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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.
© 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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 | JPMorgan buys WaMu | CNN | Fri Sep 26 | 5 |
| JPMorgan buys collapsed Washington Mutual: Account holders face no losses | The Washington Times | Fri Sep 26 | 9 |
| WaMu seized by Feds. Largest Bank Failure in US History | Bloomberg.com | Fri Sep 26 | 2 |
| WaMu is largest U.S. bank failure; JPMorgan buys assets | Yahoo! News | Thu Sep 25 | 1 |
 | WaMu becomes biggest bank to fail in US history | Associated Press | Thu Sep 25 | 13 |
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