By: Revanche

Wamu bought out by J.P. Morgan bank

September 25, 2008

Hm. This is how unpanicked I am about the whole thing: my first thought was “Aw man! Do I have to get new checks? I like my old checks!” It’s not that I’m entirely blind to the whole picture, it’s just that in this particular case, there’s not much cause for panic. We’ve known that Wamu was struggling for some time now, and this was a pretty organized dealie. And to be honest, I still don’t know the answer to my sole burning question.

I do know that since this was a government mandated seize and closure, the transition is expected to be seamless, per WSJ:

1. We’re fully covered by the FDIC.
2. We should expect business as usual tomorrow morning.

Pretty basic, thus far, since it’s considered breaking news, though as you can see in the WSJ article, it appears that the steps taken were fairly deliberate and not a surprise to the players involved.

It’ll be nice to find out what adjustments, if any, I’ll have to make to my account. I don’t like the idea of only having one B&M bank, so I’ve got my fingers crossed that nothing more than the ownership really changes.

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