash., by Pacific First Financial Corp. of Tacoma. The insolvent institutions are American Home Savings Bank of Salem and Community First Federal Savings. Both have been under federal supervision for more than a year and have substantial negative net worth. The two thrifts were closed by regulators Thursday and will open under Pacific First ownership Friday where business will be conducted without interruption. The institutions were acquired through a wholly owned subsidiary of Pacific First Federal Savings Bank and will be operated as Pacific First Bank... The twin acquisition will expand Pacific First's operations in Oregon and the Portland market. It already has 11 branches in Portland and Eugene, and it will pick up nine more from Community in the Portland area and 17 American Home offices in the mid-Willamette Valley. It will also get seven Community branches in the Vancouver area.}}{{cite news |url=http://nl.newsbank.com/nl-search/we/Archives?p_product=OR&p_theme=or&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=0EB0864093071D1A&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |title=Willamette S&L Closure Costs 150 Jobs |newspaper=The Oregonian |date=December 1, 1990 |page=D01 |first=Bill |last=MacKenzie |url-access=subscription |quote=When Pacific First Financial Corp. shuts down the last remnant of the former Willamette Savings and Loan Dec. 7, it will have laid off about 150 former Willamette employees. At the time Seattle-based Pacific First acquired Willamette in June from the federal Resolution Trust Corp.}} By February 1991, Pacific First had 78 branches in Oregon, more than any other thrift.{{cite news |url=http://nl.newsbank.com/nl-search/we/Archives?p_product=OR&p_theme=or&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=0EB0866DB641C650&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |title=Pacific First Tops Oregon Thrifts |newspaper=The Oregonian |date=February 22, 1991 |page=E15 |first=Bill |last=MacKenzie |url-access=subscription |quote=Pacific First Bank, a Seattle-based thrift, has quietly become the largest holder of deposits among all thrifts operating in Oregon. It also operates 78 branches in Oregon, more than any other thrift. Its rise has been due, in part, to turmoil in the thrift industry that has led to deposit declines at competitors and the shift of one large thrift to a bank. Pacific First had $1.1{{nbsp}}billion in deposits at its Oregon branches at the end of 1989. A year later, deposits had grown to $2.3{{nbsp}}billion. It now holds about 27 percent of the thrift market in Oregon and about 9 percent of the combined thrift and bank market. The next-largest Oregon thrift is Far West Federal Bank with $1.3{{nbsp}}billion in deposits... Pacific First has been serving Oregonians since 1936, but it had only a few branches until December 1988, when it bought 17 branches of Salem-based American Home Savings. One year later the thrift was acquired by Toronto, Canada-based Royal Trustco, Canada's largest trust company, which injected $100{{nbsp}}million of capital into the thrift and set it on an aggressive expansion course. Pacific First acquired the 45 branches of Willamette Savings and Loan in June and added the 12 Oregon branches of the Williamsburg Federal Savings and Loan Association in September. Some recently acquired branches have been closed, leaving the thrift with 78 Oregon branches spread throughout the state, but principally in the Portland metropolitan area and the Willamette Valley.}} Pacific First had 71 branches in Oregon by July 1992.{{cite news |url=http://nl.newsbank.com/nl-search/we/Archives?p_product=OR&p_theme=or&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=0EB087568CF79EA1&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |title=Parent Company Considers Selling Pacific First Bank |newspaper=The Oregonian |date=July 26, 1992 |page=C03 |first=Barnes C. |last=Ellis |url-access=subscription |quote=The Canadian parent corporation of Pacific First Financial Corp. is considering selling the savings bank in a move that could affect employees in 71 Oregon branches. Royal Trustco Ltd. of Toronto is "holding discussions with a number of financial institutions," Pacific First announced in a statement from the bank's Seattle headquarters.}}

In April 1994, WaMu announced the completed acquisition of three Portland-area offices of the failed Portland-based Far West Federal Savings Bank from the Resolution Trust Corporation for $2.2{{nbsp}}million (~${{Format price|{{Inflation|index=US-GDP|value=2200000|start_year=1994}}}} in {{Inflation/year|US-GDP}}).{{cite news |url=https://archive.seattletimes.com/archive/19940418/1906109/rtc-sells-most-assets-of-far-west |title=RTC Sells Most Assets Of Far West |newspaper=Seattle Times |date=April 18, 1994 |author=}}

In October 1995, WaMu announced the pending acquisition of the Coos Bay{{En dash}}based Western Bank for $156{{nbsp}}million (~${{Format price|{{Inflation|index=US-GDP|value=156000000|start_year=1995}}}} in {{Inflation/year|US-GDP}}) in stock.{{cite news |url=https://archive.seattletimes.com/archive/19951012/2146526/wash-mutual-to-buy-bank----purchase-of-western-bank-will-expand-oregon-holdings |title=Wash. Mutual To Buy Bank—Purchase Of Western Bank Will Expand Oregon Holdings |newspaper=Seattle Times |date=October 12, 1995 |last1=Lane |first1=Polly |last2=Heberlein |first2=Greg |name-list-style=amp |quote=Washington Mutual Inc. said today it will expand its presence in Oregon by acquiring Western Bank of Coos Bay, the second-largest independent commercial bank in the Northwest, after U.S. Bancorp. Western Bank, which operates 41 offices in 33 Oregon communities, had assets of $780.1{{nbsp}}million at the end of September.}}{{cite news |url=http://www.spokesman.com/stories/1995/oct/13/washington-mutual-buys-oregon-bank/ |title=Washington Mutual Buys Oregon Bank |newspaper=The Spokesman-Review |date=October 13, 1995 |author=}}{{cite news |url=http://nl.newsbank.com/nl-search/we/Archives?p_product=SPIB&p_theme=realcities&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=0EB04ABC8C26DA52&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |title=Washington Mutual to Buy Oregon Bank - Acquisition Adds 41 Offices And Increases Reach Into Commercial Banking Market |newspaper=Seattle Post-Intelligencer |date=October 13, 1995 |page=D1 |first=Bill |last=Virgin |url-access=subscription |quote=In a deal that will both expand it geographically and diversify its lines of business, Washington Mutual Inc. said yesterday it has an agreement to buy Western Bank of Coos Bay, Ore... Western Bank has 41 offices in 33 Oregon communities, so the acquisition will add to Washington Mutual's 72 branches in that state. It also adds 20 towns Washington Mutual isn't already in. Washington Mutual is already the leading residential real estate lender in Oregon. But the deal also increases Washington Mutual's reach into the commercial banking market. Washington Mutual has traditionally emphasized the thrift business, which means home mortgage and consumer loans. Western, being a commercial bank, focuses on lending to small- and medium-sized businesses. Commercial banking is a business Washington Mutual has been increasingly interested in. Last month it wrapped up a deal to acquire the 90 percent of Bellevue's Enterprise Bank it didn't already own. Like Enterprise, Western Bank will continue to operate under its existing name and management.}}{{cite news |url=http://nl.newsbank.com/nl-search/we/Archives?p_product=OR&p_theme=or&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=0EB0892403BE719C&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |title=Seattle Thrift Says It Will Buy Western |newspaper=The Oregonian |date=October 14, 1995 |page=C07 |first=Jeff |last=Manning |url-access=subscription |quote=Washington Mutual Inc. said it intends to acquire Coos Bay-based Western Bank for between $144{{nbsp}}million and $169{{nbsp}}million. If it completes its surprise purchase, Washington Mutual will jump past Bank of America and Key Bank to become the third-largest bank in Oregon in both deposits, $2.6{{nbsp}}billion, and the number of branches, 114... Most of Western's 41 branches are in Southern Oregon. It has only a single branch in the metropolitan area, in Beaverton. Washington Mutual, on the other hand, has 42 branches in and around Portland.}} The acquisition was completed in February 1996.{{cite news |url=https://archive.seattletimes.com/archive/19960201/2311915/washington-mutual-deal-for-oregon-bank-completed |title=Washington Mutual Deal For Oregon Bank Completed |newspaper=Seattle Times |date=February 1, 1996 |author= |quote=Washington Mutual, principally a savings-bank company, says it has completed the acquisition of Western Bank of Coos Bay, Ore., a commercial bank... Western will be part of Washington Mutual's commercial banking group. Western has 42 offices in 35 Oregon communities. Its assets total $787{{nbsp}}million.}} Since Western Bank possessed a commercial bank charter and not a more restrictive savings & loan charter, WaMu decided to allow Western Bank to keep its charter and name and to remain semi-autonomous for a while. At the time of the acquisition, Western Bank had 41 offices throughout Oregon. Five years later, WaMu decided to abandon the Western Bank brand and integrate most of the former Western Bank offices into the existing WaMu network in Oregon in 2001.{{cite news |url=http://www.bizjournals.com/portland/stories/2001/06/04/story1.html |title=Wamu to scrap Western Bank brand |work=Portland Business Journal |date=June 3, 2001 |first=Robert |last=Goldfield}}{{cite news |url=http://www.mailtribune.com/article/20011107/biz/311079999 |title=Washington Mutual replaces Western Bank signs |newspaper=Mail Tribune |date=November 7, 2001 |first=Greg |last=Stiles |quote=Western Bank, once a model of community banking, will disappear from the state's landscape this weekend. Workers are changing signs at 30 of the bank's remaining 31 branches. The branches will close Friday and re-open Tuesday as Washington Mutual offices. The exception is the 300 E. Main St. branch in Medford that will be abandoned. |access-date=March 23, 2017 |archive-date=March 23, 2017 |archive-url=https://web.archive.org/web/20170323143615/http://www.mailtribune.com/article/20011107/biz/311079999 |url-status=dead }} Due to branch overlaps between the two brands, 12 Western Bank branch offices and one WaMu branch office were sold to the Klamath Falls-based Klamath First Bancorp for $33{{nbsp}}million.{{cite news |url=http://www.bizjournals.com/portland/stories/2001/05/28/daily4.html |title=Klamath First buys Western Bank branches |work=Portland Business Journal |date=May 29, 2001 |author=}}{{cite news |url=http://www.lagrandeobserver.com/business/4014921-151/klamath-first-opens-doors-in-la-grande |title=Klamath First Opens Doors In La Grande |newspaper=La Grande Observer |date=September 27, 2001 |first=Ray |last=Linker}}

In March 1994, WaMu announced that they were planning to expand into the state of Idaho by building new branch offices inside Fred Meyer supermarket stores with the first three being opened in the Boise-area in July and August.{{cite news |url=http://nl.newsbank.com/nl-search/we/Archives?p_product=STIW&p_theme=realcities&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=0EB537122D11C7C3&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |title=Washington Mutual Plans Inroads Into Southwest Idaho |newspaper=Seattle Times |date=March 11, 1994 |page=E4 |author= |url-access=subscription |quote=Washington Mutual will expand into Southwest Idaho, as its federal savings bank subsidiary builds the Boise area's first full-service bank branches inside Fred Meyer stores.}}{{cite news |url=http://nl.newsbank.com/nl-search/we/Archives?p_product=SPIB&p_theme=realcities&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=0EB04A6AEBBCED11&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |title=Washington Mutual Plans Boise Offices |newspaper=Seattle Post-Intelligencer |date=March 11, 1994 |page=E5 |author= |url-access=subscription |quote=Washington Mutual Savings Bank said yesterday it plans to open a loan office and three in-store branches in the Boise area this year, its first venture into that market. Seattle-based Washington Mutual already operates 68 in-store locations in Washington and Oregon, in addition to 162 free-standing branches. The Idaho branches will open in July and August and will be located in Fred Meyer stores.}}{{cite press release |url=https://www.thefreelibrary.com/WASHINGTON+MUTUAL+TO+EXPAND+INTO+IDAHO+WITH+BOISE%27S+FIRST+IN-STORE...-a014888840 |title=Washington Mutual to Expand Into Idaho With Boise's First In-Store Bank Branches |work=PR Newswire |date=March 10, 1994 |author= |via=The Free Library |access-date=April 20, 2017 |archive-date=April 20, 2017 |archive-url=https://web.archive.org/web/20170420144553/https://www.thefreelibrary.com/WASHINGTON+MUTUAL+TO+EXPAND+INTO+IDAHO+WITH+BOISE%27S+FIRST+IN-STORE...-a014888840 |url-status=dead }}{{cite news |title=Bag a loan with your groceries! Opportunities aplenty |newspaper=Puget Sound Business Journal |date=July 29, 1994 |page=20 |volume=15 |issue=11 |last=Neurath |first=Peter |quote=Washington Mutual Savings Bank recently opened two in-store Boise branches and plans to open a third early next month, all inside Fred Meyer stores.}} [https://www.proquest.com/docview/226870944/ Link]{{subscription required}} via ProQuest.

In the following year, WaMu opened a fourth Idaho location in a Moscow supermarket in February 1995.{{cite news |url=http://nl.newsbank.com/nl-search/we/Archives?p_product=LMTB&p_theme=lmtb&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=156BF97812B8C920&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |title=Business On The Move |newspaper=Lewiston Morning Tribune |date=February 26, 1995 |author= |url-access=subscription |quote=Washington Mutual will open its new Moscow Financial Center Monday inside the Rosauers grocery at 409 N. Main St... The Moscow bank is the Seattle-based company's first venture into northern Idaho, although it has three other branches in the state.}}

A branch office in Idaho Falls was acquired from the Utah-based United Savings Bank when WaMu purchased the savings bank in January 1997.

