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Washinton Mutual T Shirt

Regular price $24.99

Key People: Alan H. Fishman, Kerry Killinger

Industry: Finance and Insurance

Year Founded: 1889

Year Defunct: 2008

Washington Mutual, Inc—abbreviated to WaMu—was a savings bank holding company and the former owner of WaMu Bank, which was the United States' largest savings and loan association until its collapse in 2008.

On Thursday, September 25, 2008, the United States Office of Thrift Supervision (OTS) seized WaMu Bank from WaMu, Inc. and placed it into receivership with the Federal Deposit Insurance Corporation (FDIC). The OTS took the action due to the withdrawal of $16.7 billion in deposits during a 9-day bank run (amounting to 9% of the deposits it had held on June 30, 2008). The FDIC sold the banking subsidiaries (minus unsecured debt and equity claims) to JPMorgan Chase for $1.9 billion, which JPMorgan Chase had been planning to acquire as part of a confidential plan internally nicknamed Project West. All WaMu branches were rebranded as Chase branches by the end of 2009. The holding company, WaMu, Inc., was left with $33 billion in assets, and $8 billion debt, after being stripped of its banking subsidiary by the FDIC. The next day, WaMu, Inc. filed for Chapter 11 voluntary bankruptcy in Delaware, where it was incorporated.

Regarding total assets under management, WaMu's closure and receivership is the largest bank failure in American financial history. Before the receivership action, it was the sixth-largest bank in the United States. According to WaMu Inc.'s 2007 SEC filing, the holding company held assets valued at $327.9 billion.

Comfortable and light, this premium fitted short sleeve is a classic choice. High quality print adds a statement to one's workout or everyday routine.

.: Premium fit
.: 100% Soft cotton (fiber content may vary for different colors)
.: Light fabric (4.3 oz/yd² (146 g/m²))
.: Tear away label
.: Runs bigger than usual