Washington Mutual

Washington Mutual, Inc.
Company type	Public
Industry	Finance and insurance
Founded	September 25, 1889; 137 years ago in Seattle, Washington, United States
Defunct	September 25, 2008
Fate	Bank seized by Office of Thrift Supervision; banking operations sold to JPMorgan Chase; holding company filed for bankruptcy
Headquarters	Seattle, United States
Area served	United States (primarily Washington, Oregon, California)
Key people	Kerry Killinger (CEO)
Products	Consumer banking, financial services, mortgage loans, credit cards
Number of employees	43,198 (2008)
Parent	None

Washington Mutual, Inc. (WaMu) was a prominent American savings bank holding company based in Seattle, serving as the parent organization of Washington Mutual Bank, which held the distinction of being the largest savings and loan association in the United States until its collapse in 2008.

On September 25, 2008, the Office of Thrift Supervision (OTS) took control of WaMu's banking operations following a massive withdrawal of deposits totaling $16.7 billion over nine days—a notable instance of a bank run. The Federal Deposit Insurance Corporation (FDIC) placed the institution into receivership and subsequently sold its banking subsidiaries to JPMorgan Chase for $1.9 billion. This event represented the largest bank failure in U.S. history by asset size. By the conclusion of 2009, all former WaMu branches had been rebranded under JPMorgan Chase. After losing its banking arm, the holding company retained assets worth $33 billion alongside $8 billion in liabilities.

The day after the seizure, WaMu filed for Chapter 11 bankruptcy protection in Delaware. Before its downfall, it ranked as the sixth-largest bank in the United States, with assets totaling $327.9 billion as of 2007.

In 2009, WaMu initiated legal action against the FDIC seeking around $13 billion, claiming the seizure was unwarranted and that the sale price to JPMorgan Chase was undervalued. JPMorgan Chase responded with counterclaims during bankruptcy proceedings.

Among key leadership was CEO Kerry Killinger. The firm’s core strategy centered on consumer banking and financial services within the finance and insurance sectors. Its rapid expansion and significant market presence made its failure a landmark event within the financial industry.

Business operations prior to bank receivership

WaMu transitioned from a mutual company to a public company on March 11, 1983, when it demutualized. As of June 30, 2008, it reported total assets amounting to $307 billion and operated 2,239 retail branches across 15 states, supported by 4,932 ATMs and a workforce of 43,198 employees. Its liabilities included $188.3 billion in customer deposits, $82.9 billion owed to the Federal Home Loan Bank system, and $7.8 billion in subordinated debt instruments. On the asset side, it held $118.9 billion in single-family mortgage loans—of which $52.9 billion were option adjustable rate mortgages (option ARMs)—$16 billion in subprime loans, $53.4 billion in Home Equity Lines of Credit (HELOCs), and $10.6 billion in credit card receivables. The company serviced loans totaling $689.7 billion, including $442.7 billion managed for other financial institutions. Non-performing assets were valued at $11.6 billion, encompassing $3.23 billion in payment option ARMs and $3 billion classified as subprime loans.

Following a downgrade in credit ratings on September 15, 2008, WaMu suffered a significant bank run as customers withdrew $16.7 billion within nine days and over $22 billion since July 2008. These massive outflows prompted the Office of Thrift Supervision to shut down the bank.

The FDIC then sold most of WaMu’s assets to JPMorgan Chase for $1.9 billion in cash plus assumption of secured debt and some unsecured obligations. However, claims from equity holders along with most senior and subordinated debt—primarily held by the holding company—were excluded from JPMorgan Chase’s acquisition.

Mutual savings bank

WaMu originated as the Washington National Building Loan and Investment Association on September 25, 1889, in response to the aftermath of the Great Seattle Fire. Its inaugural home mortgage loan was issued on February 10, 1890. The institution was renamed Washington Savings and Loan Association in 1908, and by 1917, it operated under the name Washington Mutual Savings Bank. Growth through acquisitions included the purchase of Continental Mutual Savings Bank in 1930. The company was widely recognized by its enduring marketing tagline, "The Friend of the Family."