By March 2000, there were 9 locations within Idaho{{cite news |title=WAMU grows via stand-alone branches |magazine=The Idaho Business Review |date=March 27, 2000 |page=A1 |volume=19 |issue=21 |last=Carlson |first=Brad |quote=Among big banks serving southwest Idaho, Seattle-based Washington Mutual seems unique in that it is growing the old-fashioned way - by constructing standalone branch offices... In the early 1990s, Washington Mutual entered the southwest Idaho market with branches inside area Fred Meyer grocery and department stores... WAMU has nine offices of various types in the Boise area.}} [https://www.proquest.com/docview/219100746/ Link]{{subscription required}} via ProQuest. and later 22 locations in 2008 when Chase acquired WaMu.{{cite news |url=http://www.idahopress.com/news/washington-mutual-locations-convert-to-chase-branches/article_716526e6-f47e-5114-8680-e57bcf02ab38.html |title=Washington Mutual locations convert to Chase branches |newspaper=Idaho Press Tribune |date=June 18, 2009 |first=Jesse |last=Nance}}

In July 1994, WaMu announced the pending acquisition of the Salt Lake City{{En dash}}based Olympus Capital Corporation with its Olympus Bank, FSB, subsidiary for $52.1{{nbsp}}million in stock.{{cite news |url=https://www.nytimes.com/1994/07/26/business/company-news-washington-mutual-to-buy-olympus-capital.html?pagewanted=all |title=Washington Mutual to Buy Olympus Capital |newspaper=New York Times |date=July 26, 1994 |author=}}{{cite news |url=http://nl.newsbank.com/nl-search/we/Archives?p_product=SPIB&p_theme=realcities&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=0EB04A7BC45B4E97&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |title=Bank Gets Toehold In Utah - Washington Mutual Buys Olympus Capital |newspaper=Seattle Post-Intelligencer |date=July 26, 1994 |page=B6 |first=Bill |last=Virgin |url-access=subscription |quote=Washington Mutual Savings Bank said yesterday it is joining the parade of banks and thrifts marching into Utah by buying an eight-office company in the Beehive State. Along with the acquisition come two branches in Butte, Mont., another new state for Washington Mutual. But Chairman Kerry Killinger said he doesn't know yet whether Washington Mutual will keep, expand or sell that operation. Washington Mutual will pay about $52.1{{nbsp}}million in stock for Olympus Capital Corp., the holding company for Olympus Bank. The deal should be closed by early 1995. Olympus operates five branches in Salt Lake City, two in Ogden and one in Provo.}} At the time of the announcement, WaMu had 250 branch offices in Washington and Oregon while Olympus had eight branch offices in Utah and two in Montana. The acquisition was completed in May 1995.{{cite news |url=http://www.spokesman.com/stories/1995/may/02/washington-mutual-absorbs-olympus/ |title=Washington Mutual Absorbs Olympus |newspaper=The Spokesman-Review |date=May 2, 1995 |author=}}

In March 1996, WaMu announced the pending acquisition of the Ogden-based Utah Federal Savings Bank for an undisclosed amount.{{cite news |url=https://archive.seattletimes.com/archive/19960302/2316830/washington-mutual-to-buy-utah-savings-bank |title=Washington Mutual To Buy Utah Savings Bank |newspaper=Seattle Times |date=March 2, 1996 |author=}}{{cite news |url=http://nl.newsbank.com/nl-search/we/Archives?p_product=SPIB&p_theme=realcities&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=0EB04AD471A6A0B5&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |title=Washington Mutual Acquires Utah Federal Savings |newspaper=Seattle Post-Intelligencer |date=March 2, 1996 |page=B3 |author= |url-access=subscription |quote=Washington Mutual Inc. said it has signed an agreement to acquire Utah Federal Savings Bank, based in Ogden. Utah Federal, with $122.6{{nbsp}}million in assets, has five branches and three loan offices. Washington Mutual already has 16 branches and one loan office in the state, having moved into Utah in 1995. Washington Mutual didn't give a purchase price for Utah Federal, which isn't a publicly traded company.}} At the time of the announcement, Utah Federal had five branch offices while WaMu had 16 within Utah. The acquisition was completed in December 1996 for $15.2{{nbsp}}million (~${{Format price|{{Inflation|index=US-GDP|value=15200000|start_year=1996}}}} in {{Inflation/year|US-GDP}}).{{cite news |url=http://nl.newsbank.com/nl-search/we/Archives?p_product=STIW&p_theme=realcities&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=0EB5389CEEFCD655&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |title=Wash. Mutual Completes Utah Federal Savings Deal |newspaper=Seattle Times |date=December 2, 1996 |page=E6 |author= |url-access=subscription |quote=Washington Mutual said it completed the acquisition of Ogden-based Utah Federal Savings Bank... Washington Mutual acquired the Utah bank for $43.79 a share, or $15.2{{nbsp}}million. With Utah Federal, Washington Mutual operates 19 branches and four home-loan centers in Utah.}}

In September 1996, WaMu announced the pending acquisition of the Salt Lake City{{En dash}}based United Western Financial Group Inc. with its United Savings Bank subsidiary for $80.3{{nbsp}}million (~${{Format price|{{Inflation|index=US-GDP|value=80300000|start_year=1996}}}} in {{Inflation/year|US-GDP}}) in cash.{{cite news |url=https://archive.seattletimes.com/archive/19960909/2348193/washington-mutual-to-buy-utahs-united-savings-bank |title=Washington Mutual To Buy Utah's United Savings Bank |newspaper=Seattle Times |date=September 9, 1996 |author=}}{{cite news |url=https://www.nytimes.com/1996/09/10/business/washington-mutual-to-buy-united-western-financial.html?pagewanted=all |title=Washington Mutual to Buy United Western Financial |newspaper=New York Times |date=September 10, 1996 |author=}}{{cite news |url=http://www.deseretnews.com/article/512505/WASHINGTON-MUTUAL-BUYS-UNITED-WESTERN.html |title=Washington Mutual Buys United Western |newspaper=Deseret News |date=September 10, 1996 |author= |access-date=March 23, 2017 |archive-date=March 23, 2017 |archive-url=https://web.archive.org/web/20170323143032/http://www.deseretnews.com/article/512505/WASHINGTON-MUTUAL-BUYS-UNITED-WESTERN.html |url-status=dead }}{{cite news |url=http://nl.newsbank.com/nl-search/we/Archives?p_product=SPIB&p_theme=realcities&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=0EB04AEEF742F658&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |title=Washington Mutual to Buy Western Financial In Utah |newspaper=Seattle Post-Intelligencer |date=September 10, 1996 |page=B9 |author= |url-access=subscription |quote=Washington Mutual Inc. said it will add to its branch network in Utah with the acquisition of Western Financial Group Inc. of Salt Lake City for $80.3{{nbsp}}million in cash. Western Financial is the parent of United Savings Bank, with eight branches in Utah and one in Idaho, and Western Mortgage Loan, with seven offices in Utah, Oregon, Idaho, Nevada and Montana. Washington Mutual, with 16 offices already in Utah, also has a deal pending to acquire Utah Federal Savings in Ogden. It said completing both deals would make Washington Mutual one of the largest residential mortgage lenders in the state.}} At the time of the announcement, United Savings Bank had eight branch offices in Utah and one in Idaho. The acquisition was completed in January 1997.{{cite news |url=http://nl.newsbank.com/nl-search/we/Archives?p_product=SLTB&p_theme=sltb&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=100F81D787139845&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |title=Meanwhile, in Utah ... |newspaper=Salt Lake Tribune |date=January 17, 1997 |page=B4 |author= |url-access=subscription |quote=Washington Mutual Inc., Seattle, Wednesday completed its acquisition of United Western Financial Group Inc. of Salt Lake City. Plans to acquire the privately held company and its subsidiaries, which include United Savings Bank and Western Mortgage Loan Corp., were announced in early September. The final purchase price, paid in cash, was approximately $79.5{{nbsp}}million. Conversion of deposit accounts is expected to take place around midyear, with loan accounts to follow. United Savings Bank operated nine branches, seven of them in the Salt Lake City area. The other two offices are in St. George and Idaho Falls.}}

In May 1995, WaMu acquired two branch offices in Butte as the result of the acquisition of the Utah-based Olympus Capital Corporation with its Olympus Bank FSB subsidiary. Four years later, WaMu later sold the two offices to Glacier Bancorp in 1999 for an undisclosed amount and quietly left the state of Montana.{{cite press release |url=http://www.prnewswire.com/news-releases/glacier-bancorp-inc-and-mountain-west-bank-to-merge-74333757.html |title=Glacier Bancorp, Inc. and Mountain West Bank to Merge |work=PR Newswire |date=September 10, 1999 |author= |quote= Glacier previously announced a definitive agreement to acquire two branches in Butte, Montana from Washington Mutual Bank. That deal is expected to close in October of 1999 and will add approximately $80{{nbsp}}million in deposits.}}{{cite web |url=https://www.snl.com/irweblinkx/mnahistory.aspx?iid=1023792&KeyDeal=111325 |title=Mergers & Acquisitions History |publisher=Glacier Bancorp, Inc. |date= |author= |access-date=April 20, 2017 |archive-date=April 20, 2017 |archive-url=https://web.archive.org/web/20170420151825/https://www.snl.com/irweblinkx/mnahistory.aspx?iid=1023792&KeyDeal=111325 |url-status=dead }}

