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What is additionally interesting is they will not even quote their own numbers on the assets published and known to all here, why is that? Because there is more, that is why.
OTS Fact Sheet Reminder on WAMU.
http://files.ots.treas.gov/730021.pdf
Regards
Line of the agreeement please read the definition of 'Assets' as used in this document.
http://www.pennattorneys.com/printable/title_alerts/2008-17.pdf
GLTA here.
A lot of interesting information and dollar numbers of assets within this link here. Also where JPM zeroed out the values of monies received?????
Also please read the Definition of 'Assets' in the Bankrupcy Filing please, pretty interesting.
http://madblab.com/post/tag/wmbfsb
GLTA here.
Wikileaks on Fox News right now. eom.
Wiki should never had let the cat out of the bag that their next victim would be a major bank. They will be gone or in court all the time from now unitl they are eliminated. Trust me, money trumps everything in this world.
Who had this invented? Jamie Dimon? eom.
No Risk, No Reward. eom.
Assets:
In financial accounting, assets are economic resources. Anything tangible or intangible that is capable of being owned or controlled to produce value and that is held to have positive economic value is considered an asset. Simply stated, assets represent ownership of value that can be converted into cash (although cash itself is also considered an asset).[1]
The balance sheet of a firm records the monetary[2] value of the assets owned by the firm. It is money and other valuables belonging to an individual or business.[1] Two major asset classes are tangible assets and intangible assets. Tangible assets contain various subclasses, including current assets and fixed assets.[3] Current assets include inventory, while fixed assets include such items as buildings and equipment.[4]
Intangible assets are nonphysical resources and rights that have a value to the firm because they give the firm some kind of advantage in the market place. Examples of intangible assets are goodwill, copyrights, trademarks, patents and computer programs,[4] and financial assets, including such items as accounts receivable, bonds and stocks.
Contents [hide]
1 Asset characteristics
1.1 Current assets
1.2 Long-term investments
1.3 Fixed assets
1.4 Intangible assets
1.5 Tangible assets
2 Other related meanings
2.1 Information asset
3 References
[edit] Asset characteristics
The probable present benefit involves a capacity, singly or in combination with other assets, in the case of profit oriented enterprises, to contribute directly or indirectly to future net cash flows, and, in the case of not-for-profit organizations, to provide services;
The entity can control access to the benefit;
The transaction or event giving rise to the entity's right to, or control of, the benefit has already occurred.
In the financial accounting sense of the term, it is not necessary to be able to legally enforce the asset's benefit for qualifying a resource as being an asset, provided the entity can control its use by other means.
It is important to understand that in an accounting sense an asset is not the same as ownership. Assets are equal to "equity" plus "liabilities."
The accounting equation relates assets, liabilities, and owner's equity:
Assets = Liabilities +Stockholder's Equity (Owner's Equity)The accounting equation is the mathematical structure of the balance sheet.
Assets are listed on the balance sheet. Similarly, in economics an asset is any form in which wealth can be held.
Probably the most accepted accounting definition of asset is the one used by the International Accounting Standards Board .[5] The following is a quotation from the IFRS Framework: "An asset is a resource controlled by the enterprise as a result of past events and from which future economic benefits are expected to flow to the enterprise."[6]
Assets are formally controlled and managed within larger organizations via the use of asset tracking tools. These monitor the purchasing, upgrading, servicing, licensing, disposal etc., of both physical and non-physical assets.[clarification needed] In a company's balance sheet certain divisions are required by generally accepted accounting principles (GAAP), which vary from country to country.[7]
[edit] Current assets
Main article: Current assetCurrent assets are cash and other assets expected to be converted to cash, sold, or consumed either in a year or in the operating cycle (whichever is longer), without disturbing the normal operations of a business. These assets are continually turned over in the course of a business during normal business activity. There are 5 major items included into current assets:
1.Cash and cash equivalents — it is the most liquid asset, which includes currency, deposit accounts, and negotiable instruments (e.g., money orders, cheque, bank drafts).
2.Short-term investments — include securities bought and held for sale in the near future to generate income on short-term price differences (trading securities).
3.Receivables — usually reported as net of allowance for uncollectable accounts.
4.Inventory — trading these assets is a normal business of a company. The inventory value reported on the balance sheet is usually the historical cost or fair market value, whichever is lower. This is known as the "lower of cost or market" rule.
