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WaMu - Washington Mutual Bank, Seattle, WA
Posted by: Groundspeak Premium Member Joyful April
N 47° 36.442 W 122° 20.183
10T E 549877 N 5272875
Quick Description: Washington Mutual, Inc. is a consumer & small business banking company w/operations in US markets. The Company is a savings & loan holding company. It owns two banking subsidiaries, as well as numerous non-bank subsidiaries.
Location: Washington, United States
Date Posted: 6/26/2007 6:54:16 PM
Waymark Code: WM1QWR
Published By: Groundspeak Regular Member GEO*Trailblazer 1
Views: 422

Long Description:
Cross posted in the Skyscraper Category, Waymark Code: WM1G33

Washington Mutual, Inc. (Washington Mutual) is a consumer and small business banking company with operations in United States markets. The Company is a savings and loan holding company. It owns two banking subsidiaries, as well as numerous non-bank subsidiaries. The Company has four operating segments: the Retail Banking Group, which operates a retail bank network of 2,225 stores in California, Florida, Texas, New York, Washington, Illinois, Oregon, New Jersey, Georgia, Arizona, Colorado, Nevada, Utah, Idaho and Connecticut; the Card Services Group, which operates credit card lending business; the Commercial Group, which conducts a multi-family and commercial real estate lending business in selected markets, and the Home Loans Group, which engages in single-family residential real estate lending, servicing and capital markets activities.

The WAMU Vision & Mission

Vision:
To be the nation's leading retailer of financial services for consumers and small businesses.

Mission:
To build strong, profitable relationships with a broad spectrum of consumers and businesses.

History:
We will do this by delivering products and services that offer great value and friendly service, and by adhering to our core values of being fair, caring, human, dynamic, and driven.A City Rebuilds
A long dry spell and a burning glue pot touched off the fire that blackened the business district of Seattle on June 6, 1889, engulfing 25 city blocks and destroying nearly everything in its 120-acre path.

The Washington National Building Loan and Investment Association filed articles of incorporation on September 25, 1889, to offer its stockholders a safe and profitable vehicle for investing and lending. This allowed the Association to help Seattle residents rebuild after the fire. Great Fire


The company made the first monthly-installment home loan on the Pacific Coast on February 10, 1890. The borrower, a Norwegian-born seaman, used the $700 loan to build a house in Ballard, a neighborhood in Seattle. This creative amortized home loan proved so popular that the Association made more than 2,000 similar loans to help build 250 blocks of housing in Seattle.

Turn of the Century
On June 25, 1908, the company changed its name to Washington Savings and Loan Association.

Eugene Favre, co-founder of Murphey Favre, Inc., of Spokane, became a member of the board in 1911, marking the start of a relationship between the investment firm and Washington Mutual.
Letterhead

Winning the War Years
Washington Mutual expanded its assets during World War I by 68 percent, thus escaping the impact of the recession that followed.

Old war bond picture The company emerged from the war years with a reputation as the strongest savings institution in Washington.

Saving Their Pennies
The company instituted its School Savings program to help teach children the value of saving money. On March 13, 1923, the first School Bank Day, nearly 17,000 schoolchildren made deposits. Several hundred thousand children have been introduced to banking through this program since it began.
Early School

The Midnight Merger
Facing financial distress in the early days of The Great Depression, officials of Continental Mutual Savings Bank asked Washington Mutual to purchase their bank. On July 25, 1930, Continental became Washington Mutual's first acquisition.

Early Innovator
In 1962, Washington Mutual installed its first computer, an IBM 1401 the size of a refrigerator with 4k of memory—a third of the memory of a wristwatch computer in 1990. "The bank is the first savings bank west of Minneapolis to install this advanced computer system," wrote The Seattle Times in its February 28 edition.

Early Innovator In 1974, Washington Mutual pioneered the first shared cash machine network in the nation, The Exchange.

Washington Mutual and a consortium of savings banks helped finance the first Pay-by-Phone telephone banking program during the 1970s.

The 1970s were a time of turmoil in American urban centers. Recognizing the decay of inner-city housing, the company introduced the Step Rate Loan, which allowed low-income borrowers to meet underwriting requirements. This loan initiated Washington Mutual's long-term commitment to community and neighborhood reinvestment.

Going Public
In 1983, at a time when many thrifts folded, Washington Mutual acquired Murphey Favre, a full-service securities brokerage firm. This acquisition was the first of its kind in the nation. The bank converted from a mutual form of ownership to a capital stock savings bank on March 11, 1983. The bank's common stock debuted on this date and sold out, raising $72 million—26 percent more than expected.

The bank held its first annual shareholders' meeting on March 8, 1984.