Growth Following Demutualization

In April 1982, WaMu expanded by acquiring brokerage firm Murphey Favre and subsequently demutualized in 1983, transitioning into a capital stock savings bank and offering shares to the public. By 1989, its asset base had doubled in size.

November 1994 saw WaMu restructure into a holding company named Washington Mutual, Inc., separating its non-banking operations from the main banking subsidiary, which was renamed Washington Mutual Bank. This reorganization facilitated expansion into areas such as consumer banking, securities brokerage, mutual fund management, travel services, and insurance underwriting. At that juncture, the company managed $17.8 billion in assets and operated more than 250 financial centers across Washington, Oregon, and Idaho. Its stock was traded on Nasdaq under the ticker symbol WAMU.

In October 2005, WaMu acquired Providian for roughly $6.5 billion, bolstering its credit card business by focusing on prime customers—a strategy that had previously enhanced Providian’s loan quality. By March 2006, WaMu relocated its headquarters to the Russell Investments Center in downtown Seattle from its former location at WaMu Tower nearby. The company officially adopted "WaMu" as its brand abbreviation outside of legal documentation by August 2006.

Acquisition Activity

Following the Murphey Favre acquisition, WaMu pursued an aggressive expansion strategy by acquiring PNC Mortgage, Fleet Mortgage, and Homeside Lending, which elevated it to become the third-largest mortgage lender in the United States. The purchase of Providian Financial Corporation in 2005 further positioned WaMu as the ninth-largest credit card issuer nationwide.

However, integrating these acquisitions presented operational difficulties—particularly with subprime loan portfolios acquired from PNC Mortgage during a booming market phase. Other purchases such as Dime Savings Bank and Fleet Mortgage encountered customer service challenges attributed to integration issues with existing systems.

Washington State

Throughout the 1980s and 1990s, WaMu executed a focused acquisition strategy aimed at solidifying its stronghold within Washington state while extending its reach into Oregon and California. Significant acquisitions included:

Between 1983 and 1984: Branches of United Mutual Savings Bank and Lincoln Mutual Savings Bank were added, increasing branches from 39 to over 50 primarily within Washington.
In 1987–1988: Acquisitions of Columbia Federal Savings Bank and Shoreline Savings Bank brought additional assets and branch offices.
In 1990: Purchases included Old Stone Bank of Washington; Frontier Federal Savings and Loan Association; Williamsburg Federal Savings and Loan branches; and VanFed Bancorp—expanding WaMu’s branch network beyond 75 locations.
In 1991: Acquisition of CrossLand Savings Bank’s Pacific Northwest branches along with Sound Savings and Loan Association increased market presence in both Washington and Oregon.
During 1991–1992: GNW Financial Corporation with its Great Northwest Bank subsidiary was acquired for $64 million; World Savings and Loan Association’s Washington branches were added; Pioneer Savings Bank was purchased for $181 million; Pacific First Financial Corporation was acquired for $663 million—this latter deal propelled WaMu to become the second-largest financial institution in Washington by consumer deposits.
Mid-1990s: Summit Bancorp ($25 million) and Enterprise Bank ($26.8 million) acquisitions marked WaMu’s entry into commercial banking through ownership of a profitable business-oriented bank.

Following these acquisitions by the early 1990s, WaMu operated over 230 branches across Washington and Oregon with assets exceeding $14 billion after acquiring Pacific First. These strategic transactions considerably enhanced WaMu’s market position within the Pacific Northwest financial sector.

The Enterprise Bank acquisition was particularly notable for introducing a commercial banking charter into WaMu’s primarily thrift-based corporate framework. Tom Cleveland was appointed to lead this new commercial banking division, which subsequently expanded to include Western Bank in Oregon.

This robust acquisition-driven growth strategy played a pivotal role in WaMu’s overall business development by increasing market share, diversifying its product offerings, and broadening its operational footprint within the U.S. financial services industry.

