Washington Mutual Bank
Is it really about the staff, the accessibility of the branches or their involvement in the community that makes them pop? Learn more about WaMu, otherwise, Washington Mutual Bank. Why is it taking Washington’s market by storm? How different is it from your usual banks? Find it out and get to know a brighter and better way to do banking … the WaMu style!
Washington Mutual Bank, fondly known as WaMu in the New York Stock Exchange and in its markets, is the biggest loans and savings provider in the United States. Although its name suggests otherwise, the Washington Mutual Bank does not have something to do with credit union. It stopped, however, operating as a mutual firm in the year 1983.
Washington Mutual Bank runs over 2,600 banking centers offering major services such as mortgage lending, commercial banking, retail and other financial services.
Just recently, the Washington Mutual Bank moved in at its new corporate headquarters in Seattle. The new Washington Mutual Tower is a magnificent structure towering with all other edifices in Seatown’s commercial district. WaMu’s primary business include servicing the Emerald City’s small business and consumer clients with products like consumer lending, mortgage lending, retail banking, business lending, business banking, credit card services, insurance services, consumer investment and commercial real estate loan.
September 25th, 1889, the Washington National Building Loan and Investment Association was established just three months after the tragic Seattle Great Fire that nearly knocked down the city’s economy. The association helped revive the economic activities in the area and started offering mortgage loans for home. On the 25th of June, 1908, the association changed its name to Washington Savings and Loan Association.
The company pushed through and was able to stand the tests of the First World War. As a matter of fact, its expansion grew by sixty eight percent. A few years later, it changed its name to Washington Mutual Savings Bank. The company’s first acquisition took place on the 25th of July, 1930 when it bought the Continental Mutual Savings Bank. Since, the company never ceased to expand. It also became the leading provider of automated telling and telephone-based banking in Seattle. Washington Mutual Bank online services are also valued in Seatown.
Washington Mutual Savings Bank acquired the Murphey Favre, a brokerage company, in the year 1983 resulting to its demutualization. These however triggered the enormous growth of the company, doubling its assets by the year 1989.
Over the years, it continued to be the friend of the family, as it slogan puts it. Just recently, Washington Mutual Bank re-launched the Free Checking service which they lifted several years earlier. Its major perks included life time free checks, ATM withdrawals for free, annual refund for insufficient funds, 3 cents off for every purchase of debit card and free online transfers to name a few. This time, the WaMu brand is prevalent across Washington.
Washington Mutual continued to strengthen its marketing strategies. It officially announced in 2006, that WaMu will be its new identity in all its business except for legal documentation. All the more, WaMu revolutionized the banking industry in the U.S. with the introduction of Occasio Branches, a whole new way to bank. Occasio refers to WaMu’s standardized structure layout, a break from the usual bank floor plans which had clients line up for the teller.
The new approach was adapted in all Washington Mutual Bank locations and was favored by many. It became a ground breaking success for the company. The company’s unique way in delivering customer services without sacrificing, quality and security is what separates WaMu apart from the rest. As the company puts it, if you want to experience an entirely different and convenient way to do banking, you have to do it the WaMu Way!