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Published on Sep 26, 2008
JPMorgan Chase & Co., the third- biggest U.S. bank by assets, agreed to acquire the deposits of Washington Mutual Inc. for $1.9 billion as the thrift was seized by regulators in the biggest bank failure in U.S. history.
The U.S. government closed Seattle-based Washington Mutual amid customer withdrawals of $16.7 billion since Sept. 15, the Office of Thrift Supervision said in a statement. WaMu had 'insufficient liquidity' and was in an 'unsound' condition, the OTS said.