Washington Mutual died on its 119th birthday.
Reuters: WaMu is largest U.S. bank failure
Washington Mutual Inc was closed by the U.S. government in by far the largest failure of a U.S. bank, and its banking assets were sold to JPMorgan Chase & Co for $1.9 billion.
Thursday’s seizure and sale is the latest historic step in U.S. government attempts to clean up a banking industry littered with toxic mortgage debt. Negotiations over a $700 billion bailout of the entire financial system stalled in Washington on Thursday.
The transaction ends exactly 119 years of independence for Washington Mutual, whose predecessor was incorporated on September 25, 1889, “to offer its stockholders a safe and profitable vehicle for investing and lending,” according to the thrift’s website. This helped Seattle residents rebuild after a fire torched the city’s downtown.
Maybe I should have deposited that check this morning.