{{anchor|American Savings Bank|American Savings}}

In July 1996, WaMu announced the pending acquisition of the Fort Worth, Texas-based Keystone Holdings Inc. with its Irvine-based American Savings Bank subsidiary for $1.6{{nbsp}}billion (~${{Format price|{{Inflation|index=US-GDP|value=1600000000|start_year=1996}}}} in {{Inflation/year|US-GDP}}) in stock.{{cite news |url=https://www.latimes.com/archives/la-xpm-1996-07-23-mn-27169-story.html |title=American Savings Sold to Seattle Thrift |newspaper=Los Angeles Times |date=July 23, 1996 |last1=Vrana |first1=Debora |last2=Granelli |first2=James S. |name-list-style=amp}}{{cite news |url=https://www.nytimes.com/1996/07/23/business/washington-mutual-plans-expansion-into-california.html?pagewanted=all |title=Washington Mutual Plans Expansion Into California |newspaper=New York Times |date=July 23, 1996 |first=Saul |last=Hansell}}{{cite news |url=https://archive.seattletimes.com/archive/19960722/2340493/state-bank-goes-big-time----washington-mutual-to-acquire-california-bank |title=State Bank Goes Big Time—Washington Mutual To Acquire California Bank |newspaper=Seattle Times |date=July 22, 1996 |first=Greg |last=Heberlein}}{{cite news |url=http://nl.newsbank.com/nl-search/we/Archives?p_product=SPIB&p_theme=realcities&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=0EB04AE8700D7579&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |title=Buyout to Double The Size Of Washington Mutual |newspaper=Seattle Post-Intelligencer |date=July 23, 1996 |page=B4 |first=Bill |last=Virgin |url-access=subscription |quote=In an acquisition that will virtually double the size of the savings bank the day it is completed, Seattle-based Washington Mutual said it will acquire Keystone Holdings Inc. and its subsidiary, American Savings Bank of Irvine, Calif., in a stock deal worth about $1.4{{nbsp}}billion, based on yesterday's closing price... In addition, because American's loan portfolio is heavily weighted toward adjustable rate mortgages, the acquisition helps Washington Mutual reduce its vulnerability to interest rate swings... The third attraction for investors is the presence of billionaire investor Robert Bass, who bought into American Savings when it was taken over by the government and reorganized in 1988. "He assures me he has totally bought into the business plan. We believe he will be a good long-term shareholder," Killinger said of Bass. Bass will name two additional members to Washington Mutual's board, although Killinger said it's not likely Bass himself will serve... Washington Mutual, already at $22{{nbsp}}million in assets, will grow to more than $42{{nbsp}}million. It already operates 248 branches in Washington, Oregon, Utah, Idaho and Montana. American Savings will add 158 branches in California... 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.}}{{cite news |url=http://nl.newsbank.com/nl-search/we/Archives?p_product=LA&p_theme=realcities&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=0EF76C554D730648&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |title=American Savings Merging - Washington Mutual to Strengthen Coastal Presence With Deal |newspaper=Los Angeles Daily News |date=July 23, 1996 |page=B1 |first=Deborah |last=Adamson |url-access=subscription |quote=Washington Mutual Inc., a Seattle financial services firm, said Monday it will buy American Savings Bank and its parent company in a stock for stock transaction worth $3.5{{nbsp}}billion. Irvine-based American Savings Bank will keep its name, and officials said they expect all branches to remain open, officials said... Washington Mutual, which owns a network of banks, is the No. 1 residential mortgage originator in Washington and Oregon. American Savings is California's second largest home-mortgage originator. The deal gives Washington Mutual its first presence in California, allowing an immediate foothold in key locations that will solidify its West Coast position... Robert M. Bass and his investor group control Keystone Holdings Inc. of Fort Worth, Texas, the parent company of American Savings. After the acquisition, Keystone will be merged into Washington Mutual. The investor group will get 26{{nbsp}}million of the 48{{nbsp}}million shares to be issued by Washington Mutual in the merger. With total outstanding shares of 117.5{{nbsp}}million, the group's share amounts to a 22 percent ownership in the new company, with Bass holding an 8 percent stake. About 14{{nbsp}}million of the new shares will go to the Federal Deposit Insurance Corp., which will sell them after the merger. The rest will be held in escrow pending the outcome of a Keystone lawsuit against the federal government. Washington Mutual also will assume Keystone's $365{{nbsp}}million of debt and $80{{nbsp}}million in outstanding preferred stock. Mario Antoci, American Savings' chairman and CEO, will retire after the deal closes. Post-merger management changes have not been finalized. Antoci took over American Savings in 1988, when the Bass Group bought it. American Savings Bank was originally part of American Savings and Loan, a failed thrift that led to the largest savings and loan bailout in history. The original thrift was divided into two parts: American Savings Bank controlled the profitable assets and loans while the other unit was liquidated. American Savings Bank has 220 branches in California and Arizona. Washington Mutual has 317 branches in Washington, Oregon, Idaho, Utah and Montana.}}{{cite news |url=http://nl.newsbank.com/nl-search/we/Archives?p_product=ST&p_theme=realcities2&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=0EAF909B78190F0E&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |title=Bass group bonanza - Keystone Holdings sells a California thrift in a deal valued at $1.6{{nbsp}}billion. |newspaper=Fort Worth Star-Telegram |date=July 23, 1996 |page=1 |first=Jim |last=Fuquay |url-access=subscription |quote=An investment group led by Fort Worth billionaire Robert M. Bass cashed in on a $400{{nbsp}}million investment in California's American Savings yesterday, selling the thrift it acquired less than eight years ago. The deal was valued at more than $1.6{{nbsp}}billion. Washington Mutual Inc., the parent of one of Washington state's largest savings banks, agreed to acquire the thrift for at least 40{{nbsp}}million shares of Washington Mutual stock. That stock was worth slightly more than $1.2{{nbsp}}billion at Friday's closing price. Washington Mutual will also assume $465{{nbsp}}million in debt as part of the deal... Bass made his investment through Keystone Holdings, in which he owns about 36 percent. In 1988, Keystone acquired American Savings from the federal government, which had seized the thrift in 1984. Keystone invested $350{{nbsp}}million in cash into American Savings and spent another $50{{nbsp}}million in expenses to buy the institution, which at the time was America's biggest insolvent thrift. Keystone installed Mario J. Antoci, a respected thrift executive, to run American Savings. The thrift, stripped of its most troubled assets, immediately started making money... The Keystone group will also name two members of Washington Mutual's 13-person board, suggesting that the group is likely to retain its interest in the company.}} 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.{{cite news |url=https://www.latimes.com/archives/la-xpm-1996-12-20-fi-13986-story.html |title=Irvine Bank Sold |newspaper=Los Angeles Times |date=December 20, 1996 |author=}}{{cite news |url=https://www.latimes.com/archives/la-xpm-1996-12-24-fi-12179-story.html |title=American Savings Sale Completed |newspaper=Los Angeles Times |date=December 24, 1996 |author=}}{{cite news |url=http://nl.newsbank.com/nl-search/we/Archives?p_product=OCRB&p_theme=newslibrary2&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=0EAF40F6591E0313&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |title=Washington Mutual completes acquisition of Irvine-based American Savings Bank |newspaper=Orange County Register |date=December 24, 1996 |page=c02 |author= |url-access=subscription |quote=Washington Mutual Inc. said Monday that it has completed its $2.05{{nbsp}}billion acquisition of American Savings Bank. American, California's second-biggest mortgage lender, will continue to operate under its old name. The merger doubles the size of Seattle-based Washington Mutual. The combined bank has $43{{nbsp}}billion in assets, $24{{nbsp}}billion in deposits and 500 branches in nine Western states. Washington Mutual, which had no presence in California before the merger, will seek more acquisitions in the state.}}{{cite news |url=http://nl.newsbank.com/nl-search/we/Archives?p_product=STIW&p_theme=realcities&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=0EB538A2978040B6&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |title=Washington Mutual Biggest Thrift With California Deal |newspaper=Seattle Times |date=December 23, 1996 |page=E2 |author= |url-access=subscription |quote=Washington Mutual completed its $2.05{{nbsp}}billion acquisition of Irvine, Calif.-based American Savings Bank, giving the Seattle institution a major presence in California... Washington Mutual bought American Savings from majority holder Keystone Holdings and the Federal Deposit Insurance Corp., which has owned a stake in American for eight years. The acquisition creates an institution with assets of $43{{nbsp}}billion, deposits of $24{{nbsp}}billion and more than 500 offices in nine Western states.}} American kept its name after the acquisition. The result of the acquisition nearly doubled the total deposits of all WaMu subsidiaries from $22{{nbsp}}billion to $42{{nbsp}}billion.

In February 1997, the Chatsworth-based Great Western Financial, the holding company for second largest thrift in the nation Great Western Bank, found itself the target of a hostile takeover attempt of arch-rival H. F. Ahmanson & Co., the holding company for the largest thrift in the nation Home Savings of America, that would have involved $5.8{{nbsp}}billion (~${{Format price|{{Inflation|index=US-GDP|value=5800000000|start_year=1997}}}} in {{Inflation/year|US-GDP}}) worth of stock. Since the two companies had large overlapping territories, many Great Western offices would have been closed by the victor if the takeover attempt had succeeded.{{cite news |url=https://www.nytimes.com/1997/02/18/business/ahmanson-sets-a-5.8-billion-hostile-bid-for-great-western.html?pagewanted=all |title=Ahmanson Sets A $5.8 Billion Hostile Bid for Great Western |newspaper=New York Times |date=February 18, 1997 |first=Saul |last=Hansell}}{{cite news |url=https://www.latimes.com/archives/la-xpm-1997-02-18-mn-29925-story.html |title=Ahmanson Proposes to Join Great Western: Merger: Unsolicited $6-billion offer by Home Savings parent would create state's third-biggest finance institution. |newspaper=Los Angeles Times |date=February 18, 1997 |last1=Olmos |first1=David R. |last2=Petruno |first2=Tom |name-list-style=amp |quote=Hoping to marry the nation's two largest savings and loans into a financial powerhouse, the corporate parent of Home Savings of America has offered to buy Great Western Financial Corp. in a deal valued at nearly $6{{nbsp}}billion, sources close to the proposed transaction said late Monday. The unsolicited offer by Irwindale-based H.F. Ahmanson & Co. would form the third-largest financial institution in California—after giant Bank of America and Wells Fargo. It would also result in the closure of more than 100 bank branches and the probable loss of hundreds of jobs, sources said.}}{{cite news |url=http://nl.newsbank.com/nl-search/we/Archives?p_product=SPIB&p_theme=realcities&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=0EB04B0CEEC79027&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |title=Great Western Spurns Ahmanson, Courts Rival Suitors |newspaper=Seattle Post-Intelligencer |date=February 22, 1997 |page=B8 |author= |url-access=subscription |quote=Great Western Financial Corp. sought to buy time to fend off H.F. Ahmanson and Co.'s $6.2{{nbsp}}billion takeover bid yesterday as its bankers met with potential rival suitors, sources close to Great Western said... Sources said possible bidders that Great Western may have contacted include First Bank System Inc., Washington Mutual Savings Bank and Norwest Corp. Local banking executives and analysts said Washington Mutual is likely to take a close look at a deal for Great Western, and said there are equally strong reasons why the Seattle-based thrift might bid or walk away. On the negative side, Washington Mutual is currently digesting a major California acquisition, a hurry-up deal wouldn't give it time to carefully review the transaction, it wouldn't get the same cost savings Ahmanson would to make the deal attractive, and a bidding war could become expensive.}} The only way the combat a hostile takeover was to find another company, a so-called white knight, that would allow a merger on much better terms. One such company was WaMu. In March, Great Western Financial announced that it had accepted WaMu's merger proposal for $6.6{{nbsp}}billion in WaMu stock.{{cite news |url=http://nl.newsbank.com/nl-search/we/Archives?p_product=SPIB&p_theme=realcities&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=0EB04B0E83BC3383&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |title=Washington Mutual Puts Money on California - Offer for Great Western Is Valued at $6.6 Billion |newspaper=Seattle Post-Intelligencer |date=March 7, 1997 |page=A1 |first=Bill |last=Virgin |url-access=subscription |quote=Washington Mutual Inc. yesterday said it has agreed on a stock deal to acquire Great Western Financial Corp. of Chatsworth, Calif., in a combination that would create an $87.4{{nbsp}}billion behemoth, the 12th-largest financial institution in the country... Under the terms of the agreement, Washington Mutual will swap nine-tenths of a share of its stock for each share of Great Western, an offer worth about $6.6{{nbsp}}billion based on yesterday's closing prices.}}{{cite news |url=https://www.nytimes.com/1997/03/07/business/great-western-accepts-rival-takeover-bid.html?pagewanted=all |title=Great Western Accepts Rival Takeover Bid |newspaper=New York Times |date=March 7, 1997 |first=Saul |last=Hansell |quote=Great Western Financial, moving to thwart a hostile takeover offer by H. F. Ahmanson & Company, said yesterday that it had agreed to be acquired by Washington Mutual for stock worth $6.6{{nbsp}}billion in a deal that would create the country's largest savings and loan institution.}}{{cite news |url=https://www.latimes.com/archives/la-xpm-1997-03-07-mn-35642-story.html |title=Thrift Launches 'White Knight' Bid for Great Western: Banking: Takeover by Washington Mutual in $6.6-billion deal would create the nation's largest S & L. But locally based Ahmanson may raise its competing offer. |newspaper=Los Angeles Times |date=March 7, 1997 |last1=Brooks |first1=Nancy Rivera |last2=Mulligan |first2=Thomas S. |name-list-style=amp}} Ahmanson quickly increased their bids{{cite news |url=https://www.latimes.com/archives/la-xpm-1997-03-18-fi-39376-story.html |title=Ahmanson Raises Bid in Great Western War Thrifts: The $6.79-billion offer is higher than Seattle suitor's—but no 'knockout' blow, analysts say. Close vote looms. |newspaper=Los Angeles Times |date=March 18, 1997 |first=Don |last=Lee}} but the bids were also rejected.{{cite news |url=https://www.latimes.com/archives/la-xpm-1997-03-27-fi-42434-story.html |title=Great Western Turns Down New $7-Billion Ahmanson Bid: Finance: Analyst says rejection comes as no surprise and that consent solicitation is a more important step. |newspaper=Los Angeles Times |date=March 27, 1997 |author=}} Great Western approved the merger with WaMu in June{{cite news |url=https://www.latimes.com/archives/la-xpm-1997-06-14-mn-3159-story.html |title=Shareholders Approve Great Western Merger Bank: Nation's largest thrift will result from deal with Washington Mutual, pending federal agencies' sanction. |newspaper=Los Angeles Times |date=June 14, 1997 |first=Barry |last=Stavro}} and the merger was completed in July.{{cite news |url=http://nl.newsbank.com/nl-search/we/Archives?p_product=LA&p_theme=realcities&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=0EF7C27AB664E4D7&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |title=Washington Mutual Wraps Up Great Western Deal |newspaper=Los Angeles Daily News |date=July 3, 1997 |page=B1 |author= |url-access=subscription |quote=Washington Mutual Inc. completed its $8{{nbsp}}billion acquisition of Chatsworth-based Great Western Financial Corp. on Wednesday, making it the largest savings and loan in the United States and expanding its presence in the resurgent California market. With the combination, Seattle-based Washington Mutual creates one of the biggest thrifts in the West, with $88.5{{nbsp}}billion in assets, $52.5{{nbsp}}billion in deposits and more than 1,150 branches in Washington, Oregon, California and Florida. The acquisition of Great Western, the second-largest U.S. thrift, also bolsters Washington Mutual's reputation as one of the most aggressive acquirers in the industry. Washington Mutual has completed 22 acquisitions and multiplied its assets more than twentyfold in 14 years.}}{{cite news |url=http://nl.newsbank.com/nl-search/we/Archives?p_product=SPIB&p_theme=realcities&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=0EB04B1EC2403BBA&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |title=Washington Mutual Still Scans Horizon for Deals |newspaper=Seattle Post-Intelligencer |date=July 3, 1997 |page=B5 |first=Bill |last=Virgin |url-access=subscription |quote=Washington Mutual Inc., which yesterday became the largest savings institution in the country, could be ready to do a deal for another thrift in nine months or less, the company's chief executive said in an interview yesterday... Seattle-based Washington Mutual doubled its size to $90{{nbsp}}billion in assets by buying Great Western Financial Corp., just months after the purchase of another California thrift doubled Washington Mutual to more than $40{{nbsp}}billion in assets. Now comes the job of absorbing Great Western, a task complicated by the fact that this deal makes Washington Mutual a true coast-to-coast institution, with the addition of branches in Florida.}} As part of its merger agreement, it was originally announced that Great Western offices would be allowed to keep the Great Western name and there were later discussion of converting the American Savings offices to the Great Western brand. In the end, it was felt that it was best for the company to have only one brand throughout the nation instead of multiple regional brands so it was announce in December 1997 that both Great Western and American names would be retired in favor of the WaMu name.{{cite news |url=https://www.latimes.com/archives/la-xpm-1997-dec-18-fi-65274-story.html |title=2 Thrifts Will be Renamed: Banking: American Savings, Great Western signage will be changed to Washington Mutual. |newspaper=Los Angeles Times |date=December 18, 1997 |first=Debora |last=Vrana}} The previous month, it was announced in November that 85 redundant branch offices were identified in California and were to be closed within the following year.{{cite news |url=https://www.latimes.com/archives/la-xpm-1997-nov-14-me-53692-story.html |title=Great Western Bank Branch to Be Closed |newspaper=Los Angeles Times |date=November 14, 1997 |first= Coll |last=Metcalfe}}{{cite news |url=http://nl.newsbank.com/nl-search/we/Archives?p_product=LA&p_theme=realcities&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=0EF7C32F15179F33&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |title=Great Western, American Savings - Riding Into The Sunset? Name Change May Follow 85 Branch Closings |newspaper=Los Angeles Daily News |date=November 14, 1997 |page=B1 |first=Gregory J. |last=Wilcox |url-access=subscription |quote=Ridding itself of overlapping operations, a Seattle-based thrift said Thursday it would close 85 Great Western and American Savings Bank branches in California and may eventually drop those two nameplates... Washington Mutual will have 365 branches in California after the closures are completed next year, most of them in the second quarter. They will retain their nameplate - either Great Western or American Savings depending on the branch - for the time being. But Washington Mutual officials are rethinking their earlier decision to keep the Great Western name, said Great Western spokesman Tim McGarry.}} Before the merger was complete, WaMu had a total of 413 branch operating under various names across the country while Great Western had 416 branch offices operating in California and Florida.{{cite press release |title=Washington Mutual to combine with Great Western through stock merger |work=Business Wire |date=March 6, 1997 |page=1 |last=Geczi |first=Michael |quote=In a move that would significantly expand Washington Mutual, Inc.'s position in California, Washington Mutual (Nasdaq: WAMU) and Great Western Financial Corporation (NYSE: GWF) today jointly announced the signing of a definitive merger agreement.}} [https://www.proquest.com/docview/447015272/ Link]{{subscription required}} via ProQuest.

