Whoo hoo! Some bank-breaking news:

The exact structure of J.P. Morgan’s acquisition of WaMu’s deposits wasn’t immediately known, except that the New York bank, which has long coveted WaMu as a way to secure a footprint on the West Coast, will assume most of the thrift’s deposits and branches, as well as some other operations. Unlike many of the 12 bank failures that the Federal Deposit Insurance Corp. has overseen this year, the J.P. Morgan-WaMu transaction isn’t expected to impact the agency’s national deposit-insurance fund.

• J.P. Morgan to Take Over Faltering WaMu [Wall St. Journal]

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