JP Morgan Chase acquired the banking operations of Washington Mutual on January 31, 2008. This acquisition followed the seizure of Washington Mutual by the Office of Thrift Supervision (OTS), marking one of the largest bank failures in history.

The acquisition significantly expanded JP Morgan Chase’s presence, particularly on the West Coast.

Key aspects of the acquisition included:

• All deposit accounts of Washington Mutual were transferred to JP Morgan Chase.
• JP Morgan Chase acquired the branch network of Washington Mutual.
• The acquisition helped to stabilize the financial system during a period of crisis.

This acquisition occurred amidst the 2008 financial crisis. JP Morgan Chase’s move was seen as a measure to prevent further instability in the market.