In March 1998, WaMu announced the pending acquisition of the Irwindale-based H. F. Ahmanson & Company with its Home Savings of America subsidiary for approximately $10{{nbsp}}billion in stock.{{cite news |url=https://www.latimes.com/archives/la-xpm-1998-mar-18-mn-30069-story.html |title=Home Savings to Be Acquired in $10.1-Billion Deal: Banking: Merger with Washington Mutual, the nation's biggest thrift, would mean branch closures and up to 3,500 lost jobs, mostly in Southern California. |newspaper=Los Angeles Times |date=March 18, 1998 |last1=Vrana |first1=Debora |last2=Peltz |first2=James F. |name-list-style=amp}}{{cite news |url=https://www.nytimes.com/1998/03/18/business/biggest-s-l-s-in-merger-deal-of-9.9-billion.html?pagewanted=all |title=Biggest S.& L.'s In Merger Deal Of $9.9 Billion |newspaper=New York Times |date=March 18, 1998 |first=Timothy L. |last=O'Brien}}{{cite news |url=http://nl.newsbank.com/nl-search/we/Archives?p_product=SPIB&p_theme=realcities&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=0EB04B4A3A4C9997&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |title=Washington Mutual to Buy H.F. Ahmanson - It'll Become 7th-Largest U.S. Bank |newspaper=Seattle Post-Intelligencer |date=March 18, 1998 |page=A1 |first=Bill |last=Virgin |url-access=subscription |quote=n a deal that will make an already big bank a huge one, Seattle-based Washington Mutual Inc. said yesterday it will acquire H.F. Ahmanson & Co. in a stock deal worth about $10{{nbsp}}billion. The merger will also mean closing 160 to 170 branches and eliminating 3,000 to 3,500 jobs, almost entirely in California.}} The acquisition was completed in October 1998 for only $6.9{{nbsp}}billion (~${{Format price|{{Inflation|index=US-GDP|value=6900000000|start_year=1998}}}} in {{Inflation/year|US-GDP}}) in stock.{{cite news |url=https://www.latimes.com/archives/la-xpm-1998-oct-02-fi-28504-story.html |title=Washington S&L Completes Ahmanson Deal |newspaper=Los Angeles Times |date=October 2, 1998 |author=}} Before the merger was complete, WaMu had a total of 892 branch operating under various names (WaMu, American Savings, Great Western, etc.) across the country while Home Savings had 409 branch offices operating in California and Texas.{{cite press release |title=Washington Mutual, Ahmanson to Merge |work=Business Wire |date=March 17, 1998 |page=1 |author= |quote=Washington Mutual, Inc. (Nasdaq: WAMU) and H.F. Ahmanson & Company (NYSE: AHM) today announced that they have signed a definitive agreement for Washington Mutual to acquire Ahmanson in a tax-free exchange of common stock. The merger will create the nation's seventh-largest banking company based on total 1997 year-end assets of nearly $150{{nbsp}}billion.}} [https://www.proquest.com/docview/446971944/ Link]{{subscription required}} via ProQuest.{{cite news |url=https://www.proquest.com/docview/398674664 |title=Washington Mutual to Buy Ahmanson—Value of Stock-Swap Plan Is Put at $10.03 Billion; More Consolidation Seen |newspaper=Wall Street Journal |date=March 18, 1998 |page=1 |first=Ralph T. Jr. |last=King |url-access=subscription |quote=Washington Mutual Inc. agreed to acquire H.F. Ahmanson & Co. in a stock swap valued at $10.03{{nbsp}}billion, or $81.69 a share, a transaction that would combine the nation's two largest thrift companies... The combined entity is to retain the Washington Mutual name and headquarters in Seattle. Washington Mutual plans to eliminate 40% of Ahmanson's annual costs, or about $330{{nbsp}}million, by the year 2000, closing up to 170 branches and laying off as many as 3,500 employees. Ahmanson is based in Irwindale, Calif... The deal, code-named "Project Grand Slam" by Washington Mutual, came together with startling speed. More than 60 Washington Mutual advisers registered under assumed names at the Doubletree Hotel in Pasadena, Calif., where they pored over Ahmanson's books, according to Philip Erlanger of Lehman Brothers, which advised Washington Mutual. |access-date=July 7, 2017 |archive-date=April 15, 2017 |archive-url=https://web.archive.org/web/20170415202549/http://pqasb.pqarchiver.com/djreprints/doc/398674664.html |id={{ProQuest|398674664}} |url-status=live }} [https://www.proquest.com/docview/398674664/ Alternate Link]{{subscription required}} via ProQuest. A few days after the completion of the merger, WaMu announced plans to close 161 branch offices in California.{{cite news |url=https://www.latimes.com/archives/la-xpm-1998-oct-07-fi-29981-story.html |title=Home Savings' Buyer to Close 161 Calif. Offices: Mergers: Three of the S & L's landmark branches are included in Washington Mutual's consolidation. |newspaper=Los Angeles Times |date=October 7, 1998 |first=Liz |last=Pulliam}}{{cite news |url=http://nl.newsbank.com/nl-search/we/Archives?p_product=STIW&p_theme=realcities&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=0EB539695E838E83&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |title=WaMu to Close Calif. Outlets |newspaper=Seattle Times |date=October 6, 1998 |page=E5 |author= |url-access=subscription |quote=Seattle-based Washington Mutual, the largest U.S. savings and loan, said it will close 161 branches in California next year to combine outlets too close to each other after its purchase of Home Savings of America. The Seattle-based financial services company said 82 of the branches are Home Savings offices and 79 are Washington Mutual offices. The news follows the completion last week of Washington Mutual's acquisition of Irwindale, Calif.-based H.F. Ahmanson & Co., parent of Home Savings, for $6.9{{nbsp}}billion.}}

Through the 1998 acquisition of Home Savings, WaMu had gained 48 branch offices in Texas.

In August 2000, WaMu announced the pending acquisition of the Houston-based Bank United Corporation with its 155 branch offices, all located in Texas, for $1.49{{nbsp}}billion (~${{Format price|{{Inflation|index=US-GDP|value=1490000000|start_year=2000}}}} in {{Inflation/year|US-GDP}}) in stock.{{cite news |url=https://www.nytimes.com/2000/08/22/business/company-news-washington-mutual-agrees-to-acquire-bank-united.html?pagewanted=all |title=Washington Mutual Agrees to Acquire Bank United |newspaper=New York Times |date=August 22, 2000 |author=}}{{cite news |url=http://nl.newsbank.com/nl-search/we/Archives?p_product=SPIB&p_theme=realcities&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=0EB04BD6B1508C12&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |title=Bank's Eyes Are Upon Texas - Washington Mutual Plans to Buy Houston's Bank United Corp., Which Will Provide 155 Branches |newspaper=Seattle Post-Intelligencer |date=August 22, 2000 |page=C1 |first=Bill |last=Virgin |url-access=subscription |quote=Washington Mutual Inc., looking to make itself as much a major player in Texas banking as it is in Washington and California, yesterday said it will buy a Houston-based company in a $1.5{{nbsp}}billion stock deal. Seattle-based Washington Mutual will acquire Bank United Corp., the largest publicly traded Texas-based financial institution. Texas was something of an incidental market Washington Mutual picked up in its 1998 acquisition of H.F. Ahmanson & Co.; while the real prize in the Ahmanson deal was its huge share of the market in California, it also had 48 branches in Texas, primarily in Houston and Dallas... Bank United will provide that, with 155 branches, including 66 in Houston, 77 in Dallas-Fort Worth and a handful in Midland, Austin and San Antonio.}}{{cite news |url=http://nl.newsbank.com/nl-search/we/Archives?p_product=ST&p_theme=realcities2&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=0EAF9293220B6F79&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |title=Bank United says yes to buyout - Washington Mutual to pay $1.5{{nbsp}}billion in merger deal |newspaper=Fort Worth Star-Telegram |date=August 22, 2000 |page=1 |first=Jim |last=Fuquay |url-access=subscription |quote=Bank United, the largest financial institution based in Texas, said yesterday that it agreed to be acquired by Washington Mutual, the nation's biggest savings and loan. The deal, valued at $1.5{{nbsp}}billion and expected to close by year's end, will greatly increase Washington Mutual's presence in the state. The Seattle-based institution entered Texas in 1998 with its acquisition of H.F. Ahmanson & Co., parent of Savings of America, and the Bank United merger will give it 3 percent of Texas deposits, according to June 30, 1999, reports, the latest available. Washington Mutual, which ranks No. 8 among all U.S. banks and thrifts, also has a previous Texas connection. In 1995, it acquired American Savings, a California thrift owned by Fort Worth investor Robert M. Bass, who became a major Washington Mutual shareholder as a result of that deal. A Bass lieutenant, Jay Crandall, remains on Washington Mutual's board of directors... Bank United has 155 retail branches in the state, including 77 in North Texas, along with 42 commercial loan offices and 11 other sales offices. Washington Mutual has 48 branches in Texas, including two in Tarrant County... About a dozen Texas branches share overlapping market areas, the companies said. That includes downtown Fort Worth, where two branches are within blocks of each other.}} The acquisition was completed in February 2001.{{cite press release |url=http://phx.corporate-ir.net/phoenix.zhtml?c=189529&p=irol-newsArticle&ID=695865 |title=Washington Mutual and Bank United Holding Companies Merge; Banking Subsidiaries Expected to Merge on Tuesday |publisher=Washington Mutual |date=February 9, 2001 |author=}}{{cite news |url=http://nl.newsbank.com/nl-search/we/Archives?p_product=SDUB&p_theme=sdub&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=116D34DF76C69D5D&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |title=Business Briefing: Financial merger completed |newspaper=San Diego Union Tribune |date=February 14, 2001 |pages=C-2 |author= |url-access=subscription |quote=Washington Mutual Inc. of Seattle completed its $2.17{{nbsp}}billion merger with Houston-based Bank United Corp. More than 200 retail United Bank branches in Texas will be converted over the next few weeks to branches of Washington Mutual, which operates more than 1,100 retail branches in seven Western states and Florida.}}

As a result of branch overlap between Bank United and WaMu, 17 branch offices were closed in Texas, 10 of which were in Houston.{{cite news |url=http://www.bizjournals.com/houston/stories/2000/12/18/newscolumn2.html |title=Merger with Washington Mutual will trim Bank United branches |work=Houston Business Journal |date=December 17, 2000 |first=Jim |last=Greer |quote=After finalizing the acquisition of locally based Bank United Corp., Washington Mutual Inc. plans to close about 10 Houston-area branches from the combined operation—including Bank United's corporate headquarters, sources say.}}

{{cite news |url=http://nl.newsbank.com/nl-search/we/Archives?p_product=HCBF&p_theme=hcbf&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=0EB485818145C05B&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |title=Merged bank planning to close 17 state branches |newspaper=Houston Chronicle |date=February 14, 2001 |page=1 |first=Shannon |last=Buggs |url-access=subscription |quote=Bank United and Washington Mutual on Tuesday identified 17 Texas bank branches that will close this summer as part of the recently completed merger of the two institutions.}}