5.Prepaid expenses — these are expenses paid in cash and recorded as assets before they are used or consumed (a common example is insurance). See also adjusting entries.
The phrase net current assets (also called working capital) is often used and refers to the total of current assets less the total of current liabilities.
[edit] Long-term investmentsOften referred to simply as "investments". Long-term investments are to be held for many years and are not intended to be disposed of in the near future. This group usually consists of four types of investments:
1.Investments in securities such as bonds, common stock, or long-term notes.
2.Investments in fixed assets not used in operations (e.g., land held for sale).
3.Investments in special funds (e.g. sinking funds or pension funds).
Different forms of insurance may also be treated as long term investments.
[edit] Fixed assetsMain article: Fixed asset
Also referred to as PPE (property, plant, and equipment), these are purchased for continued and long-term use in earning profit in a business. This group includes as an asset land, buildings, machinery, furniture, tools, and certain wasting resources e.g., timberland and minerals. They are written off against profits over their anticipated life by charging depreciation expenses (with exception of land assets). Accumulated depreciation is shown in the face of the balance sheet or in the notes.
These are also called capital assets in management accounting.
[edit] Intangible assetsMain article: Intangible asset
Intangible assets lack physical substance and usually are very hard to evaluate. They include patents, copyrights, franchises, goodwill, trademarks, trade names, etc. These assets are (according to US GAAP) amortized to expense over 5 to 40 years with the exception of goodwill.
Websites are treated differently in different countries and may fall under either tangible or intangible assets.
[edit] Tangible assetsTangible assets are those that have a physical substance and can be touched, such as currencies, buildings, real estate, vehicles, inventories, equipment, and precious metals.
[edit] Other related meanings
[edit] Information asset
Main article: asset (computing)
In Information technology, chiefly in Information security, data needed to conduct the organization business and the technical equipment to manage (input, store, display, print) are called information asset.
They can represent a large portion of intangible and tangible asset of an organization.
If these assets become unavailable, business operations can be disrupted. Confidential information disclosure can represent a huge liability.
While evaluating the potential loss tied to and asset or a group of asset, the value tied to the largest sum between the related asset and their value should be considered.[8] [9]
[edit] References
1.^ a b Sullivan, Arthur; Steven M. Sheffrin (2003). Economics: Principles in action. Upper Saddle River, New Jersey 07458: Pearson Prentice Hall. pp. 272. ISBN 0-13-063085-3.
2.^ J. G. Siegel, N. Dauber & J. K. Shim, "The Vest Pocket CPA", Wiley, 2005.
There are different methods of assessing the monetary value of the assets recorded on the Balance Sheet. In some cases, the Historical Cost is used; such that the value of the asset when it was bought in the past is used as the monetary value. In other instances, the present fair market value of the asset is used to determine the value shown on the balance sheet.
3.^ J. Downes, J.E. Goodman, "Dictionary of Finance & Investment Terms", Baron's Financial Guides, 2003
4.^ a b J. Downes, J.E. Goodman, "Dictionary of Finance & Investment Terms", Baron's Financial Guides, 2003; and J. G. Siegel, N. Dauber & J. K. Shim, "The Vest Pocket CPA", Wiley, 2005.
5.^ The International Accounting Standards Board, IASB
6.^ IASB.org, IFRS
7.^ Intermediate Accounting--Kieso, et. al
8.^ "An Introduction to Factor Analysis of Information Risk (FAIR)", Risk Management Insight LLC, November 2006;
9.^ Technical Standard Risk Taxonomy ISBN: 1-931624-77-1 Document Number: C081 Published by The Open Group, January 2009.
Retrieved from "http://en.wikipedia.org/wiki/Asset"
Categories: Generally Accepted Accounting Principles
Hidden categories: Articles to be merged from November 2009 | All articles to be merged | All pages needing cleanup | Wikipedia articles needing clarification from February 2009
Let me just say here I am 20/80 becaue money talks and we all know who has the money. Hopes not too high here, but holding on. Although with the latest Madoff/JPM news and the silver manipulation et al. bad news on JPM maybe the Judge knows something would be real fishy in these waters as well. Stink don't run too far from the head of the snake. GLTA here.
I will continue to follow my mentor Warren Buffet, he says buy on FEAR and sell on HYPE!!
