Washington Mutual

Washington Mutual, often called WaMu, was a major American bank that offered a wide range of financial services, including savings accounts, loans, and mortgages. Founded in 1889, it grew to become the largest savings bank in the U.S. by the early 2000s. However, during the 2008 financial crisis, WaMu faced severe financial difficulties due to risky lending practices and declining housing market value. The Federal Deposit Insurance Corporation (FDIC) seized its banking operations, making it the largest bank failure in U.S. history. Its assets were sold to JPMorgan Chase, effectively ending WaMu as an independent entity.