FDIC Seizes WaMu (WM), JPMorgan (JPM) To Take Over Deposits and Branches
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The FDIC has seized control of Washigton Mutual (NYSE: WM) and struck a deal with JPMorgan (NYSE: JPM) to buy the bank's deposits and branches. WaMu was the country's largest savings and loan and its fall will be by far the largest bank failure in U.S. history.
Regulators said WaMu has suffered an exodus of $16.7 billion in deposits since Sept. 15th. The FDIC insurance fund is not expected to contribute any money in the deal.
Regulators said WaMu has suffered an exodus of $16.7 billion in deposits since Sept. 15th. The FDIC insurance fund is not expected to contribute any money in the deal.
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