Oregon

In April 1991, WaMu revealed plans to acquire 25 branches from the struggling New York-headquartered CrossLand Savings Bank located in the Portland/Vancouver region, with the transaction concluding in November of that year. Of these branches, seven were situated in Washington, while the remainder were in Oregon, marking WaMu’s initial entry into the Oregon market through Portland.

After acquiring Pacific First in April 1993, WaMu rose to become Oregon’s fourth largest bank by consumer deposit volume. Pacific First had experienced rapid growth during the late 1980s by purchasing distressed savings and loan institutions, expanding to 78 branches by early 1991—more than any other thrift institution in Oregon—and capturing roughly 27% of the state’s thrift market share. By July 1992, Pacific First maintained operations at 71 branches within Oregon.

In April 1994, WaMu expanded further by purchasing three Portland-area branches from the failed Far West Federal Savings Bank for $2.2 million.

WaMu continued its growth in Oregon with the October 1995 announcement to acquire Western Bank, based in Coos Bay, for $156 million in stock; this acquisition was finalized in February 1996. Western Bank was the Northwest’s second-largest independent commercial bank, operating 41 branches and holding $787 million in assets. This deal provided WaMu with a commercial banking charter and broadened its lending capabilities to include small and medium-sized businesses. Initially, Western Bank retained its brand and operated semi-independently.

By 2001, most Western Bank locations had been fully integrated into WaMu’s network, and the Western Bank name was phased out. Due to overlapping branches after integration, WaMu sold 12 former Western Bank locations along with one WaMu branch to Klamath First Bancorp for $33 million.

Idaho

WaMu announced its expansion into Idaho in March 1994 by establishing branch offices inside Fred Meyer supermarkets. The first three Boise-area branches opened between July and August, marking WaMu’s debut in the Idaho market. This complemented its existing portfolio of 68 supermarket-based locations across Washington and Oregon as well as 162 standalone branches.

In February 1995, a fourth Idaho branch was launched inside a Moscow supermarket, extending WaMu’s reach into northern Idaho. Additionally, a branch in Idaho Falls was acquired in January 1997 through WaMu’s purchase of United Savings Bank, which was based in Utah.

By March 2000, WaMu operated nine Idaho locations primarily consisting of traditional standalone branches, reflecting a strategic transition toward conventional branch development. The number of locations increased to 22 by 2008 before Chase acquired WaMu and converted these offices into Chase branches.

Utah

In July 1994, WaMu announced it would acquire Olympus Capital Corporation of Salt Lake City along with Olympus Bank, FSB for $52.1 million in stock. At that time, WaMu had 250 branches across Washington and Oregon, while Olympus operated eight Utah branches and two in Montana. The acquisition was completed by May 1995.

In March 1996, WaMu agreed to purchase Utah Federal Savings Bank based in Ogden. This institution had five branches and assets totaling $122.6 million. WaMu already maintained a presence with 16 branches in Utah prior to this deal, which closed for $15.2 million in December 1996.

September 1996 saw WaMu announce the acquisition of United Western Financial Group Inc., headquartered in Salt Lake City and parent company of United Savings Bank, for $80.3 million cash. United Savings operated eight Utah branches and one Idaho branch. This acquisition enhanced WaMu’s mortgage lending capabilities and was finalized in January 1997.

These targeted acquisitions considerably expanded WaMu’s footprint and branch network within Utah, fueling business growth and reinforcing its competitive standing within the regional banking sector.

Montana

In May 1995, WaMu expanded its presence in Butte by acquiring two branches through the purchase of Utah-based Olympus Capital Corporation and its subsidiary Olympus Bank FSB. However, WaMu exited the Montana market in 1999 by selling these locations to Glacier Bancorp for an undisclosed sum.

California

WaMu announced in July 1996 its acquisition of Keystone Holdings Inc., headquartered in Fort Worth, which included the Irvine-based American Savings Bank, for $1.6 billion in stock. This transaction nearly doubled WaMu’s deposit base from $22 billion to $42 billion and expanded its branch network by adding 158 California offices to its existing 317 branches scattered across Washington, Oregon, Idaho, Utah, and Montana. The acquisition significantly strengthened WaMu’s position within California’s mortgage sector. The deal was finalized in December 1996, with American Savings retaining its original branding.