I will do just that and the "BEARS" will just burn, IMO!
trre2 hope you make your money at your .001 level and move on thanks I think for your insights here and warnings, but after all it is our money and we hold the key to hitting the sell or buy buttons. GLTA here.
Royal from what I have found on the below links no bid ever was offered officially by Canadian Toronto Dominion Bank. See below links.
http://www.brandchannel.com/features_profile.asp?pr_id=407
http://madblab.com/post/tdbank
http://www.mrswing.com/articles/Heavy_TD_Bank_Interest_in_Washington_Mutual.html
http://www.businessinsider.com/kerry-killinger-cool-club-2010-4
http://mycrains.crainsnewyork.com/in_the_markets/2010/11/how-the-canadians-almost-took-over-wamu-in-ny.php
Apparently they were looking to make an offer on the East Coast branches and even Wells Fargo was at the time for a presence in the East Coast but as we see what occurred that never materialized and time ran out due to the FDIC and JPM pushing their plan down folks throats, you know their typical operation.
Regards.
OT:Ranger you really should diversify a bit in the market. Some gold stocks seem to be moving now SAEI, DGRI, MXGD, CGFIA, SNEY, ALTO just to name a few some are really reasonable prices. Then there are others like ENTI Music Matrix supposedly has patent for downloading music that artists have approved, I heard the only one avaialable dirt cheap now, and EXBX, CSCE, and TRDY a reverse merger play with Stan Larson involved a big cat. Sorry folks for the OT notes here, don't ban me please. Go WAMUQ.
If you are a chart watcher forget it on this baby it will not follow any particular normal pattern as you would see in a not so volatile situation.
Bumpy ride but hey who hasn't been to Disneyland and rode them things. Hang on tight folks, it's going to be a bumpy ride!!!!!!!!!!! GLTA here.
I sold about 1/2 my position and bought SAEI the other day now look at that sweetheart in just a few days I made more than here in two years plus. Just being honest here folks.
Invest at you're own risk as we all have here. Message boards is not a place to ask for any solid investment advice overall but just general information about a certain stock. Do your own due dilegence. No one is going to assist you in pushing the buy or sell button on your account only you can do this. Good luck to you sorry about not giving you anything further here for yourself, as for me I'm sticking out here until the very end no matter what may come our way. It is looking like a good decision at the present moment in time, but one never knows about such things. You'll be on a high one day and the next be beaten down like a crazy animal. I made the decision long ago the risk reward here is great if I hold on for this ride. Others may have a different opinion. GLTA here.
Right and Sheila Bair as we all know is an expert at not worrying about anything she takes ahold of, right everyone? WTF.
And why would we not want the Jury to know how the Examiner slanted the somewhat less than factual information in this report, perhaps they would like to know he was a JPM shareholder at one time too. I think it should be used as simple evidence of how misinformation was attempted to be rammed down our unsuspecting minds. That is a strong argument to make I would think. As our evidence of their continued ploy.
How about a Pre-WikiLeaks Leak? Perhaps our Honorable Judge will know about the upcoming Wikileaks on a major bank and make the right call in her courtroom all of a sudden, Gosh why did she rule that way, I thought it was in da bag, Eh Rosen?
No leaks about the leaks. eom.
I'd say from this laymans' perspective they stated this very well, and now we all know why lawyers do what they do. TPS attorney's great job, especially the sentence preceeding the "Conclusion" Great stuff.
So you say we are now issuing PR's from 2004 nowadays, is that an improvement?
Interesting thought here rockie is we all seemed to be smart enough to invest here no matter our educational background or English composition skills. GLTA here.
This is in part one of the reasons I stated earlier today the only way out for these folks to save face and further embarrassing public opinion on themselves is to undue it all totally and admit wrong doing and punish a few underlings here. Although I valued Fish's reply to me stranger things in the last two years have occurred especially in the financial world. So to undue a deal where everyone gets put back to square one with shareholders in tact is one of the only ways FDIC and JPM come out pot right with little egg on their faces instead of the entire chicken with it's entrails attached.
To me think letters are a fine way to express one's opinion in this case whatever you're perspective may be with it. I think that in this day and age when people protest they become the mark, they become the trouble makers not the intial trouble maker. We really do not want to be deeemd on same level as the JPM and FDIC folks in my mind. Will it make you all feel better, perhaps briefly. A succinct letter to the Judge or to Mr. Susman are a good valid idea and put's comments in front of them in writing or type written, remember "Brevity is the soul of wit". Not a voice hollering in front of a courthouse which I think is a bad idea and put's you in JPM's yard. Write a letter and yes check the grammar too as suggested by Catz here.
