Closed Thursday, September 25, 2008 · Henderson, Clark County, Nevada
Washington Mutual Bank
By total assets Washington Mutual Bank is the largest of the 3,375 bank failures since 1934 for which the FDIC records a size, counted in dollars of the day. No failed bank in Nevada was larger, of 15 on record there since 1934. The FDIC records no estimated loss to the Deposit Insurance Fund from this failure.
On the books, 2000 to 2008
Total assets peaked at $351 billion in the second quarter of 2006 and were 12% lower at the final report. Equity capital went from 5.8% of assets in the third quarter of 2000 to 7.9% at the last report. The deepest annual loss, $4.3 billion, was booked in 2008 in only part of the year.* 2008: January to June only, the last report before closing.
Size against the other 2008 failures
Total assets of each 2008 failure, log scale; Washington Mutual Bank in red.
By assets it ranked first of the 25 failures in 2008. Across the failures of 2008, the median estimated loss came to 37% of assets. The next-largest failure of that year was IndyMac Bank of Pasadena, California ($30.7 billion, loss 39% of assets). Every 2008 failure in the explorer.
Failures in Nevada
It was one of three banks in Nevada to fail in 2008. The previous failure there was Silver State Bank of Henderson, on September 5, 2008. The next was Security Savings Bank of Henderson, on February 27, 2009. Clark County has 10 failed banks on FDIC record since 1934. Closest in time: Silver State Bank (2008), Security Savings Bank (2009), Community Bank of Nevada (2009), Sun West Bank (2010), SouthwestUSA Bank (2010).