Here is a history of the company: Washington National Building Loan and Investment Association was formed in 1889 to help rebuild Seattle after a fire destroyed its business district. Among its founders was Edward Graves, the president of Washington National Bank. Under his guidance, the bank served as the associations treasurer and repository of its funds. Originally chartered for 20 years, the associations growth lagged, in part, because of a myriad of dues and fees, restricted withdrawals, and high share prices.

Legislation allowing mutual banks to offer mortgage loans made competitors of the bank and the association. While Seattle and much of the Northwest boomed thanks to the discovery of gold in Alaska, the association struggled. Within five years, accounts had increased sevenfold. The company changed its name to Washington Mutual Savings Bank in 1917.

In 1930 WaMu made its first buy, Continental Mutual Savings Bank. It added its first branch in 1941 when it bought Coolidge Mutual Savings Bank.

After mutual banks won the right to establish statewide networks, WaMu established branches throughout the state from the 1950s to the 1970s. The company expanded beyond banking in the 1970s and 1980s, forming insurance, travel, securities brokerage, and investment subsidiaries.

Forced to stop loaning and facing failure, WaMu acted decisively. The IPO fueled more than 20 acquisitions in the 1990s. In the early 1990s the bank stuck to a conservative lending course, building reserves and selling problem loans. 1995 purchase of Enterprise Bank, but sold its travel business to management. American Savings Bank and its more than 200 locations apparently whetted the banks appetite. Ahmanson, it gobbled up Great Western Financial Corp. The next year the bank swallowed Ahmanson. In 1999 WaMu planned to take a breather and close more than 150 branches, but it just couldnt keep its fingers off subprime mortgage lender Long Beach Mortgage. In 2001 WaMu extended its reach in the Texas market by acquiring Bank United. The thrift also bought mortgage portfolios from FleetBoston and PNC Financial Services.