In February 1997, Great Western Financial, the nation’s second-largest thrift institution, faced a hostile takeover attempt from H. F. Ahmanson & Co., parent company of Home Savings of America—the largest thrift at the time. To thwart this bid, Great Western agreed in March 1997 to merge with WaMu in a $6.6 billion stock deal. This merger created the largest savings and loan entity in the U.S., boasting $88.5 billion in assets, $52.5 billion in deposits, and more than 1,150 branches spanning Washington, Oregon, California, and Florida. Following shareholder approval, the merger was completed in July 1997. Initially, both Great Western and American Savings continued operating under their established names; however, by December 1997 WaMu unified these brands under its own name to consolidate its national identity. At the same time, 85 overlapping branches in California were closed to improve operational efficiency.

In March 1998, WaMu declared its intent to acquire H. F. Ahmanson & Company and its Home Savings of America subsidiary based in Irwindale for about $10 billion in stock. This acquisition was completed in October 1998 for $6.9 billion in stock and further extended WaMu’s reach into California and Texas markets by adding Home Savings’ 409 branches to WaMu’s existing portfolio of 892 branches operating under various brand names nationwide. As part of post-merger integration efforts, 161 redundant California branches were scheduled for closure to reduce costs and streamline operations.

These acquisitions exemplify WaMu’s assertive growth approach aimed at dominating the thrift industry by increasing market share, consolidating regional brands into a cohesive national identity, and optimizing branch networks across critical West Coast markets and beyond.

Texas

WaMu expanded its Texas footprint through the 1998 acquisition of Home Savings, which added 48 branch locations within the state.

In August 2000, WaMu announced it would acquire Houston-based Bank United Corporation for $1.49 billion in stock, bringing an additional 155 branches across Texas under its control. This acquisition notably increased WaMu’s market share to approximately 3% of deposits within Texas. Bank United’s network included 66 branches in Houston, 77 across Dallas-Fort Worth, as well as offices in Midland, Austin, and San Antonio. The transaction closed in February 2001, integrating over 200 former Bank United branches into WaMu’s brand and expanding its presence across seven Western states plus Florida.

Following this merger, due to overlapping locations between Bank United and WaMu branches in Texas, a total of 17 branches were closed—10 of which were situated within Houston—to streamline operations and improve efficiency. This consolidation fortified WaMu’s competitive position within the Texas banking market while supporting its broader growth objectives.

New York

In June 2001, WaMu revealed its plan to acquire Dime Bancorp, headquartered in New York City, along with its subsidiary Dime Savings Bank, in a transaction valued at $5.2 billion through a combination of cash and stock. Finalized in January 2002, this acquisition provided WaMu with more than 120 branch locations across New York and New Jersey, significantly enhancing its footprint in a critical region. At the time, Dime managed $14 billion in deposits distributed among 123 branches throughout the New York City metropolitan area.

Commercial banking

Due to the limitations imposed by WaMu's thrift charter on certain commercial lending activities, the company pursued acquisitions of commercial banks as a strategy to circumvent these constraints. In August 1995, WaMu purchased Enterprise Bank based in Bellevue, followed by the acquisition of Western Bank located in Coos Bay, Oregon. By 1997, these entities were merged under the Western Bank brand.

Following expansion into California through purchases such as American Savings and Great Western, WaMu discreetly acquired Industrial Bank in Van Nuys during 1999, subsequently rebranding it as WM Business Bank to enhance its commercial banking operations within the state.

By 2001, WaMu maintained 38 dedicated business banking centers operating under Western Bank in the Northwest and WM Business Bank in California; however, the company chose to withdraw from the highly competitive commercial banking sector dominated by Wells Fargo and Bank of America.

