Washington Mutual Bank (often abbreviated WaMu), a subsidiary of Washington Mutual, Inc., was a savings and loan headquartered in Seattle, Washington. In spite of its illustrious history, the bank was one of the largest and most notable victims of the subprime mortgage crisis – at the time of its failure in 2008, WaMu was the nation's largest S&L, the 6th largest bank, and WaMu remains the biggest bank failure in the history of the United States. JPMorgan Chase Bank purchased Washington Mutual Bank in 2008 and absorbed the company's many banking branches under the Chase brand
Washington Mutual was founded in 1889 as the Washington National Building Loan and Investment Association in Seattle. The company grew organically and through mergers and acquisitions over the years, eventually rising to become one of America's largest and best known banks. WaMu's enduring legacy includes:
* Pioneering the first home loan in 1890.
* Starting the first shared ATM network in the 1970s.
* Offering full-service brokerage and mutual funds through our stores in the 1980s, and was the first bank to do so.
* Developing a new retail store design in the late 1990s, the first full-service branch design to be issued a U.S. patent.
* Completing the first covered bond issuance by a U.S. Bank in Europe.
Washington Mutual, unfortunately, was also deeply involved in subprime mortgage loans, which led to the company's downfall.
Today's the Washington Mutual brand lives on under Chase Bank. Consumers looking for mortgage rates, auto loans, certificates of deposit (CDs), savings accounts, and more can shop at Chase and enjoy the same benefits that WaMu once offered. Even better, you can compare Chase Bank interest rates on RateZip.
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