JPMorgan Chase & Co acquired Washington Mutual (banking operations) for Approximately $1.9 billion paid to the FDIC, a transaction completed in September 2008, structured as all cash. The deal was a Asset purchase.
Washington Mutual (banking operations) operates in Consumer & retail banking, is based in Seattle, Washington, USA (branch network across the West Coast, Florida and other states). JPMorgan Chase acquired all deposits, assets and certain liabilities of Washington Mutual's banking operations from the FDIC after the thrift was seized, paying about $1.9 billion. The deal created the largest U.S. depository institution at the time, with over $900 billion of customer deposits, and expanded Chase's branch network into California, Florida and Washington State while strengthening its presence in New York, Texas, Illinois and other states. JPMorgan did not acquire the assets or liabilities of Washington Mutual's holding company or its non-bank subsidiaries.
An immediately earnings-accretive expansion of the consumer franchise that added a large, stable deposit base and recurring earnings.
Large, stable deposit base and expansion into attractive California, Florida and Washington markets Expected to be immediately accretive to earnings Chase consumer branch network
As we have said in the past, increasing our regional banking presence not only strengthens our Retail business, but also benefits our other businesses.Jamie Dimon, Chairman and CEO, JPMorgan Chase
Advisory firms were not disclosed for this transaction.