In June 2001, WaMu announced the pending acquisition of the New York City{{En dash}}based Dime Bancorp with its Dime Savings Bank subsidiary for $5.2{{nbsp}}billion (~${{Format price|{{Inflation|index=US-GDP|value=5200000000|start_year=2001}}}} in {{Inflation/year|US-GDP}}) in cash and stock.{{cite news |url=https://www.nytimes.com/2001/06/26/business/dime-bancorp-bought-by-nation-s-largest-s-l.html?pagewanted=all |title=Dime Bancorp Bought by Nation's Largest S.& L. |newspaper=New York Times |date=June 26, 2001 |author=}}{{cite news |url=https://www.chicagotribune.com/2001/06/26/washington-mutual-inc-giant-thrift-to-acquire-dime-bancorp/ |title=Giant thrift to acquire Dime Bancorp |newspaper=Chicago Tribune |date=June 26, 2001 |author=}} The acquisition was completed in January 2002.{{cite news |url=http://nl.newsbank.com/nl-search/we/Archives?p_product=STIW&p_theme=realcities&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=0F0EF9C4B7782847&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |title=Business Briefs: WaMu wraps up purchase of N.Y.-based Dime Bancorp |newspaper=Seattle Times |date=January 8, 2002 |page=F2 |author= |url-access=subscription |quote=Washington Mutual completed its $5.2{{nbsp}}billion cash and stock purchase of Dime Bancorp, giving the largest U.S. savings and loan an entry into the New York market. By purchasing Dime, Seattle-based Washington Mutual gains more than 120 branches in New York and New Jersey.}} Dime had 123 branch offices in the New York City area of both New York and New Jersey.{{cite news |url=https://www.latimes.com/archives/la-xpm-2001-jun-25-fi-14438-story.html |title=Leading Thrift to Buy Northeast's Dime Bancorp: Financial services: Washington Mutual agrees to acquire New York company for $5.3{{nbsp}}billion in stock, cash. |newspaper=Los Angeles Times |date=June 25, 2001 |author= |quote=Dime had $14{{nbsp}}billion of deposits in New York and New Jersey at the end of last year.}}

With a thrift charter, there were a few things that WaMu was not able to do until it was able to obtain a commercial bank charter, such as making commercial loans above a certain size. To get around this problem, WaMu began to purchase commercial banks and maintain them as separate business entities. 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{{En dash}}based Western Bank in Oregon. By 1997, the Enterprise name and Western Bank name were merged and operated under Western Bank moniker.{{cite news |title=As WaMu grows, so does the challenge for Jewell |newspaper=Puget Sound Business Journal |date=July 25, 1997 |page=7 |volume=18 |issue=11 |last=Neurath |first=Peter |quote=Washington Mutual broke into the commercial lending business with the August 1995 acquisition of Enterprise Bank in Bellevue. A few months later, it signed an agreement to buy Western Bank in Coos Bay, Ore. The two banks have been consolidated under the name of Western Bank. Jewell hired on in January 1996.}} [https://www.proquest.com/docview/226882617/ Link]{{subscription required}} via ProQuest.

After WaMu expanded into California through the acquisitions of American Savings, Great Western, and Home Savings, WaMu quietly acquired the one-office Industrial Bank in the Van Nuys neighborhood of Los Angeles an undisclosed amount in 1999{{cite news |url=http://nl.newsbank.com/nl-search/we/Archives?p_product=SPIB&p_theme=realcities&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=0EB04B7ED99D0064&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |title=Tiny Step to A Giant Market - Washington Mutual Buys Business Bank |newspaper=Seattle Post-Intelligencer |date=January 28, 1999 |page=C1 |first=Bill |last=Virgin |url-access=subscription |quote=It was so small a deal that Washington Mutual Inc. didn't even bother putting out an announcement about it. For a company with $166{{nbsp}}billion in assets and offices from coast to coast, the acquisition of Industrial Bank of Van Nuys, Calif., which has one office and $30{{nbsp}}million in assets, created hardly a ripple. But the significance of the acquisition was not in the numbers, or Washington Mutual wouldn't have bothered making it. For Washington Mutual, Industrial Bank is a way to boost its often overlooked but growing commercial banking business in California.}}{{cite news |url=http://nl.newsbank.com/nl-search/we/Archives?p_product=STIW&p_theme=realcities&p_action=search&p_maxdocs=200&p_topdoc=1&p_text_direct-0=0ED1C79AD66EB5D1&p_field_direct-0=document_id&p_perpage=10&p_sort=YMD_date:D&s_trackval=GooglePM |title=Washington Mutual Expands, Buys Van Nuys, Calif., Branch |newspaper=Seattle Times |date=January 29, 1999 |page=C6 |author= |url-access=subscription |quote=Hoping to further expand its business banking operations in California, Seattle-based Washington Mutual has acquired Industrial Bank, a $30{{nbsp}}million institution with one branch in Van Nuys.}} and renamed it WM Business Bank.

By 2001, WaMu had 38 specialized business banking centers operating under the Western Bank name in the Northwest and the WM Business Bank name in California when they decided to exit their ill-fated venture into the commercial banking market that was then dominated with the likes of Wells Fargo and Bank of America.

During the late 1990s and early 2000s, WaMu decided to aggressively expand in the subprime mortgage lending field through the acquisition of existing mortgage companies at a time when other financial institutions were leaving.

In May 1999, WaMu announced the pending acquisition of the Orange, California-based Long Beach Financial Corporation with its Long Beach Mortgage Company subsidiary for $350.4{{nbsp}}million (~${{Format price|{{Inflation|index=US-GDP|value=350400000|start_year=1999}}}} in {{Inflation/year|US-GDP}}) in cash and stock.{{cite news |url=http://www.bizjournals.com/seattle/stories/1999/05/17/daily7.html |title=Washington Mutual agrees to purchase Long Beach Financial |work=Puget Sound Business Journal |date=May 19, 1999 |author=}}{{cite press release |url=http://www.prnewswire.com/news-releases/washington-mutual-and-long-beach-financial-announce-definitive-agreement-74586692.html |title=Washington Mutual and Long Beach Financial Announce Definitive Agreement: Combination to Expand Washington Mutual's Specialty Mortgage Finance Business, Accelerate Growth at Long Beach Mortgage Company |work=PR Newswire |date=May 19, 1999 |author=}} The acquisition was completed in October 1999.{{cite news |url=https://www.latimes.com/archives/la-xpm-1999-oct-02-fi-17916-story.html |title=Acquisition of Long Beach Financial a Wrap |newspaper=Los Angeles Times |date=October 2, 1999 |author=}} Long Beach had specialized in providing subprime mortgages. Some of Long Beach's questionable business practices may have led to WaMu's failure in 2008.{{cite news |url=https://www.latimes.com/archives/la-xpm-2010-apr-13-la-fi-wamu-inquiry13-2010apr13-story.html |title=Washington Mutual created 'mortgage time bomb,' Senate panel says: The failed bank made subprime loans it knew were likely to go bad and then packaged them into risky securities, investigators say. |newspaper=Los Angeles Times |date=April 13, 2010 |last1=Puzzanghera |first1=Jim |last2=Reckard |first2=E. Scott |name-list-style=amp}}

In January 2000, WaMu announced the pending acquisition of the Los Angeles{{En dash}}based Alta Residential Mortgage Trust for $23{{nbsp}}million (~${{Format price|{{Inflation|index=US-GDP|value=23000000|start_year=2000}}}} in {{Inflation/year|US-GDP}}).{{cite news |url=https://www.highbeam.com/doc/1G1-59739111.html |archive-url=https://web.archive.org/web/20170422033657/https://www.highbeam.com/doc/1G1-59739111.html |url-status=dead |archive-date=April 22, 2017 |title=Washington Mutual Buys Correspondent |work=National Mortgage News |date=January 31, 2000 |author= |via=Highbeam Research |url-access=subscription}}

In October 2000, WaMu announced the pending acquisition of the Vernon Hills, Illinois-based PNC Mortgage Corporation and PNC Mortgage Securities Corporation from the PNC Financial Services Group for $605{{nbsp}}million (~${{Format price|{{Inflation|index=US-GDP|value=605000000|start_year=2000}}}} in {{Inflation/year|US-GDP}}) in cash.{{cite press release |url=http://www.prnewswire.com/news-releases/pnc-to-sell-its-residential-mortgage-business-to-washington-mutual-74704802.html |title=PNC to Sell Its Residential Mortgage Business to Washington Mutual |work=PR Newswire |date=October 2, 2000 |author=}}{{cite news |url=https://money.cnn.com/2000/10/02/deals/pnc/ |title=PNC sells mortgage unit: Washington Mutual buys residential loan portfolio for $605M cash |website=CNN |date=October 2, 2000 |author=}} The acquisition was completed in February 2001.{{cite press release |url=http://phx.corporate-ir.net/phoenix.zhtml?c=189529&p=irol-newsArticle&ID=695883 |title=Washington Mutual Completes Acquisition of PNC Mortgage |date=February 1, 2001 |publisher=Washington Mutual |author= |access-date=April 21, 2017 |archive-date=August 28, 2019 |archive-url=https://web.archive.org/web/20190828222953/http://phx.corporate-ir.net/phoenix.zhtml?c=189529&p=irol-newsArticle&ID=695883 |url-status=dead }} The result of the PNC Mortgage acquisition made WaMu the nation's third-largest lender.

In April 2001, WaMu announced the pending acquisition of the Columbia, South Carolina{{En dash}}based Fleet Mortgage Corporation from FleetBoston Financial for $660{{nbsp}}million (~${{Format price|{{Inflation|index=US-GDP|value=660000000|start_year=2001}}}} in {{Inflation/year|US-GDP}}) in cash.{{cite news |url=https://money.cnn.com/2001/04/02/deals/fleet/ |title=WAMU in Fleet unit buy: With $660M cash purchase of Fleet unit, WAMU is No. 2 mortgage firm |website=CNN |date=April 2, 2001 |author=}} The acquisition was completed in June 2001.{{cite news |url=http://www.bizjournals.com/seattle/stories/2001/05/28/daily30.html |title=Washington Mutual completes Fleet Mortgage purchase |work=Puget Sound Business Journal |date=June 1, 2001 |author=}} The result of the Fleet Mortgage acquisition made WaMu the nation's second-largest mortgage-servicing business.

In December 2001, WaMu announced the pending acquisition of the Jacksonville, Florida-based HomeSide Lending, Inc. from the National Australia Bank for $1.9{{nbsp}}billion (~${{Format price|{{Inflation|index=US-GDP|value=1900000000|start_year=2001}}}} in {{Inflation/year|US-GDP}}). The agreement did not include the mortgage servicing rights and related financial hedges for the business.{{cite news |url=https://www.nytimes.com/2001/12/13/business/company-news-national-australia-sells-assets-to-washington-mutual.html?pagewanted=all |title=National Australia Sells Assets to Washington Mutual |newspaper=New York Times |date=December 13, 2001 |first=Becky |last=Gaylord}}{{cite news |url=http://jacksonville.com/tu-online/stories/121201/bus_8068233.html |title=HomeSide Lending sold for $1.9{{nbsp}}billion: Jacksonville staff expected to keep jobs |newspaper=Florida Times-Union |date=December 12, 2001 |first=Mark |last=Gordon |access-date=April 21, 2017 |archive-url=https://web.archive.org/web/20170422033418/http://jacksonville.com/tu-online/stories/121201/bus_8068233.html |archive-date=April 22, 2017 |url-status=dead }} The acquisition was completed in March 2002.{{cite press release |url=http://phx.corporate-ir.net/phoenix.zhtml?c=189529&p=irol-newsArticle&ID=695729 |title=Washington Mutual Completes Acquisition of PNC Mortgage |date=March 1, 2002 |publisher=Washington Mutual |author= |access-date=April 21, 2017 |archive-date=August 28, 2019 |archive-url=https://web.archive.org/web/20190828222951/http://phx.corporate-ir.net/phoenix.zhtml?c=189529&p=irol-newsArticle&ID=695729 |url-status=dead }} In August 2002, WaMu announced the pending acquisition of the rest of HomeSide that included the mortgage servicing rights on a mortgage portfolio worth about $131{{nbsp}}billion for $1.3{{nbsp}}billion in cash and the assumption of $735{{nbsp}}million in debt.{{cite news |url=https://money.cnn.com/2002/08/28/news/deals/washington_mutual/ |title=Washington Mutual buys HomeSide: Savings & loan purchases portfolio for $1.3B cash, $735M debt; sees buy accretive to 2002 earnings. |website=CNN |date=August 28, 2002 |author=}} The acquisition was completed in October 2002.{{cite press release |url=http://phx.corporate-ir.net/phoenix.zhtml?c=189529&p=irol-newsArticle&ID=695874 |title=Washington Mutual Completes Acquisition of PNC Mortgage |date=October 1, 2002 |publisher=Washington Mutual |author= }}{{Dead link|date=October 2022 |bot=InternetArchiveBot |fix-attempted=yes }}

In July 2002, the San Mateo, California-based Bay View Capital Corporation announced the pending sale of the mortgage loan portfolio for its Bay View Bank subsidiary to WaMu for a "slight premium to book value".{{cite press release |url=http://www.prnewswire.com/news-releases/us-bank-agrees-to-purchase-bay-view-bank-retail-branches-76331342.html |title=U.S. Bank Agrees to Purchase Bay View Bank Retail Branches |work=PR Newswire |date=July 22, 2002 |author= |access-date=April 23, 2017 |archive-url=https://web.archive.org/web/20170423154655/http://www.prnewswire.com/news-releases/us-bank-agrees-to-purchase-bay-view-bank-retail-branches-76331342.html |archive-date=April 23, 2017 |url-status=dead }} The sale was completed in the following month.{{cite press release |url=http://www.prnewswire.com/news-releases/bay-view-announces-sale-of-commercial-and-multifamily-loans-to-washington-mutual-76667582.html |title=Bay View Announces Sale of Commercial and Multifamily Loans To Washington Mutual |work=PR Newswire |date=August 12, 2002 |author=}}

In April 2006, WaMu announced the pending acquisition of the Irvine, California-based Commercial Capital Bancorp, Inc. with its Commercial Capital Bank FSB subsidiary for $983{{nbsp}}million (~${{Format price|{{Inflation|index=US-GDP|value=983000000|start_year=2006}}}} in {{Inflation/year|US-GDP}}) in cash.{{cite press release |url=http://www.businesswire.com/news/home/20060423005064/en/Washington-Mutual-Acquire-Commercial-Capital-Bancorp-Deal |title=Washington Mutual to Acquire Commercial Capital Bancorp, Inc.; Deal Strengthens WaMu's Commercial and Retail Banking Businesses |work=Business Wire |date=April 23, 2006 |author=}}{{cite news |url=http://www.marketwatch.com/story/wamu-bids-16-share-983m-for-commercial-capital |title=WaMu to pay $983M for Commercial Capital |website=MarketWatch |date=April 24, 2006 |author=}} The acquisition was completed in October 2006.{{cite press release |url=http://www.businesswire.com/news/home/20061002005413/en/WaMu-Completes-Acquisition-Commercial-Capital-Bancorp |title=WaMu Completes Acquisition of Commercial Capital Bancorp, Inc. |work=Business Wire |date=October 2, 2006 |author=}} Commercial Capital had specialized in loans for the multifamily and small commercial real estate lending markets and was the third largest multifamily lender in California.

