OTS Puts WaMu into Recievership; JPM Buys Assets

WaMu is now toast, forced into the waiting arms of JPM.

Here are the specifics from the Office of Thrift Supervision:

Receivership – With insufficient liquidity to meet its obligations, WMB was in an unsafe and unsound condition to transact business.  OTS placed WMB into receivership on September 25, 2008.  WMB was acquired today by JPMorgan Chase.  The change will have no impact on the bank’s depositors or other customers. Business will proceed uninterrupted and bank branches will open on Friday morning as usual. 

Ots_pdf

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See also:
WaMu Fails, Is Sold Off to J.P. Morgan
Biggest Banking Collapse in U.S. History; Government Arranges a Deal to Safeguard Huge Thrift’s Deposits Branches
ROBIN SIDEL, DAVID ENRICH and DAN FITZPATRICK
WSJ, SEPTEMBER 26, 2008
http://online.wsj.com/article/SB122238415586576687.html

JPMorgan Buys WaMu’s Deposits as Thrift Is Seized
Ari Levy and Elizabeth Hester
Bloomberg, Sept. 25 2008
http://www.bloomberg.com/apps/news?pid=20601087&sid=av8gIaGIF6EY&

Download OTS_JPM_WAMU.pdf

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