Another One

WASHINGTON, September 26, 2008 (AFP) – US bank JPMorgan Chase took over struggling Washington Mutual for 1.9 billion dollars, the US Federal Deposit Insurance Agency (FDIC) announced late Thursday. The acquisition creates the largest US depository institution with more than 900 billion dollars in customer deposits, the FDIC said in a statement.

In the deal, JPMorgan Chase acquired the deposits, assets and some liabilities of the Seattle, Washington-based bank’s operations.

Washington Mutual — the second largest savings and loan institution in the United States — had seen its shares lose 80 percent of their value since the beginning of 2008.