Thank you sir. GLTA here, fish hope you're doing better now. eom.
The way this will work is Susman will drop all charges for any collusion or Fraudulent Conveyance that took place saving JPM and Rosen and FDIC from total embarrassment here in public court. We also can pay for one half of lawyers fees to date as long as we recoup all the interest monies JPM made on our assets that don't exist. Basically undue the deal totally and make everyone whole again as now we know the economy was "saved" and I use that term lightly here by TARP, never thought I'd say that one. Make WMI hold a shareholderes meeeting within 30 days of the date of this decision so all can have a voice in the new enterprise and how the shareholders will maintain their shares held pre and post September 25, 2008. Start the new bank with the current shareholders of record in place and begin anew.
In this scenario JPM saves face from not going through a long dragged out public shellacking and Sheila Bair and her cronies save face and can make public the fact that there was a deficiency or inappropriate method used in the quickened bidding process that made for unfair advantage by JPM so this deal does become null and void. The outcome si JPM gives back what it took by WMI paying back the value of the $1.9 billlion and also half of the JPM lawyer and court costs. Part of the deal can also include JPM retaining some of the real estate and art they took over as part of the overall value.
Otherwise it's a full court press by Susman and collusion, and fraudulent conveyance and shareholders being witheld their rights to a shareholder annual meeting where their voices in a democratic society could be heard but was never done. I think this is the shortest route to a settlement and makes us all whole again.
Seein as how JPM nor the FDIC knows what assets were purchased for the $1.9 billon then we do have a way out here. Susman come up with $1.9 Billion in assets for instance take it out of the assets WAMU held in it's accounts I believe it was $188 Billion in cash. Pay JPM the $1.9 billion in cash and dissolve the whole deal, or give them $1.9 billion in Art and real estate to JPM and be done with it. That way JPM gets their $1.9 billion back with an actual asset list of what they paid for, then the rest WAMU keeps. FDIC off the hook, JPM gets its money back we go into reorganization next with our new found wealth.
I think it is taking so long as JPM and FDIC need a scapegoat here and they have not found one yet. Perhaps the ex CEO of WAMU would do nicely here. JD or SB will not take any blame for misdoing's here so some underling will fall.
What if anything was Goldman Sachs's take on this takeover just after they were set up to broker the WAMU sale? What did they lose by not being the broker in the sale deal? What has Goldman stated publically about what occurred here? Seems like they may have made some commment here. Why was the sale not allowed to continue with Goldman? Fear of economic collapse cannot be the answer as the $700 Billion was out there for other banks to participate in, so only reason is they wanted WAMU in JPM hands, only answer again as I have stated here before, they wanted WAMU to become JPM period.
http://www.fdic.gov/about/freedom/popular.html
Sorry, Pages 9 and 10 assets.
Washington Mutual Bank Purchase and Assumption Agreement - PDF
The reason I posted the listings last evening of what banks received TARP funds is this. We were all told that the reason for the TARP funds is so the banks could stay solvent. Especially the large ones, "Too big to fail" is what I seem to recall here. But somehow WAMU 100 years in business unlike many on the list I posted did not fall into the "Too Big to Fail" list?
C'mon they did this right out in the open, they wanted JPM to own WAMU it's that blatantly simple. JPM gets what WAMU would have gotten for TARP monies, should it have needed it. Look at the list of small banks on this TARP list. Plain as the nose on my face anyway.
“Under the Freedom of Information Act, the Business Journal has received several hundred pages of government emails about WaMu, written during its final months, in which almost all of information is blacked out.”
“I’m enclosing a few more documents filed through the BK court in regards to a declaration of Thomas M. Blake (http://www.crai.com/ProfessionalStaff/listingdetails.aspx?id=1276 ).
