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WaMu shake-up fails to convince investors
When Washington Mutual unseated its long-serving chief executive Kerry Killinger this week and replaced him with outsider Alan Fishman , the bank hoped to convince investors that ...
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Investors ask: Could WaMu be next to fail?
NEW YORK - Washington Mutual Inc. shares extended their downward spiral Monday, as investors wagered on which troubled financial firm could be next to fall following the demise of ...
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Washington Mutual Fails To Calm Investors Concerns
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L.A. Land | Too big to fail? WAMU at $2.01/share, reportedly seeks a ...
The rapidly changing landscape of the Los Angeles real estate market. ... Headlines: The Dow industrials lost 449 points and change today. We are in the eye of the storm.
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WaMu Fails, Is Sold Off to J.P. Morgan
2 of 10 Pedestrians walk past a Washington Mutual branch in downtown Seattle. The collapse of the Seattle thrift, which was triggered by a wave of deposit withdrawals, marks a new low point in the country's financial crisis. But the deal, as ...
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Source: Wall Street Journal
NewsDateTime: 2 hours ago
JPMorgan to acquire WaMu deposits
If a deal for WaMu fails to materialise, it would be a rare setback for TPG, the private equity firm that led a group that bought a minority stake in WaMu in April, with a $7bn capital infusion
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Source: Financial Times
NewsDateTime: 6 hours ago
WaMu fails, sold to JPMorgan
NEW YORK -- JPMorgan Chase & Co. Inc. yesterday came to the rescue of ailing Washington Mutual Inc., buying the thrift's banking assets after WaMu was seized by the Federal Deposit Insurance Corp. This is the second time in six months that JPMorgan ...
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Source: Pittsburgh Post-Gazette
NewsDateTime: 53 minutes ago
WaMu Fails; JPMorgan To Buy Deposits
JPMorgan Chase & Co. , the third-biggest American bank by assets, agreed to acquire the deposits of Washington Mutual Inc. as the thrift was seized by regulators in the biggest bank failure in American history. Click Image to Enlarge Justin Sullivan ...
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Source: New York Sun
NewsDateTime: 3 hours ago
WaMu fails; JPMorgan buys assets in $1.9B deal brokered by FDIC
Washington Mutual became the largest savings bank to fail in U.S. history and the 13th bank to fail this year as it was taken over late Thursday by its regulator, the Office of Thrift Supervision. The Federal Deposit Insurance Corp. simultaneously ...
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Source: East Bay Business Times
NewsDateTime: 9/25/2008
WaMu's Decline
In most bank seizures, little or nothing is left for shareholders. WaMu, down 95 percent in the past year, dropped to 45 cents in extended trading following the announcement, which came after the close of regular trading.
David Bonderman's TPG Inc., which led a $7 billion capital infusion for WaMu earlier this year, lost most of its initial $2 billion investment. TPG, based in Forth Worth, Texas, said in a statement yesterday it was ``dissatisfied with the loss'' and that the WaMu investment was a ``small part of assets.''
New York-based JPMorgan, which separately announced plans to raise $8 billion by selling common stock, had its outlook lowered to negative by Moody's Investors Service. Moody's left its Aa2 rating on JPMorgan unchanged.
JPMorgan won't acquire WaMu's liabilities, including claims by shareholders and subordinated and senior debt holders, the FDIC said. JPMorgan paid $10 a share for Bear Stearns in March as the New York-based securities firm teetered on the brink of bankruptcy.
`They're Going to Win'
``This is one of the reasons I own JPMorgan: They're going to win from all this,'' said Anton Schutz, president of Mendon Capital Advisors Corp. in Rochester, New York. ``They're taking on credit risk, but they're not taking on any debt obligations.''
JPMorgan will add branches in California, Washington and Florida, among other states, and will have 5,400 offices with about $900 billion in deposits, the most of any U.S. bank. The branches and credit cards will carry the Chase brand and will be integrated by 2010, JPMorgan said.
JPMorgan had 75 people involved in the transaction and ``bid to win'' because it wanted WaMu's assets, Dimon said on a conference call yesterday. JPMorgan used its own investment bank to value the mortgages, he said.