Mortgage banking

Throughout the late 1990s and early 2000s, WaMu pursued an aggressive growth strategy in subprime mortgage lending by acquiring established mortgage firms even as many competitors exited this market segment.

In May 1999, WaMu announced it would acquire Long Beach Financial Corporation, a specialist in subprime mortgages based in Orange, California, for $350.4 million; the deal was completed by October 1999. This acquisition later played a role in WaMu’s collapse in 2008 due to risky lending practices.

In January 2000, WaMu acquired Alta Residential Mortgage Trust from Los Angeles for $23 million. Later that year, in October, WaMu agreed to purchase PNC Mortgage Corporation and PNC Mortgage Securities Corporation from PNC Financial Services Group for $605 million in cash; the transaction closed by February 2001. This deal elevated WaMu to become the nation’s third-largest mortgage lender.

In April 2001, WaMu bought Fleet Mortgage Corporation from FleetBoston Financial for $660 million; the acquisition was finalized by June 2001, positioning WaMu as the second-largest mortgage servicer nationwide.

In December 2001, WaMu agreed to acquire HomeSide Lending from National Australia Bank for $1.9 billion excluding servicing rights; the purchase closed in March 2002. Subsequently, in August 2002, WaMu acquired remaining HomeSide assets including servicing rights on a portfolio valued at $131 billion for $1.3 billion plus $735 million in debt; this transaction was completed by October 2002.

In July 2002, WaMu purchased Bay View Bank’s mortgage loan portfolio from Bay View Capital Corporation at a price slightly above book value; the sale was finalized the following month.

In April 2006, WaMu announced its acquisition of Commercial Capital Bancorp, Inc., along with its Commercial Capital Bank FSB subsidiary for $983 million; this deal closed in October 2006. This acquisition bolstered WaMu’s commercial and retail banking capabilities since Commercial Capital was a leading lender in multifamily and small commercial real estate markets and ranked as California’s third-largest multifamily lender.

Credit cards

In June 2001, WaMu announced its acquisition of Providian Financial Corporation, the tenth-largest credit-card issuer in the United States, for $6.45 billion paid in a combination of stock and cash. The transaction was finalized that same month, marking WaMu's initial venture into issuing credit cards directly. Prior to this acquisition, WaMu’s credit card products were issued through Associates National Bank and subsequently Citibank South Dakota, N.A., making it one of the largest banks lacking its own branded credit cards. In 2005, CEO Kerry Killinger acknowledged this gap as a significant deficiency in WaMu’s product portfolio. Before 2001, credit cards were not actively marketed as part of WaMu’s offerings.

"Wal-Mart of Banking"

Chairman and CEO Kerry Killinger envisioned transforming WaMu into the "Wal-Mart of Banking," focusing on serving lower- and middle-income customers often neglected by other financial institutions. His strategy centered on providing complex mortgage and credit solutions with terms tailored to borrowers with weaker credit profiles, particularly in large urban centers such as Chicago, New York, and Los Angeles. WaMu encouraged real estate agents to approve loans by offering substantial fees and heavily promoted variable-rate products, especially Option Adjustable Rate Mortgages (Option ARMs), which generated increased fees and allowed recognition of deferred interest income. Since many loans were sold off to investors, the company prioritized loan volume over default risk, fueling its aggressive expansion.

Subprime losses

In December 2007, WaMu restructured its home-lending division by shutting 160 out of 336 offices and reducing its workforce by 2,600 employees—a 22% cut.

In March 2008, JPMorgan Chase CEO Jamie Dimon proposed acquiring WaMu at $8 per share mainly through stock; however, WaMu CEO Kerry Killinger declined the offer.

By April 2008, facing mounting losses from the subprime mortgage crisis, WaMu announced plans to eliminate 3,000 jobs and close approximately 176 remaining standalone home-loan offices, including 23 in Washington state and a loan-processing center in Bellevue. The bank halted wholesale lending activities and secured a $7 billion capital injection led by TPG Capital, with $2 billion contributed by TPG and $5 billion from other investors. This capital raise diluted existing shareholders' stakes and caused dissatisfaction among investors since mortgage losses were excluded from bonus calculations.

