Washington Mutual

Washington Mutual, Inc., known as WaMu, was an American savings bank holding company headquartered in Seattle, founded on September 25, 1889, whose Washington Mutual Bank subsidiary grew into the largest savings and loan association in the United States. On September 25, 2008, the Office of Thrift Supervision seized its banking operations and placed them into Federal Deposit Insurance Corporation receivership, and the FDIC sold the banking subsidiaries to JPMorgan Chase for 1.9 billion dollars. The holding company filed for Chapter 11 bankruptcy the next day, left with 33 billion dollars in assets against 8 billion dollars in debt, described as the largest bank failure in American financial history by total assets. This description is adapted from Wikipedia contributors under CC BY-SA 4.0; changes were made. https://creativecommons.org/licenses/by-sa/4.0/