September 25, 2008
Media Contact:
Andrew Gray (202) 898-7192
Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking
system. It promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to
which they are exposed. The FDIC receives no federal tax dollars insured financial institutions fund its operations.
FDIC press releases and other information are available on the Internet at, by subscription electronically
(go to and may also be obtained through the FDIC's Public Information
Center (877-275-3342 or 703-562-2200). PR-85-2008
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
JPMorgan Chase acquired the banking operations of Washington Mutual Bank in a
transaction facilitated by the Federal Deposit Insurance Corporation. All depositors are
fully protected and there will be no cost to the Deposit Insurance Fund.
"For all depositors and other customers of Washington Mutual Bank, this is simply a
combination of two banks," said FDIC Chairman Sheila C. Bair. "For bank customers, it
will be a seamless transition. There will be no interruption in services and bank
customers should expect business as usual come Friday morning."
JPMorgan Chase acquired the assets, assumed the qualified financial contracts and
made a payment of $1.9 billion. Claims by equity, subordinated and senior debt holders
were not acquired.
"WaMu's balance sheet and the payment paid by JPMorgan Chase allowed a
transaction in which neither the uninsured depositors nor the insurance fund absorbed
any losses," Bair said.
Washington Mutual Bank also has a subsidiary, Washington Mutual FSB, Park City,
Utah. They have combined assets of $307 billion and total deposits of $188 billion.
Thursday evening, Washington Mutual was closed by the Office of Thrift Supervision
and the FDIC named receiver. WaMu customers with questions should call their normal
banking representative, service center, 1-800-788-7000 or visit The
FDIC's consumer hotline is 1-877-ASK-FDIC (1-877-275-3342) or visit
Additional Notices
JP Morgan Acquires All Qualified Financial Contracts as Part of Washington Mutual
Washington Mutual Bank Investors Additional Information
Continuation of Contracts Transferred From Washington Mutual Bank

Publisher's site:
Corporate Authors:
Federal Deposit Insurance Corporation (FDIC)
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Agencies Involved:
Federal Deposit Insurance Corporation (FDIC)
Bank Involved:
JPMorgan ChaseWashington Mutual BankWashington Mutual FSB
Fdic Employee Involved:
Sheila C. Bair
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