The declaration can be found in 103-4.pdf at http://www.mediafire.com/?sharekey=3b830df9f3d0e6fce7c82ed4b8f0c380aff12395630f22f3ce018c8114394287
“Quoting:
12. Based on my review to date, there is no indication that the OTS performed a solvency analysis consistent with the test for insolvency specified in the Bankruptcy Code. There is no indication that the OTS assessed the fair sale-able value of the assets of WMB (or WMI). Nor is there an indication that OTS compared the fair sale-able value of the assets of WMB (or WMI) to the total amount of either company’s respective liabilities. There is no indication that the OTS performed a comprehensive cash flow analysis of WMB (or WMI). Instead, the OTS found that “WMB met the well-capitalized standards through the date of receivership.”8 Thus, without a thorough analysis of the assets, liabilities and capital of WMI and WMB, it is not possible to come to a reliable conclusion concerning the financial solvency of either entity, whether on a consolidated or stand-alone basis.”"
http://seattle.bizjournals.com/seattle/blog/2009/12/the_fight_for_wamu_documents.html
http://www.nytimes.com/packages/html/national/200904_CREDITCRISIS/recipients.html
Amounts received are in millions so if JPM got 25,000 that is 25 Billion Dollars.
RAW DATA: List of Banks Receiving Funds From $700B TARP
Published February 05, 2009
The following is a list of TARP recipients as of January 31, 2009:
Bank of America Corporation
Bank of New York Mellon Corporation
Citigroup Inc.
The Goldman Sachs Group
JPMorgan Chase & Co.
Morgan Stanley
State Street Corporation
Wells Fargo & Company
Bank of Commerce Holdings
1st FS Corporation
UCBH Holdings, Inc.
Northern Trust Corporation
SunTrust Banks, Inc.
Broadway Financial Corporation
Washington Federal Inc.
BB&T Corp.
Provident Bancshares Corp.
Umpqua Holdings Corp.
Comerica Inc.
Regions Financial Corp.
Capital One Financial Corporation
First Horizon National Corporation
Huntington Bancshares
KeyCorp
Valley National Bancorp
Zions Bancorporation
Marshall & Ilsley
U.S. Bancorp
TCF Financial Corporation
First Niagara Financial Group
HF Financial Corp.
Centerstate Banks of Florida Inc.
City National Corporation
First Community Bankshares Inc.
Western Alliance Bancorporation
Webster Financial Corporation
Pacific Capital Bancorp
Heritage Commerce Corp.
Ameris Bancorp
Porter Bancorp Inc.
Banner Corporation
Cascade Financial Corporation
Columbia Banking System, Inc.
Heritage Financial Corporation
First PacTrust Bancorp, Inc.
Severn Bancorp, Inc.
Boston Private Financial Holdings, Inc.
Associated Banc-Corp
Trustmark Corporation
First Community Corporation
Taylor Capital Group
Nara Bancorp, Inc.
Midwest Banc Holdings, Inc.
MB Financial Inc.
First Midwest Bancorp, Inc.
United Community Banks, Inc.
Wesbanco Bank Inc.
Encore Bancshares Inc.
Manhattan Bancorp
Iberiabank Corporation
Eagle Bancorp, Inc.
Sandy Spring Bancorp, Inc.
Coastal Banking Company, Inc.
East West Bancorp
South Financial Group, Inc.
Great Southern Bancorp
Cathay General Bancorp
Southern Community Financial Corp.
CVB Financial Corp
First Defiance Financial Corp.
First Financial Holdings Inc.
Superior Bancorp Inc.
Southwest Bancorp, Inc.
Popular, Inc.
Blue Valley Ban Corp
Central Federal Corporation
Bank of Marin Bancorp
Bank of North Carolina
Central Bancorp, Inc.
Southern Missouri Bancorp, Inc.
State Bancorp, Inc.
TIB Financial Corp
Unity Bancorp, Inc.
Old Line Bancshares, Inc.
FPB Bancorp, Inc.
Sterling Financial Corporation
Oak Valley Bancorp
Old National Bancorp
Capital Bank Corporation
Pacific International Bancorp
SVB Financial Group
LNB Bancorp Inc.
Wilmington Trust Corporation
Susquehanna Bancshares, Inc
Signature Bank
HopFed Bancorp
Citizens Republic Bancorp, Inc.
Indiana Community Bancorp
Bank of the Ozarks, Inc.
Center Financial Corporation
NewBridge Bancorp
Sterling Bancshares, Inc.
The Bancorp, Inc.
TowneBank
Wilshire Bancorp, Inc.
Valley Financial Corporation
Independent Bank Corporation
Pinnacle Financial Partners, Inc.
First Litchfield Financial Corporation
National Penn Bancshares, Inc.
Northeast Bancorp
Citizens South Banking Corporation
Virginia Commerce Bancorp
Fidelity Bancorp, Inc.
