The latest news on this change — carefully culled from the world wide web by our change agents. They do the surfing, so you don't have to!
Race of the Conglomerates
In a late Thursday night deal brokered by the FDIC, Chase has taken over Washington Mutual's banking operations for $1.9 billion. Not to fear though, according to the FDIC, business will continue as usual for customers come Friday morning. WaMu's shares have plummeted 90% in the last year due to concerns over their large portfolio in subprime loans.
The FDIC said that taking on the WaMu banking operations, like they did for IndyMac Bank, would have placed a serious strain on an already struggling insurance fund. But letting Washington Mutual fall under wasn't an option, as doing so would result in disaster. If WaMu had gone under, it would have dwarfed the largest bank failure in U.S. history - Continental Illinois National Bank in 1984 held assets of $33.6 billion. To compare, WaMu had assets over $309 billion at the end of last quarter.
So, those of you banking with WaMu, what changes have you experienced? Are you concerned about this takeover, or do you feel confident that Chase can handle the business? Are you concerned that Chase and Bank of America are closing in on the competition? [USA Today]