In June 2001, WaMu announced the pending acquisition of Providian Financial Corporation, tenth-largest credit-card issuer in the country, for $6.45{{nbsp}}billion (~${{Format price|{{Inflation|index=US-GDP|value=6450000000|start_year=2001}}}} in {{Inflation/year|US-GDP}}) in stock and cash.{{cite news |url=https://www.nytimes.com/2005/06/06/business/washington-mutual-to-buy-providian-for-645-billion.html?pagewanted=all |title=Washington Mutual to Buy Providian for $6.45 Billion |newspaper=New York Times |date=June 6, 2001 |first=Eric |last=Dash}}{{cite news |url=https://www.seattletimes.com/business/washington-mutual-to-buy-providian-in-645-billion-deal/ |title=Washington Mutual to buy Providian in $6.45{{nbsp}}billion deal |newspaper=Seattle Times |date=June 6, 2005 |first=Drew |last=DeSilver}} The acquisition was completed in June 2001.

Prior to this acquisition, WaMu had their credit cards initially issued by Associates National Bank{{cite web |url=http://www.wamu.com/servlet/wamu/public/eng/pages/accounts/loans/credit.html |title=Credit Cards |website=Washington Mutual |archive-url=https://web.archive.org/web/20010608235503/http://www.wamu.com/servlet/wamu/public/eng/pages/accounts/loans/credit.html |archive-date=June 8, 2001 |url-status=dead |quote=Credit cards issued by Associates National Bank.}}{{cite web |url=http://www.wamu.com:80/clending/creditCards.jsp |title=Credit Cards |website=Washington Mutual |archive-url=https://web.archive.org/web/20020114173849/http://www.wamu.com/clending/creditCards.jsp |archive-date=January 14, 2002 |url-status=dead |quote=Credit cards issued by Associates National Bank. |access-date=January 31, 2020 }} and later Citibank South Dakota, N.A.{{cite web |url=http://www.wamu.com:80/clending/creditCards.jsp |title=Credit Cards |website=Washington Mutual |archive-url=https://web.archive.org/web/20030608112341/http://www.wamu.com/clending/creditCards.jsp |archive-date=June 8, 2003 |url-status=dead |quote=Credit cards issued by Citibank (South Dakota) N.A. |access-date=January 31, 2020 }} and was one of the largest banking organization that did not issue its own credit cards. In 2005, chairman and chief executive officer Kerry Killinger said that lack of company-issued credit cards was a "major hole in our product line."{{cite news |url=https://www.nytimes.com/2005/06/06/business/washington-mutual-to-buy-providian-for-645-billion.html?pagewanted=all |title=Washington Mutual to Buy Providian for $6.45 Billion |newspaper=New York Times |date=June 6, 2005 |first=Eric |last=Dash}} Credit cards were not mentioned on their website nor in their published annual reports as an available service offered by their company prior to 2001.

Chairman and CEO Kerry Killinger had pledged in 2003: "We hope to do to this industry what Wal-Mart did to theirs, Starbucks did to theirs, Costco did to theirs and Lowe's, Home Depot did to their industry. And I think if we've done our job, five years from now you're not going to call us a bank."

Killinger's goal was to build WaMu into the "Wal-Mart of Banking", which would cater to lower- and middle-class consumers that other banks deemed too risky. Complex mortgages and credit cards had terms that made it easy for the least creditworthy borrowers to get financing, a strategy the bank extended in big cities, including Chicago, New York and Los Angeles. WaMu pressed sales agents to approve loans while placing less emphasis on borrowers' incomes and assets. WaMu set up a system that enabled real estate agents to collect fees of more than $10,000 for bringing in borrowers. Variable-rate loans – Option Adjustable Rate Mortgages (Option ARMs) in particular – were especially attractive, because they carried higher fees than other loans and allowed WaMu to book profits on interest payments that borrowers deferred. As WaMu was selling many of its loans to investors, it worried less about defaults.{{cite news |first1=Peter S. |last1=Goodman |first2=Gretchen |last2=Morgenson |name-list-style=amp |title=By Saying Yes, WaMu Built Empire on Shaky Loans |date=December 27, 2008 |url=https://archive.nytimes.com/www.nytimes.com/2008/12/28/business/28wamu.html |newspaper=New York Times |page=A1 |access-date=February 15, 2025}}

File:Wamuseattle.jpg was WaMu's corporate headquarters from 1988 until 2006, when the company moved into the new WaMu Center (center left). These buildings have since been renamed; WaMu Tower is now known as 1201 Third Avenue and WaMu Center is now known as Russell Investments Center.]]

In December 2007, the subsidiary WaMu Bank reorganized its home-loan division, closing 160 of its 336 home-loan offices and removing 2,600 positions in its home-loan staff (a 22% reduction).{{cite news |url=https://www.bloomberg.com/apps/news?pid=newsarchive&sid=aNUz6NmbYZCQ |title=Washington Mutual to Take Writedown, Slash Dividend |last=Hester |first=Elizabeth |date=December 10, 2007 |publisher=Bloomberg News |access-date=September 26, 2008 |archive-url=https://web.archive.org/web/20121104095747/http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aNUz6NmbYZCQ |archive-date=November 4, 2012 |url-status=dead}}

In March 2008, on the same weekend that JPMorgan Chase Chairman and CEO Jamie Dimon negotiated the takeover of Bear Stearns, he secretly dispatched members of his team to Seattle to meet with WaMu executives, urging them to consider a quick deal. However, WaMu Chairman and CEO Kerry Killinger rejected JPMorgan Chase's offer that valued WaMu at $8 a share, mostly in stock.

In April 2008, the holding company, responding to losses and difficulties sustained as a result of the 2007–2008 subprime mortgage crisis, announced that 3,000 people companywide would lose their jobs, and the company stated its intent to close its approximately 176 remaining stand-alone, home-loan offices, including 23 in Washington and a loan-processing center in Bellevue, Washington. It stopped buying loans from outside mortgage brokers — known in the trade as "wholesale lending." WaMu also announced a $7{{nbsp}}billion infusion of new capital by new outside investors led by TPG Capital. TPG agreed to pump $2{{nbsp}}billion into the WaMu holding company; other investors, including some of WaMu's current institutional holders, agreed to buy an additional $5{{nbsp}}billion in newly issued stock. This angered many investors, as TPG's investment would dilute the holdings of existing shareholders, and as WaMu executives excluded mortgage losses from computing bonuses.{{cite news |url=http://seattletimes.nwsource.com/html/businesstechnology/2004336243_wamu09.html |title=$7{{nbsp}}billion gives shaky WaMu firmer footing for now |last=DeSilver |first=Drew |date=April 9, 2008 |newspaper=The Seattle Times |access-date=September 26, 2008}}

In June 2008, Kerry Killinger stepped down as the chairman, though remaining the chief executive officer.{{cite news |url=http://www.thestreet.com/newsanalysis/banking/10419306.html |archive-url=https://archive.today/20130204161559/http://www.thestreet.com/newsanalysis/banking/10419306.html |url-status=dead |archive-date=February 4, 2013 |title=WaMu Strips CEO Killinger of Chair Title |date=June 2, 2008 |publisher=TheStreet.com |access-date=September 26, 2008}} On September 8, 2008, under pressure from investors, the WaMu holding company's board of directors dismissed Killinger as the CEO. Alan H. Fishman, chairman of mortgage broker Meridian Capital Group, and a former chief operating officer of Sovereign Bank, was named the new CEO for 17 days.{{cite news |url=http://www.marketwatch.com/news/story/wamu-replaces-ceo-signs-agreement/story.aspx?guid={3DB03BE0-A47D-4C74-92F3-FD8453952CC5}&dist=msr_8 |title=WaMu replaces CEO, signs agreement with regulator |last=Barr |first=Alistair |date= September 8, 2008 |publisher=Market Watch |access-date=September 27, 2008}}

By mid-September 2008, WaMu's share price had closed as low as $2.00 (~${{Format price|{{Inflation|index=US|value=2|start_year=2008}}}} in {{Inflation/year|US}}). It had been worth over $30.00 in September 2007, and had briefly traded as high as $45 in the previous year.{{cite web |url=https://www.google.com/finance/quote/WM:NYSE |archive-url=https://web.archive.org/web/20070820224939/http://finance.google.com/finance?q=NYSE%3AWM |url-status=live |archive-date=August 20, 2007 |title=Washington Mutual stock trend |publisher=Google Finance |access-date=September 27, 2008 }} While WaMu publicly insisted it could stay independent, earlier in the month it had quietly hired Goldman Sachs to identify potential bidders. However, several deadlines passed without anyone submitting a bid. At the same time, WaMu suffered a massive run (mostly via electronic banking over the internet and wire transfer {{Citation needed|date=April 2011}}); customers pulled out $16.7{{nbsp}}billion in deposits in a ten-day span.{{cite press release |url=http://www.ots.treas.gov/?p=PressReleases&ContentRecord_id=9c306c81-1e0b-8562-eb0c-fed5429a3a56 |title=OTS press release announcing WaMu's seizure |publisher=Office of Thrift Supervision |date=September 25, 2008 |author= |archive-url=https://web.archive.org/web/20081104102657/http://www.ots.treas.gov/?p=PressReleases&ContentRecord_id=9c306c81-1e0b-8562-eb0c-fed5429a3a56 |archive-date=November 4, 2008 |url-status=dead}}

This led the Federal Reserve and the Treasury Department to step up pressure for WaMu to find a buyer, as a takeover by the Federal Deposit Insurance Corporation (FDIC) could have been a severe drain on the FDIC insurance fund. The FDIC had already had to use a large chunk of its insurance fund after the failure of IndyMac that year. The FDIC ultimately held a secret auction of WaMu Bank. On the morning of Thursday, September 25 (which happened to be the 119th anniversary of WaMu's establishment), regulators informed officials at JPMorgan Chase that they had won the auction.

On Thursday night (shortly after the close of business on the West Coast), the Office of Thrift Supervision seized WaMu Bank and placed it into the receivership of the FDIC. In a statement, the OTS said that the massive run meant that WaMu was no longer sound. The FDIC then sold most of WaMu Bank's assets, including the branch network, to JPMorgan Chase for $1.9{{nbsp}}billion. JPMorgan Chase agreed to assume the bank's secured debts and liabilities to depositors. The transaction did not require any FDIC insurance funds.{{cite press release |url=http://www.fdic.gov/news/news/press/2008/pr08085.html |title=JPMorgan Chase Acquires Banking Operations of Washington Mutual |publisher=FDIC |date=September 25, 2008 |author=}} Normally, bank seizures take place after the close of business on Fridays. However, due to the bank's deteriorating condition and leaks that a seizure was imminent, regulators felt compelled to act a day early.

Because JPMorgan Chase bought WaMu's assets for a low price, WaMu's stockholders were nearly wiped out. Its stock price dropped to $0.16 a share, well below its high of a year earlier. In its Chapter 11 filing, WaMu listed assets of $33{{nbsp}}billion and debt of $8{{nbsp}}billion. (ref. Appendix A). The filing also indicates that enough funds are available for distribution to unsecured creditors.

