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Author: SeattlePioneer Big funky green star, 20000 posts Top Favorite Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308881  
Subject: Re: Mutual Savings Bank Date: 6/26/2012 1:21 PM
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<<Anyone banking with a mutual savings bank? >>



Do you remember Washington Mutual?



The beginning of a mutual bank:


<< Washington Mutual was incorporated as the Washington National Building Loan and Investment Association on September 25, 1889, after the great Seattle fire destroyed 120 acres (0.49 km2) of the central business district of Seattle. The newly formed company made its first home mortgage loan on the West Coast on February 10, 1890. It changed its name to Washington Savings and Loan Association on June 25, 1908.[20] By September 12, 1917 it was operating under the name Washington Mutual Savings Bank.[21] The company purchased its first company, the financially distressed Continental Mutual Savings Bank, on July 25, 1930.[20] Its marketing slogan for much of its history was "The Friend of the Family". >>



And the END of a mutual bank:




<<Washington Mutual, Inc. (OTC Pink: WAMUQ), abbreviated to WaMu, was a savings bank holding company and the former owner of Washington Mutual Bank, which was the United States' largest savings and loan association until its collapse in 2008.[2][3][4][5][6]

On Thursday, September 25, 2008, the United States Office of Thrift Supervision (OTS) seized Washington Mutual Bank from Washington Mutual, Inc. and placed it into the receivership of the Federal Deposit Insurance Corporation (FDIC). The OTS took the action due to the withdrawal of $16.7 billion in deposits during a 9-day bank run (amounting to 9% of the deposits it had held on June 30, 2008).[7>>


http://en.wikipedia.org/wiki/Washington_Mutual
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