Washington Mutual

Washington Mutual Bank Official Site - wamu.com
Open a WaMu Free Checking account and earn a great rate on a savings account online. Check competitive CD rates, investigate mortgage options and find WaMu banks near you
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Washington Mutual Login
Log in or sign up for online Washington Mutual account access. Get secure access to all WaMu accounts. Pay bills online.
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Washington Mutual Online Banking
Personal online banking sign-up and information page from WaMu. Service allows customers to get details and perform transactions for all eligible accounts online.
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Washington Mutual Home Loans
WaMu bank offers mortgage and refinancing services, loans, and equity lines. Featuring online rate information, calculators, applications, and loan setup. Find a ...
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{{Infobox_Company | company_name = Washington Mutual Inc. | company_logo = ] | company_type = [Public company ({{nyse|WM-->)| foundation = 1889| location = [Seattle, Washington, [Washington| key_people = [Kerry Killinger, CEO & Chairman| num_employees = 60,798 | industry = [Finance and Insurance| products = [Retail banking
[Financial Services| slogan = The WaMu way| revenue = $15.962B [United States dollar| subsid = WM Financial Services; Washington Mutual Insurance Services; Washington Mutual Card Services| homepage = http://www.wamu.com/ -->

in Seattle, WashingtonWashington Mutual (or WaMu; ) is the United States largest savings and loan association. Despite its name, it is not a credit union, and ceased being a mutual company in 1983. It is publicly traded on the New York Stock Exchange.

In March 2006, Washington Mutual began moving into its new headquarters, WaMu Center, located in Downtown, Seattle, Washington. The company's previous headquarters, Washington Mutual Tower, still stands about a block away from the new building on Second Avenue.

Washington Mutual's principal activities are to provide financial services to consumers and small businesses such as demand account, mortgage loan, consumer lending, business banking, business lending, insurance, credit card, commercial real estate mortgage and investment.

Washington Mutual is the sole surviving major Seattle-based bank after the flurry of mergers in the 1980s and 1990s ended the independence of Rainier Bank, Seafirst Bank, and People's Bank, among others.

Washington Mutual operates more than 2,600 retail banking, mortgage lending, commercial banking, and financial services offices, as of 2006.

History Washington Mutual was founded as the Washington National Building Loan and Investment Association on September 25, 1889 in an attempt to save Seattle's economy after a Great Seattle Fire nearly destroyed the city. It made the first home mortgage loan on the West Coast on February 10, 1890. Its name was changed to Washington Savings and Loan Association on June 25 1908. During World War I its assets would expand by 68%.

By now called Washington Mutual Savings Bank, the company made its first acquisition on July 25, 1930, by purchasing Continental Mutual Savings Bank. Over the next fifty years it would be involved in pioneering cash machine networks and telephone banking.

Its marketing slogan for much of its history was "The Friend of the Family."

In 1983, Washington Mutual bought the stock broker firm Murphey Favre and Demutualization. Today, it trades on the New York Stock Exchange under the ticker symbol WM. By 1989, its assets had doubled.

In August 2006, Washington Mutual began using the official abbreviation of WaMu in all but the legal viewpoint.

Occasio Branches Washington Mutual has a number of branches which it calls "Occasio Branches". Occasio is Latin for "favorable opportunity" or "special occasion" (which is also the root of the English language word, occasion). These branches are designed to provide a more open space than a traditional bank branch, and to have a look and feel similar to that of a contemporary retail store. Instead of teller windows at a counter with a roped-off Queue area for customers, tellers process customer transactions at individual stations. At these branches, the tellers ordinarily do not give cash directly to customers, but instead give customers a receipt with a Personal identification number. Customers then walk over to an Automated teller machine-like money dispensing machine where they enter the one-time generated PIN to receive cash. At some Occasio branches, the money is dispensed directly from the teller station, instead of a central machine.

Acquisitions Since the acquisition of Murphey Favre, Washington Mutual has made numerous acquisitions with the aim of expanding the corporation. By acquiring corporations such as PNC Mortgage, Fleet Mortgage, and Homeside Lending; Washington Mutual is now the 3rd largest mortgage lender in the United States. With the acquisition of Providian Financial Corporation in October 2005, WaMu has also become the nation's 9th largest credit card company.

A list of Washington Mutual acquisitions since demutualization follows:

Commercial Capital Bancorp, California, 2006
Providian Financial Corporation, California, 2005
HomeSide Lending, Inc., Florida, a unit of National Australia Bank, 2002
Dime Bancorp, Inc., New York, 2002
FleetBoston Financial, South Carolina, 2001
Bank United Corp., Texas, 2001
PNC Mortgage, Illinois, 2001
Alta Residential Mortgage Trust company, California, 2000
Long Beach Financial Corp., California, 1999
Industrial Bank, California, 1998
H.F. Ahmanson & Co. (Home Savings of America), California, 1998
Great Western Bank, 1997
United Western Financial Group, Inc., Utah, 1997
Keystone Holdings, Inc. (American Savings Bank), California, 1996
Utah Federal Savings Bank, 1996
Western Bank, Oregon, 1996
Enterprise Bank, Washington, 1995
Olympus Bank FSB, Utah, 1995
Summit Savings Bank, Washington, 1994
Far West Federal Savings Bank, Oregon, 1994
Pacific First Bank, Ontario, 1993
Pioneer Savings Bank, Washington, 1993
Great Northwest Bank, Washington, 1992
Sound Savings & Loan Association, Washington, 1991
CrossLand Savings FSB, Utah, 1991
Vancouver Federal Savings Bank, Washington, 1991
Williamsburg Federal Savings Association, Utah, 1990
Frontier Federal Savings Association, Washington, 1990
Old Stone Bank of Washington, FSB, Rhode Island, 1990
Continental Mutual Savings, 1930

References External links

Washington Mutual

Washington Mutual - Wikipedia, the free encyclopedia
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