Third Chase Conversion Completes WaMu Integration in Just 13 Months

November 2, 2009 9:00 AM EST

Conversion in California, Arizona, Nevada and Colorado puts all Chase bank accounts across the country on one computer system

NEW YORK--(BUSINESS WIRE)-- Chase announced today it has successfully upgraded products and technology in four states to link in the final 822 former Washington Mutual branches to the Chase computer system.

Now, all Chase bank accounts across the country are on one computer system. As a result, more than 25 million customers can access their accounts at any of the more than 5,100 Chase branches and more than 15,000 ATMs -- just 13 months after Chase purchased WaMu's banking operations.

The conversion of 11.6 million accounts in California, Arizona, Nevada and Colorado represents $63.6 billion in deposits. Nearly 1.2 million loan accounts with approximately $62 billion in balances were also converted to Chase systems.

To ensure high-quality customer service, more than 3,800 Chase tellers and bankers traveled from around the country to work side by side with 14,000 counterparts in the four states, supplementing 100,000 hours of training on the new software and hardware.

"Our customers all across the country now benefit from our employees' terrific work," said Charlie Scharf, head of Retail Financial Services at Chase, part of JPMorgan Chase & Co. "We created better service and convenience far faster than in previous conversions and far faster than any other bank has done."

The four-state conversion is the last of three retail conversions to bring all former WaMu branches onto Chase's computer systems - and under the Chase brand. With this latest conversion, customers have full access at any of 5,126 Chase branches in 23 states and 15,038 Chase ATMs in 26 states.

JPMorgan Chase acquired the banking operations of Washington Mutual from the Federal Deposit Insurance Corporation in September, 2008.

The conversion, completed over the past weekend, follows three other major Chase conversions:

    --  July's consumer banking conversion of 13.5 million accounts in Florida,
        Georgia, New York, New Jersey, Connecticut, Texas and Illinois
    --  May's consumer banking conversion of 5.2 million accounts in Washington,
        Oregon, Idaho and Utah
    --  March's conversion of 20 million credit card accounts onto Chase
        computer systems

About Chase

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about Chase is available at www.chase.com.

    Source: Chase

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