Within days of the seizure, a hedge fund adviser and investment strategist, Mike Stathis of AVA Investment Analytics, issued a formal complaint to the Securities and Exchange Commission, demonstrating evidence of insider trading. The complaint also alleged that WaMu was not insolvent, and several Wall Street firms and hedge funds had conspired to short the stock. He also stated that he spoke with a reporter from the Associated Press who told him that he was contacted by a WaMu executive hours before the seizure, telling the reporter that it would happen for "political reasons." In later criticisms, Stathis discussed that neither the FDIC nor OTS ever disclosed any evidence of WaMu's insolvency.{{cite web |url=http://www.avaresearch.com/files/20090930175434.pdf |title=Formal Complaint to the Securities and Exchange Commission: Regarding Allegations of Insider Trading and Suspicious Events Underlying the Seizure of Washington Mutual |date=October 7, 2008 |first=Mike |last=Stathis |publisher=Apex Venture Advisors}} Stathis stated that within a few weeks of submitting his complaint, he was visited by federal agents who held him in an interrogation room for questioning. As a result of this, Stathis stated that he felt bullied and did not release the SEC complaint into the public domain until a year later.{{cite web |url=http://www.avaresearch.com/article_details-391.html |title=WaMu: One Year Later and Still No Indictments |publisher=AVA Investment Analytics |access-date=June 19, 2013 |date=October 27, 2009 |first=Mike |last=Stathis |archive-url=https://web.archive.org/web/20091004080009/http://www.avaresearch.com/article_details-391.html |archive-date=October 4, 2009 |url-status=dead}}{{cite web |url=http://www.avaresearch.com/article_details-404.html |title=WaMu Insider Trading & Naked Short Selling |publisher=AVA Investment Analytics |access-date=June 19, 2013 |date=October 18, 2009 |first=Mike |last=Stathis |archive-url=https://web.archive.org/web/20091022100522/http://www.avaresearch.com/article_details-404.html |archive-date=October 22, 2009 |url-status=dead}}

Shareholders fought what they considered the illegal seizure of WaMu through such websites as WaMuCoup.com {{Dead link|date=July 2022}} and others, claiming that the OTS acted in an arbitrary and capricious manner and seized the bank for political reasons or for the benefit of JPMorgan Chase, which acquired a large network of branches at what they claim to be an unfairly low price.{{cite web |url=http://www.wamucoup.com/ |title=Washington Mutual - crime of the century |work=wamucoup.com |archive-url=https://web.archive.org/web/20100102085455/http://www.wamucoup.com/ |archive-date=January 2, 2010 |url-status=dead}} Shareholders claimed that as of the date of the takeover, the bank had enough liquidity to meet all its obligations and was in compliance with the business plan negotiated with the OTS 2 weeks earlier{{cite web |url=http://www.wamurape.org/ |title= Register and be counted! |access-date=January 3, 2009 |date= |author= |work=wamurape.org |archive-url=https://web.archive.org/web/20110906061458/http://wamurape.org/ |archive-date=September 6, 2011 |url-status=dead}} and that the holding company's board and management was kept completely in the dark about the government's negotiations with Chase, hampering the bank's ability to sell itself on its own. Chief executive Alan H. Fishman was flying from New York to Seattle on the day the bank was closed, and eventually received a $7.5{{nbsp}}million sign-on bonus and cash severance of $11.6{{nbsp}}million (which he declined) after being CEO for 17 days.{{cite news |url=https://www.foxnews.com/story/wamu-gives-new-ceo-mega-payout-as-bank-fails |title=WaMu Gives New CEO Mega Payout as Bank Fails |date=September 26, 2008 |publisher=Fox News |access-date=September 27, 2008 |author= |url-status=live |archive-url=https://web.archive.org/web/20081205031934/http://www.foxnews.com/story/0%2C2933%2C428641%2C00.html |archive-date=December 5, 2008 }} Senator Maria Cantwell demanded an explanation from the government and threatened to open an investigation{{cite news |url=http://www.seattlepi.com/business/382407_cantwellwamu09.html |title=Cantwell seeks explanation of WaMu seizure by feds |last=Virgin |first=Bill |date=August 8, 2008 |newspaper=Seattle Post-Intelligencer |access-date=January 3, 2009}} and WaMu's former shareholders have threatened a lawsuit demanding compensation for the lost value of their shares.

The seizure of WaMu Bank resulted in the largest bank failure in American financial history, dwarfing the failure of Continental Illinois in 1984.{{cite news |url=http://www.king5.com/topstories/stories/NW_092508BUB_wamu_sale_jpmorgan_chase_TP.b085ac2e.html |title=Washington Mutual sold to JPMorgan Chase after FDIC seizure |publisher=KING-TV |access-date=September 26, 2008 |date=September 26, 2008 |url-status=dead |archive-url=https://web.archive.org/web/20080926111206/http://www.king5.com/topstories/stories/NW_092508BUB_wamu_sale_jpmorgan_chase_TP.b085ac2e.html |archive-date=September 26, 2008 }}{{cite news |url=http://seattletimes.nwsource.com/html/businesstechnology/2008204758_wamu26.html |title=Feds seize WaMu in nation's largest bank failure |publisher=Seattle Times |first=Drew |last=DeSilver |access-date=September 26, 2008 |date=September 26, 2008}}

On September 26, 2008, Washington Mutual, Inc. and its remaining subsidiary, WMI Investment Corp., filed for Chapter 11 bankruptcy.{{cite press release |title=Washington Mutual, Inc. Files Chapter 11 Case |url=http://www.businesswire.com/news/home/20080926005828/en |publisher=Washington Mutual, Inc. |date=September 26, 2008 |access-date=September 27, 2008 |via=Business Wire |author=}} The company was promptly delisted from trading on the New York Stock Exchange, and commenced trading via Pink Sheets. The bankruptcy was the second major filing in as many weeks, after the Lehman Brothers filing eleven days earlier; both bankruptcies far outpaced WorldCom's 2002 filing, which had held the record with just under $104{{nbsp}}billion (~${{Format price|{{Inflation|index=US-GDP|value=104000000000|start_year=2002}}}} in {{Inflation/year|US-GDP}}) in assets.

All assets but only some liabilities (including deposits, covered bonds, and other secured debt) of WaMu Bank were assumed by JPMorgan Chase.{{cite web |url=http://www.fdic.gov/bank/individual/failed/wamu.html#possible_claims |title=FDIC Bank Acquisition Information for Washington Mutual Bank, Henderson, NV and Washington Mutual Bank, FSB, Park City, UT |publisher=Federal Deposit Insurance Corporation |date= |author=}} Under the deal, JPMorgan Chase acquired all the banking operations of WaMu, including $307{{nbsp}}billion in assets and $188{{nbsp}}billion in deposits, for a price of $1.9{{nbsp}}billion plus debt assumptions.{{cite news |url=https://money.cnn.com/2008/09/25/news/companies/JPM_WaMu/index.htm |work=CNN |title=JPMorgan buys WaMu |first1=David |last1=Ellis |first2=Jeanne |last2=Sahadi |name-list-style=amp |date=September 25, 2008}} Unsecured senior debt obligations of the bank were not assumed by JPMorgan Chase, leaving holders of those obligations with little meaningful source of recovery. On the morning of September 26, WaMu Bank customers were informed that all deposits held by WaMu were now liabilities of JPMorgan Chase.{{cite web |url=http://www.savingsaccounts411.com/10/washington-mutual-accounts-jpmorgan-chase |title=Washington Mutual Accounts After JPMorgan Chase Acquisition |date=October 3, 2008 |publisher=Washington Mutual Online Banking (blog) |author= |archive-url=https://web.archive.org/web/20090204160229/http://www.savingsaccounts411.com/10/washington-mutual-accounts-jpmorgan-chase |archive-date=February 4, 2009 |url-status=dead}}

The IRS claimed $12.5{{nbsp}}billion in back taxes from WaMu, Inc. The company filed court papers on January 22, 2009, alleging losses were $20{{nbsp}}billion (~${{Format price|{{Inflation|index=US-GDP|value=20000000000|start_year=2009}}}} in {{Inflation/year|US-GDP}}), and the company requested that it pay nothing of the tax debt, stating that the IRS could owe WaMu Inc. a tax refund.{{cite news |url=https://www.bloomberg.com/apps/news?pid=20601127&sid=agY9wr0CyVLM |title=Washington Mutual Owes $12.5 Billion in Back Taxes, U.S. Claims |newspaper=Bloomberg News |date=January 24, 2009 |first=Steven |last=Church |archive-url=https://web.archive.org/web/20121105153029/http://www.bloomberg.com/apps/news?pid=newsarchive&sid=agY9wr0CyVLM |archive-date=November 5, 2012 |url-status=dead}} In a 2010 settlement between Wash. Mutual Inc. (in receivership), the FDIC, and JPMorgan Chase, a tax refund of about $5.7{{nbsp}}billion (~${{Format price|{{Inflation|index=US-GDP|value=5700000000|start_year=2010}}}} in {{Inflation/year|US-GDP}}) will be shared between Wash. Mutual Inc., JPMorgan Chase and FDIC.{{cite web|url=http://www.benzinga.com/markets/company-news/171862/new-deal-will-allow-washington-mutual-inc-to-resolve-bankruptcy-jpm |title=New Deal Will Allow Washington Mutual, Inc. To Resolve Bankruptcy (JPM) |publisher=Benzinga |date=March 12, 2010 |access-date=June 19, 2013 |author=}}

WaMu, Inc. sued the Federal Deposit Insurance Corporation (FDIC) for $13{{nbsp}}billion after the sale of its banking operations to JPMorgan Chase.{{cite web |url=https://www.cnbc.com/id/29812823 |title=WaMu Sues FDIC for $13 Billion Over Bank Failure |date=March 21, 2009 |access-date=March 21, 2009 |publisher=CNBC}}{{dead link|date=November 2024|bot=medic}}{{cbignore|bot=medic}} The case is Washington Mutual Inc. v. Federal Deposit Insurance Corp, U.S. District Court for the District of Columbia, No. 09-00533. WMI attorneys claim the bank did not get fair value for the bank, and multiple subsidiaries belonging to the parent company were taken.

On January 11, 2010, the United States Department of Justice, Office of the United States Trustee, District of Delaware, pursuant to Section 1102(a)(1) of the Bankruptcy Code, appointed a Committee of Equity Security Holders to represent all shareholders of both preferred and common stock. All of the Motions to Disband the Committee of Equity Security Holders were denied on January 28, 2010, by U.S. Bankruptcy Judge Mary F. Walrath, District of Delaware.{{cite news |url=http://www.bizjournals.com/seattle/blog/2010/01/big_day_for_wamu_shareholders.html |title=Big day for WaMu shareholders |work=Puget Sound Business Journal |date=January 28, 2010 |first=Kirsten |last=Grind}}{{cite report |url=http://www.kccllc.net/documents/0812229/0812229100129000000000001.pdf |title=United States Bankruptcy Court, District Of Delaware, Minute Entry |date=January 28, 2010 |publisher=United States Bankruptcy Court |author= |via=Kurtzman Carson Consultants }}

On July 20, 2010, bankruptcy judge Mary Walrath approved a motion of the EC for an examiner to investigate potential legal claims and assets of WMI, handing a victory to shareholders. The Judge directed the examiner to investigate not just the legal settlement with the FDIC and JPMorgan Chase at the heart of WaMu's reorganization, but also all potential claims and assets that are part of the settlement or that will be retained by the company.{{cite news |url=http://uk.reuters.com/article/idUKN2026582720100720 |archive-url=https://web.archive.org/web/20100722212947/http://uk.reuters.com/article/idUKN2026582720100720 |url-status=dead |archive-date=July 22, 2010 |work=Reuters |title=UPDATE 2-US judge appoints WaMu examiner; shareholders win |date=July 20, 2010 |author=}}

On July 26, 2010, U.S. Trustee Roberta A. DeAngelis appointed veteran bankruptcy examiner and McKenna Long & Aldridge LLP partner Joshua R. Hochberg to conduct a probe into the proposed settlement between WMI, JPMorgan Chase and the FDIC. Hochberg is a partner in McKenna Long & Aldridge's Washington office whose practice focuses on individual and corporate white collar defense, internal investigations and compliance.{{cite web |url=http://www.law360.com/articles/183462 |title=McKenna Long Partner Tapped To Probe WaMu Deal |publisher=Law360 |date=July 26, 2010 |access-date=June 19, 2013 |first=Jessica |last=Dye |url-access=subscription}}

On August 10, 2010, the bankruptcy judge rejected WaMu Inc.'s effort to obtain personal financial information from shareholders demanding that the company schedule an annual meeting. Attorneys for the EC said that WMI was simply trying to delay scheduling a shareholder meeting by seeking personal information. The judge agreed that WMI was not entitled to the information.{{cite news |url=http://seattletimes.nwsource.com/html/localnews/2012585404_apdewashingtonmutualbankruptcy.html |newspaper=The Seattle Times |title=Judge denies WaMu attempt to get shareholder data |first=Randall |last=Chase |date=August 10, 2010}}

On November 1, 2010, examiner Joshua R. Hochberg from McKenna Long & Aldridge LLP presented his long-awaited report, but it did not meet the expectations of the court, since the report was based on unsworn interviews and confidential attorney-client work. On December 12, the court decided to exclude the examiner's report during the plan confirmation hearings, saying it can't be considered expert testimony or submitted as evidence unless it is subject to questioning to determine the basis of its conclusions.{{Cite web |url=https://www.forbes.com/feeds/ap/2010/12/02/business-financials-us-washington-mutual-bankruptcy_8178797.html |title=Archived copy |website=Forbes |access-date=September 18, 2017 |archive-date=January 5, 2011 |archive-url=https://web.archive.org/web/20110105042503/https://www.forbes.com/feeds/ap/2010/12/02/business-financials-us-washington-mutual-bankruptcy_8178797.html |url-status=bot: unknown }}

On January 7, 2011, the bankruptcy court rejected the 6th proposed plan of reorganization, which was proposed by the debtors and their lawyers from Weil, Gotshal & Manges LLP. Judge Mary Walrath focused many of her criticisms on the company's releases of liability granted to directors, officers and others including some hedge funds, who she said did not contribute anything to the settlement. She noted for example that shareholders, who will likely get nothing, should not have to release the company's board from the threat of being sued by them.{{cite news |url=https://www.reuters.com/article/idUSN0722819020110108?pageNumber=2 |work=Reuters |title=UPDATE 3-Judge rejects WaMu's reorganization plan |date=January 8, 2011 |author=}}