``We don't know and we don't care'' about rival bids for WaMu, he said.
Dimon also said on the conference call that he's in favor of the government's proposed $700 billion plan to prop up the banking industry, but didn't rely on it to complete the deal. The plan was jeopardized yesterday as congressional Republicans failed to agree on its details.
Write-Offs
JPMorgan is taking on $176 billion in mortgage-related assets and writing down the value of it and other portfolios by about $31 billion, the company said. The bank will make a one- time payment of $1.9 billion to the FDIC as part of the deal.
Citigroup Inc., which had been among five potential acquirers, elected not to bid for WaMu because presumed loan losses outweighed benefits from the deposits, said a person familiar with the situation. Wells Fargo & Co., Banco Santander SA and Toronto-Dominion bank had expressed interest in buying all or parts of WaMu, said a person with knowledge of the process.
The acquisition may add 50 cents a share to earnings in 2009, JPMorgan said in a statement yesterday. The firm said it may save $1.5 billion in pretax costs by 2010, offsetting the $1.5 billion it will take in merger-related charges. JPMorgan will close less than 10 percent of the combined retail shops.
Customer Deposits
WaMu had about 2,300 branches and $182 billion of customer deposits at the end of June. Its $310 billion of assets dwarf those of Continental Illinois National Bank and Trust, previously the largest failed bank, which had $40 billion ($83 billion in 2008 dollars) when it was taken over in 1984.
JPMorgan rose $2.96, or 7.3 percent, to $43.46 yesterday in New York Stock Exchange composite trading before the deal was announced. It is little changed for the year.
WaMu has $28.4 billion in outstanding bonds, with Capital Research and Management the largest debtholder, Bloomberg data show. All three major credit agencies rate WaMu junk, the only company in the 24-member KBW Bank Index that's below investment grade.
During the past three quarters, WaMu lost $6.3 billion. It kept skidding even after joining a list of financial companies the U.S. Securities and Exchange Commission protected from short selling in an effort to stabilize stock markets.
`No Mystery'
``It's no mystery to depositors that WaMu shares have collapsed over the past couple months,'' said Sean Egan, president of Egan-Jones Ratings Co. in Haverford, Pennsylvania. ``The FDIC is primarily concerned about the deposit base and that's been safely transferred.''
WaMu was the second-biggest provider of option ARMs, behind Wachovia Corp., with $54 billion held in its portfolio in the first quarter, according to Inside Mortgage Finance. Of the $230 billion in loans secured by real estate at the end of the second quarter, $16.9 billion were subprime mortgages. WaMu, which ranked sixth among U.S. mortgage companies last year, was the 11th-biggest subprime lender in 2006, according to Inside Mortgage Finance.
WaMu estimated losses of as much as $19 billion in the next 2-1/2 years. Standard & Poor's cut the bank's credit rating twice in nine days, leaving it at CCC. Fitch Ratings and Moody's Investors Service cut WaMu to junk this month and have BBB- and Ba2 ratings, respectively.
``There were extreme liquidity pressures on this institution exacerbated by some ratings downgrades,'' FDIC's Bair said.
Rise of WaMu
Killinger, WaMu's ousted CEO, joined Washington Mutual in 1982 when the company bought a securities firm. He was promoted to president in 1988 and CEO two years later, assuming control of a company with about $7 billion in assets.
Beginning in 1995, Killinger went on a shopping spree, making at least 14 acquisitions in the next seven years and boosting assets to more than $300 billion.
Between 1990 and the end of 2006, Washington Mutual shares jumped almost 20-fold, while the Standard & Poor's 500 Index quadrupled. Then the subprime rout started and defaults hit a record, as falling home prices and rising mortgage rates left borrowers with the weakest credit unable to repay their loans.
``There's a lot of sadness and a lot of people are hurt,'' Lee Lannoye, 71, who was chief credit officer at WaMu from 1988 to 1998, said yesterday. ``Having worked with Kerry Killinger for 10 years, I still absolutely cannot fathom where or why he went wrong, and what caused him to lead the company into taking the kinds of risks that they did.''
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