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Washington Mutual Bank: Growing Through Good Times and Bad

by jsheets1959

Washington Mutual (Wamu) Bank is a business that goes by the old
adage, "If you're not growing, you're dying."  Wamu has a very
long history coming into modern times of mergers, buy outs, and
the type of expansion that have kept them a growing and thriving
business through both good and bad economic times.  Any bank that
is capable of this type of consistent growth usually shows a
history of good decisions and the type of solid foundation that
indicates an admirable business model.

The history of this institution reflects this.  In 1911, when
the predecessor to the bank was barely over a decade old, they
recruited Eugene Favre, co-founder of Murphey Favre Inc, and
investment firm that was based out of Spokane, Washington.  At
this point the business was known at that time in the early
century as Washington Savings and Loan Association.

It's easy to keep expanding during good times (not always for
the best) but the continued expansion during rougher times is
what kept the bank strong.  During World War I they managed to
continue to expand assets by a mind boggling 68%, setting them up
with a solid foundation that would help them to ride out the
severe recessions that would later follow and cripple much of the
country.

This accomplishment didn't go unnoticed.  After the war years
Washington Mutual had a hard earned reputation as one of the
strongest and most fundamentally sound savings and investment
institutions in all of Washington state.

In 1923, this bank started its now renowned "Saving Their
Pennies" program.  This program was aimed at schools to help
teach children the value in saving money.  During that first
drive, almost 17,000 school children made deposits.  This
tradition has since helped tens of thousands of kids to learn how
saving money is more important than spending it, a message that
you wish more institutions would teach.

Washington Mutual's first true acquisition came at a time when
most banks where facing the pressures of the Great Depression. 
On July 25, 1930, at the request of Continental Mutual Savings
Bank, Wamu Bank purchased their bank to protect their customers
and help steer the new combined bank through the very difficult
times that were already upon them, and the worse ones yet to
come.

Wamu continued to be a pioneer, installing its first computer in
1962 as the technology was just burgeoning, and also creating
innovative payment systems for inner city housing to help slow
and fight the on going decay of inner city infrastructure.

They went from a private institution to a public one in 1983. 
Within six years the bank more than doubled in size, proving that
even during an entire decade marred by recession, they knew how
to not only survive, but to thrive in adverse conditions.  There
were many mergers in recent years, as well, including with Great
Western Financial Corporation, H.F. Ahmanson & Co., Dime Bancorp,
Inc., and also a take over of Providian Bank.

Washington Mutual is now one of the largest banks in the United
States, and their history indicates that if they continue with
their innovative tactics and home based banking, that this
company will continue to have a bright future

Thomas Boston, Principal of <a TARGET="_NEW"
href="http://www.825credit.com">825credit.com</a> is a personal
finance expert and consumer credit advocate who specializes in
responsible credit management and creation. He can be reached
online with comments, questions and other inquiries at
tboston[at]825credit.com

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