All Those Washington Mutual Branches Now Belong to JPMorgan Chase

Washington Mutual Bank Branch in Pasadena, Texas

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.

Photo: Flickr user mlsnp

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