While the debate more than good $700 billion financial bailout rages in Arizona, among the many state’s prominent banking institutions – Arizona Mutual Inc. – keeps collapsed according to the weight of its enormous bad bets on the the borrowed funds industry.

The fresh new Government Put Insurance rates Corp. captured WaMu toward Thursday, right after which marketed the latest thrift’s financial assets so you can JPMorgan Chase & Co. for $step 1.nine million.

Its $307 million inside the assets eclipse that from Continental Illinois National Bank, hence were not successful in 1984 that have $40 mil in the assets; adjusted to own 2008 cash, its possessions totaled $67.7 billion. IndyMac, caught for the July, got $thirty-two million in property.

One confident is that the deals regarding WaMu’s assets so you can JPMorgan Chase suppresses this new thrift’s collapse off using up the fresh FDIC’s insurance coverage funds. Continue reading →