Washington Mutual Bank was a subsidiary of Washington Mutual, Inc., prior to the bank collapsing in 2008 and being sold to JPMorgan Chase Bank for $1.9 billion. Chase rebranded Washington Mutual branches in 2009. As of 2014, JPMorgan Chase still owns the former Washington Mutual banking assets and subsidiaries.
After the Washington Mutual collapse and subsequent 9-day bank run, the bank went into receivership with the Federal Deposit Insurance Corporation (FDIC), which then sold the banking subsidiary to Chase, minus its unsecured debt and equity claims. At the time of its collapse, Washington Mutual, known colloquially as WaMu, was the biggest savings and loan association in the United States.