In June 2008, Killinger resigned as chairman but retained his CEO role. On September 8, under investor pressure, WaMu’s board removed Killinger as CEO. Alan H. Fishman—former COO of Sovereign Bank and chairman at Meridian Capital Group—was appointed CEO but served only 17 days.

Seizure by OTS and FDIC

By mid-September 2008, WaMu’s stock price had collapsed to $2.00 from over $30 a year earlier despite public statements affirming its independence. The bank discreetly engaged Goldman Sachs to identify potential buyers; however, no offers emerged. Simultaneously, WaMu experienced a massive deposit outflow totaling $16.7 billion over ten days, largely through electronic transfers.

This rapid deposit withdrawal prompted the Federal Reserve and Treasury Department to pressure WaMu into securing a buyer to prevent further depletion of the FDIC insurance fund, which had already been strained by previous bank failures. The FDIC conducted a confidential auction that awarded WaMu Bank’s assets to JPMorgan Chase on September 25, 2008—coinciding with WaMu’s 119th anniversary.

That evening, the Office of Thrift Supervision (OTS) took control of WaMu Bank and placed it into FDIC receivership due to its unsound financial condition stemming from the deposit run. JPMorgan Chase acquired most assets along with branch networks for $1.9 billion while assuming secured debts and depositor liabilities without utilizing FDIC insurance funds. The early intervention was driven by deteriorating bank stability and concerns over confidential information leaks.

The takeover eliminated all value for WaMu shareholders; the stock plummeted to $0.16 from previous highs. In bankruptcy filings under Chapter 11, WaMu reported assets worth $33 billion against debts totaling $8 billion—indicating sufficient resources for unsecured creditor payouts.

Following the seizure, hedge fund advisor Mike Stathis filed an SEC complaint alleging insider trading and collusion among Wall Street firms to short-sell WaMu shares, asserting that the bank remained solvent at the time of seizure. Stathis also reported experiencing government intimidation after submitting his allegations.

Shareholders challenged the seizure as unlawful and politically motivated through platforms such as WaMuCoup.com, arguing that the OTS acted arbitrarily and that JPMorgan Chase acquired assets below their true market value. They claimed WaMu maintained adequate liquidity and complied with regulatory business plans before being taken over. Additionally, the holding company’s board and management were reportedly excluded from government negotiations with JPMorgan Chase, hindering efforts for an independent sale. Alan H. Fishman declined a $19.1 million severance package despite his brief tenure before closure.

Senator Maria Cantwell called for government accountability and threatened investigations; former shareholders pursued legal action seeking compensation for lost equity value.

WaMu’s collapse became the largest bank failure in U.S. history at that time, surpassing Continental Illinois’s failure in 1984.

Bankruptcy

On September 26, 2008, Washington Mutual, Inc. along with its subsidiary WMI Investment Corp. initiated Chapter 11 bankruptcy proceedings. This event led to the removal of the company’s stock from the New York Stock Exchange, subsequently shifting trading to the Pink Sheets. This bankruptcy followed Lehman Brothers' collapse just eleven days prior and eclipsed WorldCom’s 2002 bankruptcy in terms of asset size.

JPMorgan Chase took over WaMu Bank’s operations, acquiring $307 billion in assets and $188 billion in deposits for $1.9 billion plus assumed liabilities. Nonetheless, unsecured senior debt holders were excluded from this assumption, limiting their potential recovery. Customers of WaMu Bank were notified that their deposits were now liabilities of JPMorgan Chase.

The Internal Revenue Service asserted a claim of $12.5 billion in unpaid taxes against WaMu, Inc., which contested this demand by citing $20 billion in losses and possible tax refunds. A settlement reached in 2010 among Washington Mutual Inc., the FDIC, and JPMorgan Chase resulted in a $5.7 billion tax refund that was allocated among the involved parties.

