Washington Mutual Bank seized by gov'tPosted: Updated:
WASHINGTON (AP) -- JPMorgan Chase & Co. Inc. acquired the assets of Washington Mutual Inc.'s banking operations Thursday after federal regulators seized the ailing thrift, the country'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.
The Seattle-based thrift has roughly $310 billion in assets and was searching for a lifeline after piling up billions of dollars in losses due to failed mortgages.
(Copyright 2008 by The Associated Press. All Rights Reserved.)