JPMorgan Chase Takes Over WaMu

Updated from 8:23 a.m. EDT

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JPMorgan Chase (JPM Quote) struck a deal Thursday night to buy all the deposits, assets and certain liabilities of Washington Mutual's (WM Quote) banking operations after the Seattle-based company was seized by regulators.

The takeover, arranged by the Office of Thrift Supervision and the Federal Deposit Insurance Corporation, excludes the senior unsecured debt, subordinated debt and preferred stock of Washington Mutual's banks. JPMorgan Chase won't acquire any assets or liabilities of the banks' parent holding company or the holding company's nonbank subsidiaries. ...