JPMorgan Chase Acquires the Deposits, Assets and Certain Liabilities of Washington Mutual's Banking Operations

JPMorgan Chase acquired substantially all assets and assumed all deposits and certain liabilities of Washington Mutual's banks from the FDIC for $1.9 billion in cash. The acquisition greatly enhances JPMorgan Chase's retail banking platform by expanding its branch network to over 5,400 branches across the U.S. The transaction is expected to be immediately accretive to earnings and provides an opportunity for significant revenue growth and cost savings. JPMorgan Chase plans to integrate the branches and introduce its products while realizing estimated cost synergies of $1.5 billion.