LSB Corporation
Intermountain Community Bancorp
Community West Bancshares
Synovus Financial Corp.
Tennessee Commerce Bancorp, Inc.
Community Bankers Trust Corporation
BancTrust Financial Group, Inc.
Enterprise Financial Services Corp.
Mid Penn Bancorp, Inc.
Summit State Bank
VIST Financial Corp.
Wainwright Bank & Trust Company
Whitney Holding Corporation
The Connecticut Bank and Trust Company
CoBiz Financial Inc.
Santa Lucia Bancorp
Seacoast Banking Corporation of Florida
Horizon Bancorp
Fidelity Southern Corporation
Community Financial Corporation
Berkshire Hills Bancorp, Inc.
First California Financial Group, Inc
AmeriServ Financial, Inc
Security Federal Corporation
Wintrust Financial Corporation
Flushing Financial Corporation
Monarch Financial Holdings, Inc.
StellarOne Corporation
Union Bankshares Corporation
Tidelands Bancshares, Inc
Bancorp Rhode Island, Inc.
Hawthorn Bancshares, Inc.
The Elmira Savings Bank, FSB
Alliance Financial Corporation
Heartland Financial USA, Inc.
Citizens First Corporation
FFW Corporation
Plains Capital Corporation
Tri-County Financial Corporation
OneUnited Bank
Patriot Bancshares, Inc.
Pacific City Financial Corporation
Marquette National Corporation
Exchange Bank
Monadnock Bancorp, Inc.
Bridgeview Bancorp, Inc.
Fidelity Financial Corporation
Patapsco Bancorp, Inc.
NCAL Bancorp
FCB Bancorp, Inc.
First Financial Bancorp
Bridge Capital Holdings
International Bancshares Corporation
First Sound Bank
M&T Bank Corporation
Emclaire Financial Corp.
Park National Corporation
Green Bankshares, Inc.
Cecil Bancorp, Inc.
Financial Institutions, Inc.
Fulton Financial Corporation
United Bancorporation of Alabama, Inc.
MutualFirst Financial, Inc.
BCSB Bancorp, Inc.
HMN Financial, Inc.
First Community Bank Corporation of America
Sterling Bancorp
Intervest Bancshares Corporation
Peoples Bancorp of North Carolina, Inc.
Parkvale Financial Corporation
Timberland Bancorp, Inc.
1st Constitution Bancorp
Central Jersey Bancorp
Western Illinois Bancshares Inc.
Saigon National Bank
Capital Pacific Bancorp
Uwharrie Capital Corp
Mission Valley Bancorp
The Little Bank, Incorporated
Pacific Commerce Bank
Citizens Community Bank
Seacoast Commerce Bank
TCNB Financial Corp.
Leader Bancorp, Inc.
Nicolet Bankshares, Inc.
Magna Bank
Western Community Bancshares, Inc.
Community Investors Bancorp, Inc.
Capital Bancorp, Inc.
Cache Valley Banking Company
Citizens Bancorp
Tennessee Valley Financial Holdings, Inc.
Pacific Coast Bankers' Bancshares
SunTrust Banks, Inc.
The PNC Financial Services Group Inc.
Fifth Third Bancorp
Hampton Roads Bankshares, Inc.
CIT Group Inc.
West Bancorporation, Inc.
First Banks, Inc.
FirstMerit Corporation
Farmers Capital Bank Corporation
Peapack-Gladstone Financial Corporation
Commerce National Bank
The First Bancorp, Inc.
Sun Bancorp, Inc.
Crescent Financial Corporation
American Express Company
Central Pacific Financial Corp.
Centrue Financial Corporation
Eastern Virginia Bankshares, Inc.
Colony Bankcorp, Inc.
Independent Bank Corp.
Cadence Financial Corporation
LCNB Corp.
Center Bancorp, Inc.
F.N.B. Corporation
C&F Financial Corporation
North Central Bancshares, Inc.
Carolina Bank Holdings, Inc.
First Bancorp
First Financial Service Corporation
Codorus Valley Bancorp, Inc.
MidSouth Bancorp, Inc.
First Security Group, Inc.
Shore Bancshares, Inc.
The Queensborough Company
American State Bancshares, Inc.
Security California Bancorp
Security Business Bancorp
Sound Banking Company
Mission Community Bancorp
Redwood Financial Inc.