Washington Mutual, Inc. filed a lawsuit against the FDIC seeking $13 billion, arguing that the bank received inadequate value during the sale of its banking assets and suffered losses related to its subsidiaries. In January 2010, a Committee of Equity Security Holders was established to represent shareholders during the bankruptcy process.

In 2010, Bankruptcy Judge Mary Walrath authorized the appointment of an examiner to investigate legal claims and asset issues connected to the settlement with the FDIC and JPMorgan Chase. Joshua R. Hochberg from McKenna Long & Aldridge LLP was designated to lead this investigation.

The court dismissed WaMu’s efforts to postpone shareholder meetings by demanding personal financial disclosures. Hochberg’s investigative report, submitted late in 2010, was excluded from plan confirmation hearings due to concerns over its admissibility as evidence.

In January 2011, Judge Walrath declined approval of WaMu’s sixth reorganization plan, criticizing provisions that released directors and hedge funds from liability despite their minimal contributions to the settlement. The revised sixth plan faced rejection again in September 2011 amid suspicions that four hedge funds—Appaloosa Management, Aurelius Capital Management, Centerbridge Partners, and Owl Creek Asset Management—may have acted on insider information.

A seventh restructuring proposal was introduced in February 2012, enabling the company to exit Chapter 11 as WMI Holdings Corporation by March 2012. By 2015, WMI Holdings had raised $598 million aimed at pursuing new acquisitions. In 2018, WMI Holdings merged with Nationstar, resulting in the formation of Mr. Cooper Group.

Post receivership bank operations

Following receivership in 2009, all former WaMu Bank branches acquired by the FDIC were either rebranded as Chase branches or shuttered. Financial documents along with credit and debit cards were updated to display the Chase branding. The transition commenced early in 2009 with WaMu customers gaining free access to Chase ATMs. By the end of that year, all accounts and branches had been fully integrated under the Chase name, retiring the WaMu brand completely.

The rebranding process was staggered by region: Pacific Northwest, Idaho, and Utah transitioned in May; Florida, Georgia, Texas, Illinois, and Greater New York followed in July; while Nevada, California, Arizona, and Colorado completed conversion by October. In regions where Chase already maintained a significant footprint—such as Greater New York and Chicago—overlapping branches were sold off to other financial institutions to streamline operations and reduce branch duplication.

"Free Checking Account"

From 2005 through 2007, WaMu ran a promotional series featuring senior bankers expressing astonishment as a younger staff member introduced the "Free Checking Account," highlighting the bank’s commitment to consumer-friendly offerings.

"The Power of Yes"

Launched during the 2003 Academy Awards broadcast, this marketing initiative showcased WaMu’s approach of extending loan approvals to a wider audience, including those with elevated credit risks. The advertisements contrasted WaMu’s informal representatives with conventional bankers, emphasizing the bank’s progressive business philosophy and market positioning.

"Whoo hoo"

Introduced in February 2008, the "Whoo hoo!" campaign aimed to establish WaMu as an approachable and customer-centric institution amid growing financial uncertainty. Crafted by TBWA\Chiat\Day in Playa del Rey, California, the slogan sought to create a memorable and upbeat brand identity.

This campaign notably enhanced WaMu’s digital footprint, with website visits rising by double-digit percentages and search queries for "wamu" surging over 1,000% between January and March 2008 compared to the prior year. While initially contemplating trademarking "woo hoo," WaMu ultimately chose "whoo hoo" to avoid associations with Homer Simpson from The Simpsons.

Occasio branch design

Introduced in 2000, WaMu’s Occasio branch concept featured an open circular layout that eliminated traditional teller windows and waiting lines. This innovative design incorporated a greeter or "concierge" alongside tellers stationed at podiums, fostering enhanced customer engagement. Although patented in 2004, the design was discontinued following JPMorgan Chase’s acquisition of WaMu’s retail banking division.

External links

(Archive)
(includes pre-merger acquisitions by American Savings)
(high resolution files)
(mostly ASCII pdf/html)
(settlement of bankruptcy and lawsuits)