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Washington Mutual was a savings bank holding company and the former owner of Washington Mutual Bank, which was the largest savings and loan association in USA. On September 25, 2008, the Office of Thrift Supervision (OTS) seized Washington Mutual Bank from Washington Mutual and placed it into the receivership of FDIC. This action was taken because withdrawal requests worth $16.4 billion were placed during a 10 day bank run (nearly 9% of their total deposits) This resulted in the bank being closed and sold to JP Morgan Chase which reopened the branches next day as JP Morgan Chase branches.

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