Surrey Bancorp
Independence Bank
Valley Community Bank
Rising Sun Bancorp
Community Trust Financial Corporation
GrandSouth Bancorporation
Texas National Bancorporation
Congaree Bancshares, Inc.
New York Private Bank & Trust Corporation
Home Bancshares, Inc.
Washington Banking Company/ Whidbey Island Bank
New Hampshire Thrift Bancshares, Inc.
Bar Harbor Bankshares/Bar Harbor Bank & Trust
Somerset Hills Bancorp
SCBT Financial Corporation
S&T Bancorp
ECB Bancorp, Inc./East Carolina Bank
First BanCorp
Texas Capital Bancshares, Inc.
Yadkin Valley Financial Corporation
Carver Bancorp, Inc
Citizens & Northern Corporation
MainSource Financial Group, Inc.
MetroCorp Bancshares, Inc.
United Bancorp, Inc.
Old Second Bancorp, Inc.
Pulaski Financial Corp
OceanFirst Financial Corp.
Community 1st Bank
TCB Holding Company
Centra Financial Holdings, Inc./Centra Bank, Inc.
First Bankers Trustshares, Inc.
Pacific Coast National Bancorp
Community Bank of the Bay
Redwood Capital Bancorp
Syringa Bancorp
Idaho Bancorp
Puget Sound Bank
United Financial Banking Companies, Inc.
Dickinson Financial Corporation
The Baraboo Bancorporation
Bank of Commerce
State Bankshares, Inc.
BNCCORP, Inc.
First Manitowoc Bancorp, Inc.
Southern Bancorp, Inc.
Morrill Bancshares, Inc.
Treaty Oak Bancorp, Inc.
1st Source Corporation
Princeton National Bancorp, Inc.
AB&T Financial Corporation
First Citizens Banc Corp
WSFS Financial Corporation
Commonwealth Business Bank
Seaside National Bank & Trust
CalWest Bancorp
Fresno First Bank
First ULB Corp.
Alarion Financial Services, Inc.
Midland States Bancorp, Inc.
Moscow Bancshares, Inc.
Farmers Bank
California Oaks State Bank
Pierce County Bancorp
Calvert Financial Corporation
Liberty Bancshares, Inc.
Crosstown Holding Company
BankFirst Capital Corporation
Southern Illinois Bancorp, Inc.
FPB Financial Corp.
Stonebridge Financial Corp.
Peoples Bancorp Inc.
Anchor BanCorp
Parke Bancorp, Inc.
Central Virginia Bankshares, Inc.
Flagstar Bancorp, Inc.
Middleburg Financial Corporation
Peninsula Bank Holding Co.
PrivateBancorp, Inc.
Central Valley Community Bancorp
Plumas Bancorp
Stewardship Financial Corporation
Oak Ridge Financial Services, Inc.
First United Corporation
Community Partners Bancorp
Guaranty Federal Bancshares, Inc.
Annapolis Bancorp, Inc.
DNB Financial Corporation
Firstbank Corporation
Valley Commerce Bancorp
Greer Bancshares Incorporated
Ojai Community Bank
Adbanc, Inc
Beach Business Bank
Legacy Bancorp, Inc.
First Southern Bancorp, Inc.
Country Bank Shares, Inc.
Katahdin Bankshares Corp.
Rogers Bancshares, Inc.
UBT Bancshares, Inc.
Bankers' Bank of the West Bancorp, Inc.
W.T.B. Financial Corporation
AMB Financial Corp.
Goldwater Bank, N.A.
Equity Bancshares, Inc.
WashingtonFirst Bank
Central Bancshares, Inc.
Hilltop Community Bancorp, Inc.
Northway Financial, Inc.
Monument Bank
Metro City Bank
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Oct. 3 2008(Bloomberg) -- JPMorgan Chase & Co., which bought Washington Mutual Inc.'s branches and deposits last week, said WaMu's Chief Executive Officer Alan Fishman and other executives will leave following the biggest U.S. bank failure in history.
Decisions about the remaining staff will be made by Dec. 1, according to a memo sent from JPMorgan's retail bank CEO Charles Scharf to WaMu employees, which was obtained by Bloomberg News. JPMorgan spokesman Thomas Kelly confirmed the contents of the memo.
