Washington Mutual Inc Type Public Founded 1889 Location Seattle, Washington Key people Kerry Killinger, CEO & Chairman Industry Finance and Insurance Products Financial Services Revenue $15.962B USD Employees 60,798 Subsidiaries WM Financial Services; Washington Mutual Insurance Services; Washington Mutual Card Services Website http://www.wamu.com/ Washington Mutual (or WaMu; NYSE: WM) is a financial services company based in Seattle, Washington. Despite its name, it is not a credit union or mutual company. It is publicly traded on the New York Stock Exchange. Its headquarters are in the Washington Mutual Tower in downtown Seattle (the second tallest building in the city). As of March 2006, tenants from Washington Mutual began moving into the new Wamu center, Washington Mutual's new headquarters on Third Ave, about a block away from its current headquarters. As of June 30, 2005, it stands as the 6th largest bank in the United States by assets, valued at $343.1 billion. Washington Mutual's principal activities are to provide financial services to consumers and businesses such as retail banking, mortgage lending, consumer lending, business banking, business lending, insurance services, credit card services, and consumer investment services. Washington Mutual is the sole surviving major Seattle-based bank after the flurry of mergers in the 1980s and 1990s ended the independence of Rainier Bank, Seafirst Bank, and Peoples Bank, among others. Washington Mutual operates 2,541 retail banking, mortgage lending, commercial banking, and financial services offices, as of December 31, 2005. History Washington Mutual was founded as the Washington National Building Loan and Investment Association on September 25, 1889 in an attempt to save Seattle's economy after a fire nearly destroyed the city. It made the first home mortgage loan on the West Coast four months later. Its name was changed to Washington Savings and Loan Association on June 25, 1908. During World War I its assets would expand by 68%. By now called Washington Mutual Savings Bank, the company made its first acquisition on July 25, 1930, by purchasing Continental Mutual Savings Bank. Over the next fifty years it would be involved in pioneering cash machine networks and telephone banking. Its marketing slogan for much of its history was "The Friend of the Family." In 1983, Washington Mutual bought the brokerage firm Murphey Favre and demutualized. Today, it trades on the New York Stock Exchange under the ticker symbol WM. By 1989, its assets had doubled. In March, 2006, Washington Mutual re-introduced its Free Checking product under the trademark WaMu Free Checking. It introduced benefits including: free checks for life, free ATM withdrawals (no Washington Mutual fees for non-proprietary ATMs), one free overdraft or insufficient funds refund per year, three cents back on debit card purchases, free custom email alerts, and free outgoing wire transfers (both international and domestic). Along with the new product, Washington Mutual changed its slogan from "More Human Interest" to "The WaMu Way" (WaMu is the official abbreviation for the company name). A Washington Mutual Financial Center in San Jose, California Acquisitions Since the acquisition of Murphey Favre, Washington Mutual has made numerous acquisitions with the aim of expanding the corporation. By acquiring corporations such as PNC Mortgage, Fleet Mortgage, and Homeside Lending; Washington Mutual is now the 3rd largest mortgage lender in the United States. With the acquisition of Providian Financial Corporation in October 2005, WaMu has also become the nation's 9th largest credit card company. A list of Washington Mutual acquisitions since demutualization follows: Commercial Capital Bancorp, California, 2006 Providian Financial Corporation, California, 2005 HomeSide Lending, Inc., Florida, a unit of National Australia Bank, 2002 Dime Bancorp, Inc., New York, 2002 Fleet Mortgage Corp., South Carolina, 2001 Bank United Corp., Texas, 2001 PNC Mortgage, Illinois, 2001 Alta Residential Mortgage Trust, California, 2000 Long Beach Financial Corp., California, 1999 Industrial Bank, California, 1998 H.F. Ahmanson & Co. (Home Savings of America), California, 1998 Great Western Bank, 1997 United Western Financial Group, Inc., Utah, 1997 Keystone Holdings, Inc. (American Savings Bank), California, 1996 Utah Federal Savings Bank, 1996 Western Bank, Oregon, 1996 Enterprise Bank, Washington, 1995 Olympus Bank fsb, Utah, 1995 Summit Savings Bank, Washington, 1994 Far West Federal Savings Bank, Oregon, 1994 Pacific First Bank, Ontario, 1993 Pioneer Savings Bank, Washington, 1993 Great Northwest Bank, Washington, 1992 Sound Savings & Loan Association, Washington, 1991 CrossLand Savings fsb, Utah, 1991 Vancouver Federal Savings Bank, Washington, 1991 Williamsburg Federal Savings Association, Utah, 1990 Frontier Federal Savings Association, Washington, 1990 Old Stone Bank of Washington, FSB, Rhode Island, 1990 Columbia Federal Savings Bank, Washington, 1988 Shoreline Savings Bank, Washington, 1988 Lincoln Mutual Savings Bank, Washington, 1985 United Savings Bank, Washington, 1983 External links Official corporate websites http://www.wamu.com/ http://www.wamuhomeloans.com/ http://www.wamu.com/wmfinancial/investmentshome.asp http://www.wamuins.com/ http://www.wamucards.com/ Search Term: "Washington_Mutual" Categories: Companies listed on the New York Stock Exchange | Banks of the United States | Companies based in Seattle, Washington | Fortune 1000 | 1889 establishments