With the stock sold and the bank publicly owned, Washington Mutual reengineered, diversified and continued expanding. The bank's assets more than doubled within six years of going public.
WAMU Stock Certificate


Rapid Growth Years
Kerry Killinger was elected chairman of the board of directors of Washington Mutual, Inc. on January 1, 1991, after having served as chief executive officer since April 1990 and director since December 1988. He was executive vice president of Murphey Favre, Inc. when Washington Mutual, Inc. acquired the securities brokerage firm in 1982, and was promoted to Senior Executive Vice President of Washington Mutual in 1986.

Washington Mutual, Inc. is now established as one of the nation's leading financial services companies and continues to serve consumers and small to mid-sized businesses through the various subsidiaries in the Washington Mutual family of companies. Our business strategy-to provide a higher level of personalized customer service than our competitors-has helped to make us one of the fastest-growing financial services companies in the country.


A Commitment to the Future
As part of its corporate values, Washington Mutual has long supported the communities in which it conducts business. That is why we recently announced, beginning in 2002, a 10-year, $375 billion industry leading Community Commitment targeting home loans, affordable apartments and manufactured home sites, consumer and small business loans, and community investments and development.

Washington Mutual conducts business through four primary business lines: Retail Banking & Financial Services, Home Loans, Commercial Banking, and Card Services.

Retail Banking and Financial Services
From checking accounts and online banking to personal loans, Washington Mutual's Retail Banking and Financial Services segment offers a comprehensive line of deposit and other retail banking products and services to consumers. The Retail Banking and Financial Services segment also provides products and services to small businesses and assists them with payroll, cash management, and retirement planning. Customers can take care of all their banking needs by walking in to their local financial center, calling telephone banking or visiting wamu.com.

WM Financial Services is a full-service brokerage firm that specializes in helping individuals meet their financial goals. The segment offers a broad range of investment products, including individual retirement accounts (IRAs), fixed annuities, life insurance, stocks and bonds as well as retirement and estate planning. The segment also offers mutual funds, including those in the affiliated mutual fund family, WM Group of Funds.

Home Loans
Washington Mutual's Home Loans segment is a leader in the mortgage industry in mortgage origination, sales and servicing. The segment offers a broad array of home lending products through its retail, wholesale, correspondent and sales channels.

Washington Mutual operates as both a mortgage bank and a portfolio lender. Through its multiple lending channels, the segment offers a diverse set of home loan products including fixed-rate home loans, adjustable-rate home loans (ARMs), hybrid home loans, government insured or guaranteed home loans. The Mortgage Banking segment also makes insurance products available to its customers that complement the mortgage lending process including private mortgage insurance, mortgage life insurance, flood, homeowners', earthquake and other property and casualty insurance.

Long Beach Mortgage Company, which Washington Mutual purchased in 1999, is among the nation's top 10 wholesale subprime lenders, having originated nearly $30 billion in mortgage loans in 2005. We strive to be a leader in the subprime mortgage industry by maintaining high standards of responsible lending and by consistently delivering products on fair and affordable terms. Washington Mutual is committed to growing Long Beach Mortgage as part of its mission to serve the broad middle market.

Commercial Group
The Commercial Group provides financial products and services to commercial clients through multiple business segments.

Multi-Family Lending
Washington Mutual's Multi-Family Lending (MFL) division provides a broad array of adjustable and fixed financing products for the purchase or refinancing of existing multi-family properties with five or more units in 15 major U.S. markets across the country, and is a Delegated Underwriting and Servicing (DUS) lender for Fannie Mae's complete line of multifamily financial products.
Commercial Real Estate
Washington Mutual's Commercial Real Estate (CRE) division provides construction, acquisition, rehab and term financing for office, retail and industrial properties, and new multi-family construction.
Community Lending & Investment
Washington Mutual's Community Lending and Investment division is responsible for providing programs for multi-family community lending and investments for credit under the Community Reinvestment Act. Emphasis is placed on profitable and competitive affordable lending and investment programs that contribute to the enhancement of community and economic development.
Mortgage Banker Finance
Washington Mutual's Mortgage Banker Finance (MBF) division provides lines of credit ("warehouse lines") to originate residential mortgage loans, Early Purchase Facilities, and deposit and treasury management products and services to mortgage bankers throughout the United States.

Card Services
Washington Mutual Card Services is a leading provider of credit cards to middle market consumers throughout the United States. By combining experience, analysis, technology and outstanding customer service, Washington Mutual seeks to build long-lasting relationships with its customers by providing products and services that meet their evolving financial needs. Credit cards are issued through Washington Mutual Bank.

Washington Mutual entered the credit card market through the acquisition of San Francisco-based Providian Financial in October 2005.

Address:
1301 2nd Ave
Seattle, WA United States
98101


Stock Ticker Symbol: WM

Stock Market: NYSE

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