Fishman, 62, is out of a job less than a month after he was hired to replace Kerry Killinger, who was fired on Sept. 8 after WaMu's credit rating was slashed to junk and its stock price tumbled. The Seattle-based savings and loan became one more casualty of the global financial turmoil after it was seized by government regulators last week and its assets sold to JPMorgan.
``We strongly believe that it is important to move quickly to name the key leaders who will help take our combined organization forward in the most effective way,'' Scharf said in the memo.
The credit crisis, which has forced the world's largest banks to record $588 billion in losses, writedowns and provisions, pushed Lehman Brothers Holdings Inc. to file for bankruptcy and led to hastily arranged rescues of Merrill Lynch & Co. and Wachovia Corp. JPMorgan paid the Federal Deposit Insurance Corp. $1.9 billion for WaMu's assets after customers pulled $16.7 billion from the bank.
Fishman was paid a bonus of $7.5 million to take the top job at WaMu on Sept. 8.
Other Executives
Others who will leave following JPMorgan's purchase include Steve Rotella, chief operating officer; Todd Baker, head of corporate strategy and development; Daryl David, human resources chief; Michael Solender, chief legal officer; and Frank Baier, a special assistant hired by Fishman, according to the document.
Tom Casey, WaMu's chief financial officer, will stay through the end of the year, the memo said.
Other executives asked to remain include Al Brooks, president of the commercial bank; Deb Horvath, chief information officer; John McMurray, head of enterprise risk; David Schneider, president of home loans, and Tony Vuoto, president of credit cards. The executives will report to JPMorgan's current business leaders.
The largest U.S. bank by assets expects to make final staffing decisions for the entire merged retail unit by Dec. 1.
Most staff will continue in their roles under JPMorgan, while others will stay through the transition. No specific numbers are available at this time, JPMorgan's Kelly said.
JPMorgan will honor Washington Mutual's deferred compensation plan and will maintain salaries and benefits at the same level for now, a separate memo to employees said.
Stock compensation lost in the bankruptcy won't be replaced. Top executives won't be paid change-in-control bonuses, the memo said.
To contact the reporter on this story: Elizabeth Hester in New York at ehester@bloomberg.net.
To contact the editor responsible for this story: Otis Bilodeau at obilodeau@bloomberg.net.
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Press Releases Sept. 25, 2008
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JPMorgan Chase Acquires Banking Operations of Washington Mutual
FDIC Facilitates Transaction that Protects All Depositors and Comes at No Cost to the Deposit Insurance Fund
FOR IMMEDIATE RELEASE
September 25, 2008 Media Contact:
Andrew Gray (202) 898-7192
angray@fdic.gov
JPMorgan Chase acquired the banking operations of Washington Mutual Bank in a transaction facilitated by the Federal Deposit Insurance Corporation. All depositors are fully protected and there will be no cost to the Deposit Insurance Fund.
"For all depositors and other customers of Washington Mutual Bank, this is simply a combination of two banks," said FDIC Chairman Sheila C. Bair. "For bank customers, it will be a seamless transition. There will be no interruption in services and bank customers should expect business as usual come Friday morning."
JPMorgan Chase acquired the assets, assumed the qualified financial contracts and made a payment of $1.9 billion. Claims by equity, subordinated and senior debt holders were not acquired.
"WaMu's balance sheet and the payment paid by JPMorgan Chase allowed a transaction in which neither the uninsured depositors nor the insurance fund absorbed any losses," Bair said.
Washington Mutual Bank also has a subsidiary, Washington Mutual FSB, Park City, Utah. They have combined assets of $307 billion and total deposits of $188 billion.Thursday evening, Washington Mutual was closed by the Office of Thrift Supervision and the FDIC named receiver. WaMu customers with questions should call their normal banking representative, service center, 1-800-788-7000 or visit www.WaMU.com. The FDIC's consumer hotline is 1-877-ASK-FDIC (1-877-275-3342) or visit www.fdic.gov.
Additional Notices
•JP Morgan Acquires All Qualified Financial Contracts as Part of Washington Mutual Acquisition
•Washington Mutual Bank Investors – Additional Information
•Continuation of Contracts Transferred From Washington Mutual Bank
# # #
Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 8,451 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars – insured financial institutions fund its operations.
FDIC press releases and other information are available on the Internet at www.fdic.gov, by subscription electronically (go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained through the FDIC's Public Information Center (877-275-3342 or 703-562-2200). PR-85-2008