On September 14, 2011, the court also rejected the modified 6th proposed plan of reorganization. Judge Mary F. Walrath wrote that four hedge funds that had played a role in WaMu's restructuring might have received confidential information that could have been used to trade improperly in the bank's debt. The four hedge funds are Appaloosa Management, Aurelius Capital Management, Centerbridge Partners and Owl Creek Asset Management.{{cite news |url=https://dealbook.nytimes.com/2011/09/14/judge-says-hedge-funds-may-have-used-inside-information/?scp=2&sq=washington%20mutual&st=cse |newspaper=The New York Times |first1=Charles |last1=Duhigg |first2=Peter |last2=Lattman |name-list-style=amp |title=Judge Says Hedge Funds May Have Used Inside Information |date=September 14, 2011}}

A seventh plan of reorganization was announced in February 2012{{cite press release |url=http://www.prnewswire.com/news-releases/washington-mutual-inc-announces-confirmation-of-plan-of-reorganization-139519093.html |title=Washington Mutual, Inc. Announces Confirmation of Plan of Reorganization |work=PR Newswire |date=February 17, 2012 |author=}}{{cite news |url=http://old.seattletimes.com/html/businesstechnology/2017408520_wamu05.html |title=Tiny shred of bankrupt WaMu emerging to uncertain future: More than three years after Washington Mutual became the nation's largest bank failure, a thin sliver of the company could soon emerge from bankruptcy and offer shareholders a small chance at recouping some value. |newspaper=Seattle Times |date=February 4, 2012 |first=Drew |last=DeSilver}} and the company finally emerged from Chapter 11 bankruptcy the following month as WMI Holdings Corporation.{{cite news |url=https://www.reuters.com/article/us-washingtonmutual-idUSBRE82I15S20120319 |title=WaMu exits bankruptcy, on heels of Lehman |newspaper=Reuters |date=March 19, 2012 |author=}} By 2015, WMI Holdings was able to raise $598{{nbsp}}million (~${{Format price|{{Inflation|index=US-GDP|value=598000000|start_year=2015}}}} in {{Inflation/year|US-GDP}}) and was looking for new acquisitions.{{cite news |url=http://www.seattletimes.com/business/washington-mutual-shell-raises-598m-to-hunt-for-acquisitions/ |title=Washington Mutual shell raises $598M to hunt for acquisitions |newspaper=Seattle Times |date=January 5, 2015 |first=Rami |last=Grunbaum}} In 2018 WMI Holdings Corporation merged with Nationstar to form Mr. Cooper Group.{{Cite web |last=Lane |first=Ben |date=2018-08-01 |title=Meet the Mr. Cooper Group: Nationstar completes merger with Washington Mutual parent WMIH |url=https://www.housingwire.com/articles/46343-meet-the-mr-cooper-group-nationstar-completes-merger-with-washington-mutual-parent-wmih/ |access-date=2024-08-17 |website=HousingWire |language=en-US}}

During 2009, all of the WaMu Bank branches that had been purchased from the FDIC after the bank had been placed into receivership, were rebranded to Chase or shuttered. All financial documents issued by WaMu were changed to carry the Chase logo. Credit and debit cards issued by WaMu or Providian were changed to carry the Chase logo.

The transition to Chase began in early 2009, when Chase ATMs became accessible for WaMu customers at no extra charge. All branches and accounts were formally merged in 2009 as the WaMu brand was retired. Branches in the Pacific Northwest, Idaho, and Utah were rebranded in May 2009; branches in Florida, Georgia, Texas, Illinois, and Greater New York were rebranded in July 2009, and the remaining branches in Nevada, California, Arizona, and Colorado were rebranded in October 2009.{{cite report |url=http://files.shareholder.com/downloads/ONE/564369543x0x275123/c230fc61-edfb-48e0-a97b-8a6dc035fe87/RetailBanking-CharlieScharf.pdf |last=Scharf |first=Charlie |publisher=JPMorgan Chase |title=2009 Investor Day Presentation: Retail Financial Services |date=February 26, 2009 |page=28 |access-date=February 26, 2009 |archive-url=https://web.archive.org/web/20090304235136/http://files.shareholder.com/downloads/ONE/564369543x0x275123/c230fc61-edfb-48e0-a97b-8a6dc035fe87/RetailBanking-CharlieScharf.pdf |archive-date=March 4, 2009 |url-status=dead }}{{cite web |url=https://www.chase.com/welcomewamu/ |title=Welcome WaMu |publisher=JPMorgan Chase Bank |date= |author= |archive-url=https://web.archive.org/web/20081003163154/http://www.chase.com/welcomewamu/ |archive-date=October 3, 2008 |url-status=dead}} The last rebrandings formally retired the WaMu name.

In markets where Chase already had a dominant presence, such as Greater New York and Chicago (owing to the presence of Chase and predecessor Bank One), Chase further disposed of such branches to other banks. In New York, for instance, the acquisition resulted in Chase branches located on the same block as WaMu branches.{{cite news |url=http://archives.chicagotribune.com/2009/jan/19/business/chi-jpmorgan-chase-wamu-jan19 |last=Yerak |first=Becky |title=Chase to close 57 WaMu branches here |newspaper=Chicago Tribune |date=January 19, 2009 |archive-url=https://web.archive.org/web/20090219070718/http://archives.chicagotribune.com/2009/jan/19/business/chi-jpmorgan-chase-wamu-jan19 |archive-date=February 19, 2009 |url-status=dead}}

This advertising campaign was introduced between 2005 and 2007. Numerous WaMu commercials showed white, traditionally-dressed 60–70-year-old overweight bankers laughing out loud at a WaMu representative (who is much younger, fitter and black), who says the words "Free Checking Account".

WaMu introduced an advertising campaign during the 2003 Academy Awards known as "The Power of Yes". This was to promote the offering of loans to all consumers, particularly borrowers that the banks deemed too risky. Another commercial in the ad series showed WaMu representatives in casual clothes, contrasting with traditionally-dressed bankers in suits.

File:WaMu Whoo hoo sticker.jpg.]]

"Whoo hoo!" was an advertising campaign introduced by WaMu in February 2008. As fears of an economic crisis were rising, and WaMu was looking to become an "iconic brand that people love", they began courting consumers with a new slogan, designed to position WaMu as a consumer-friendly institution.{{cite news |url=http://www.adweek.com/aw/content_display/creative/news/e3i76778d3ae0efdedcc88a5760b27ea659 |title=WaMu Wants Customers Yelling 'Whoo Hoo!' |last=Newman |first=Eric |date=February 13, 2008 |magazine=Adweek |access-date=September 3, 2008 |archive-url=https://web.archive.org/web/20080214223517/http://www.adweek.com/aw/content_display/creative/news/e3i76778d3ae0efdedcc88a5760b27ea659 |archive-date=February 14, 2008 |url-status=dead}}

During its run, the Whoo hoo! ads, created by TBWA\Chiat\Day of Playa del Rey, California, become widespread in web navigation.{{cite news |url=http://seekingalpha.com/article/77898-are-consumers-going-whoo-hoo-over-wamus-new-campaign |title=Are Consumers Going 'Whoo Hoo' Over WaMu's New Campaign? |date=May 19, 2008 |work=Seeking Alpha |access-date=September 3, 2008 |author=}} After WaMu launched the new advertisement, there was double digit growth at its website and the term "wamu" appeared in searches over 1,000% more between January and March than in all of 2007.

WaMu (before the bank's September 2008 conservatorship and sale to JPMorgan Chase) applied to register a trademark in the phrase.{{cite news |url=http://blog.seattlepi.nwsource.com/thebigblog/archives/134038.asp |title=WaMu's 'Whoo-hoo' campaign: Blame 'The Simpsons' |last=Guzman |first=Monica |date=March 11, 2008 |newspaper=Seattle Post-Intelligencer |access-date=September 21, 2008}}{{cite web |publisher=U.S. Patent and Trademark Office |url=http://tarr.uspto.gov/servlet/tarr?regser=serial&entry=77357506 |title=WHOO HOO (application no. 77/357,506) |date=December 20, 2007 |author=}} Initially, the bank wanted to use "woo hoo" (without the "h" in the first word) as the slogan, but they were concerned because of the existing use of the phrase by Homer Simpson, a character in The Simpsons.

WaMu introduced a unique branch design known as Occasio which eliminated traditional teller windows and queuing stanchions in favor of an open, circular floor plan with a greeter or "concierge" position and tellers working from behind podiums.{{cite press release |title=Occasio Overview |url=http://newsroom.wamu.com/phoenix.zhtml?c=189529&p=irol-occasioOverview |publisher=Washington Mutual |access-date=June 25, 2009 |date= |author= |archive-url=https://web.archive.org/web/20061110094927/http://newsroom.wamu.com/phoenix.zhtml?c=189529&p=irol-occasioOverview |archive-date=November 10, 2006 |url-status=dead}}{{cite news |last=Torres |first=Blanca |title=WaMu seeks patent for its "banking stores" |newspaper=The Seattle Times |access-date=June 25, 2009 |date=July 2, 2004 |url=http://seattletimes.nwsource.com/html/businesstechnology/2001970403_wamu02.html}} The Occasio design was introduced in 2000 and patented in 2004,{{cite web |last1=Curtin |first1=Karen |first2=Mark J. |last2=Conway |first3=Jeffrey C. |last3=Link |first4=David W. |last4=Nelson |first5=Ronald A. |last5=Turner |first6=Deanna W. |last6=Oppenheimer |first7=Scott A. |last7=Smith |name-list-style=amp |title=United States Patent: 6681985 – System for providing enhanced systems management, such as in branch banking |access-date=June 25, 2009 |date=January 27, 2004 |url=http://patft.uspto.gov/netacgi/nph-Parser?Sect2=PTO1&Sect2=HITOFF&p=1&u=%2Fnetahtml%2FPTO%2Fsearch-bool.html&r=1&f=G&l=50&d=PALL&RefSrch=yes&Query=PN%2F6681985 |publisher=United States Patent Office |archive-date=March 14, 2017 |archive-url=https://web.archive.org/web/20170314152636/http://patft.uspto.gov/netacgi/nph-Parser?Sect2=PTO1&Sect2=HITOFF&p=1&u=%2Fnetahtml%2FPTO%2Fsearch-bool.html&r=1&f=G&l=50&d=PALL&RefSrch=yes&Query=PN%2F6681985 |url-status=dead }} but was phased out following the JPMorgan Chase acquisition of WaMu's retail banking operations.{{cite news |last=Virgin |first=Bill |title=JPMorgan Chase to change look of WaMu branches |newspaper=Seattle Post-Intelligencer |access-date=June 25, 2009 |date=December 4, 2008 |url=http://www.seattlepi.com/business/390728_occasio05.html}}

• Bank failure
• List of largest U.S. bank failures
• Federal Deposit Insurance Corporation
• 2008 financial crisis
• 2008–2011 bank failures in the United States
• List of banks acquired or bankrupted in the United States during the 2007–2008 financial crisis

{{Reflist|30em}}

• {{Official website|https://web.archive.org/*/www.wamu.com}} (Archive)
• {{cite web |url=http://www.fundinguniverse.com/company-histories/washington-mutual-inc-history/ |title=Washington Mutual, Inc. History |publisher=FundingUniverse |date= |author=}}
• {{cite web |url=http://www.wamu.com/about/corporateprofile/history/default.asp |title=History (1889–2002) |publisher=Washington Mutual |date=2008 |author= |archive-url=https://web.archive.org/web/20080612221000/http://www.wamu.com/about/corporateprofile/history/default.asp |archive-date=June 12, 2008 |url-status=dead}}
• {{cite web |url=http://investors.wamu.com/irweblinkx/mna.aspx?iid=102028 |title=Acquisition History (1987–2006) |publisher=Washington Mutual |date=2008 |author= |archive-url=https://web.archive.org/web/20080929180017/http://investors.wamu.com/irweblinkx/mna.aspx?iid=102028 |archive-date=September 29, 2008 |url-status=dead}} (list also includes pre-merger acquisitions by American Savings)
• {{cite web |url=http://phx.corporate-ir.net/phoenix.zhtml?c=189529&p=irol-newsArchive |title=Archived WaMu News Releases (2001–2008)}}
• {{cite web |url=http://digitalcollections.lib.washington.edu/cdm/search/collection/reports/searchterm/Washington%20Mutual/field/creato!all/mode/all!all/conn/and!and/order/title/ad/asc |title=Archived Washington Mutual Annual Reports (1966–2007) |via=University of Washington Libraries}} (high resolution binaries; large file sizes)
• {{cite web |url=http://investors.wamu.com:80/phoenix.zhtml?c=101159&p=irol-reports |title=Archived Washington Mutual Annual Reports (1999–2006) |publisher=Washington Mutual |date=2007 |author= |archive-url=https://web.archive.org/web/20070716124209/http://investors.wamu.com/phoenix.zhtml?c=101159&p=irol-reports |archive-date=July 16, 2007 |url-status=dead }} (mostly ASCII pdf or html; small file sizes)
• {{cite web |url=https://www.fdic.gov/bank/individual/failed/wamu_settlement.html |title=Status of Washington Mutual Bank Receivership |publisher=Federal Deposit Insurance Corporation |date=August 24, 2016 |author=}} (settlement of bankruptcy and related lawsuits)

{{2008 economic crisis}}

{{JPMorgan Chase}}

{{Authority control}}

Category:1889 establishments in Washington (state)

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