Report: JPMorgan to Buy WaMu Deposits

JP Morgan will hold a conference call later Thursday.
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Updated from 7:14 p.m. EDT

JPMorgan Chase

(JPM) - Get Report

will reportedly buy the deposits of troubled bank

Washington Mutual

(WM) - Get Report

, as well as some WaMu branches, in a deal brokered by the federal government.

The

Wall Street Journal's

online version reported late Thursday that the transaction would not affect the funds of the Federal Depsoit Insurance Corp.

JP Morgan will offer more details in a conference call at 9:15 p.m. EDT.

On Wednesday, Standard & Poor's cut its counterparty credit rating on WaMu's holding company, noting that the small pool of possible bank acquirers increased the risk that WaMu would be sold off in parts.

Media reports had targeted JPMorgan as a potential buyer, as well as

Citigroup

(C) - Get Report

and

Toronto Dominion

(TD) - Get Report

.

Shares of WaMu closed Thursday down 57 cents to $1.69; they've lost 90% of their value in the past 12 months.

This article was written by a staff member of TheStreet.com.