Note the key words unsecured debt. Failed Bank Information Information for Washington Mutual Bank, Henderson, NV and Washington Mutual Bank, FSB, Park City, UT Introduction Press Release Unclaimed Deposits Question and Answer Guide Banking Services Loan Customers Possible Claims Status of Washington Mutual Bank Receivership Purchase and Assumption Agreement (2.44 MB PDF File - PDF Help) ATTENTION: The reference to Schedule 3.1a in Article III, Paragraph 3.1, (page 9) of the WAMU P&A Agreement is a scriveners error—there is no Schedule 3.1a Summary of Indicative non-conforming bid from Citigroup Inc. - submitted 9/24/08. Washington Mutual Bank Contact Information Balance Sheet Summary I. Introduction On September 25, 2008, the banking operations of Washington Mutual, Inc - Washington Mutual Bank, Henderson, NV and Washington Mutual Bank, FSB, Park City, UT (Washington Mutual Bank) were sold in a transaction facilitated by the Office of Thrift Supervision (OTS) and the Federal Deposit Insurance Corporation (FDIC). The FDIC has assembled useful information regarding your relationship with this institution. Besides a checking account, you may have Certificates of Deposit, a car loan, a business checking account, a commercial loan, a Social Security direct deposit, and other relationships with the institution. The FDIC has compiled the following information which should answer many of your questions. Back to top II. Press Release The FDIC has issued a press release (PR-85-2008) about this transaction. If you represent a media outlet and would like information about the transaction, please contact Andrew Gray ([email protected]) at 202-898-7192 or 202-494-1049. Back to top III. Unclaimed Deposits Please note that any deposits that have not been claimed within 18 months of the failure of Washington Mutual Bank FSB was sent to the FDIC by JP Morgan Chase Bank as acquirer of Washington Mutual Bank, FSB on April 15th, 2010. The unclaimed funds will be sent to the appropriate states according to Federal Law (12 U.S.C., 1822(e)). For more information, please see: Unclaimed Deposits - FAQ Addendum to the FAQ Unclaimed Deposits - States websites Back to top V. Banking Services The Automated Teller Machines (ATM) and on line services will remain available. You may continue to use the services to which you previously had access, such as, safe deposit boxes, night deposit boxes, wire services, etc, as normally available at each branch. Your checks will be processed as usual. All outstanding checks will be paid against your available balance(s) as if no change had occurred. Your new bank will contact you soon regarding any changes in the terms of your account. If you have a problem with a merchant refusing to accept your check, please contact your branch office. An account representative will clear up any confusion about the validity of your checks. All interest accrued through Thursday, September 25, 2008, will be paid at your same rate. JPMorgan Chase Bank will be reviewing rates and will provide further information soon. You will be notified of any changes. Your automatic direct deposit(s) and/or automatic withdrawal(s) will be transferred automatically to your new bank. If you have any questions or special requests, you may contact a representative of your assuming institution at your branch office. Back to top VI. Loan Customers If you had a loan with Washington Mutual Bank, you should continue to make your payments as usual. The terms of your loan will not change because they are contractually agreed to in your promissory note. Checks should be made payable as usual and sent to the same address until further notice. For all questions regarding new loans and the lending policies of JPMorgan Chase Bank, please contact your branch office. Back to top VII. Possible Claims On September 25, 2008, Washington Mutual Bank was closed by the Office of Thrift Supervision and the Federal Deposit Insurance Corporation was named receiver. Subsequent to the closure, JPMorgan Chase acquired the assets and most of the liabilities, including covered bonds and other secured debt, of Washington Mutual Bank from the FDIC as Receiver for Washington Mutual Bank. Any claims by equity, subordinated and senior unsecured debt holders were not acquired. There was no publicly-owned stock in Washington Mutual Bank. If you are an equity shareholder, your shares are in Washington Mutual, Inc., the holding company for Washington Mutual Bank, and not the Bank. Washington Mutual, Inc., and the interests of equity, debt holders or other creditors of Washington Mutual, Inc., are not included in the closure or receivership of the Bank. Washington Mutual, Inc. filed for bankruptcy protection on Friday, September 26th. Please contact Washington Mutual, Inc. directly for information about this bankruptcy proceeding. If you hold senior unsecured debt or subordinated debt, your claim with the Receiver has already been registered by virtue of bond ownership and there is no need for you to make an additional claim. If the ownership of the bond changes, the claim against the Receiver will follow the ownership of the bond. Please note that under federal law, 12 U.S.C. § 1821(d)(11), claims by subordinated debt holders are paid only after all claims by general creditors of the institution. At this time, the FDIC as Receiver for Washington Mutual Bank does not anticipate that subordinated debt holders of the bank will receive any recovery on their claims
Posted on: Sun, 06 Apr 2014 04:02:23 +0000
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