Growing banking giant JPMorgan continued to grow today with the $1.9 billion purchase of the bank branches and deposits of the seized thrift Washington Mutual. Some of you may recall WaMu's recent "Whoo hoo" campaign, which a friend of mine at ad agency TBWA/Chiat/Day helped create, so I hope they've still got a client! The good news? The purchase means that the FDIC doesn't have to tap into its reserves. From an AP story via USAToday.com:
JPMorgan Chase (JPM) acquired the assets of Washington Mutual's (WM) banking operations Thursday after federal regulators seized the ailing thrift, the company's largest. The deal marks the second time in six months that JPMorgan Chase has taken over a financial institution crippled by bad mortgage bets.
The deal will cost JPMorgan Chase $1.9 billion. The Federal Deposit Insurance Corp., which insures bank deposits, said it would not have to dip into the insurance fund as a result of the seizure.
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