Washington Mutual was born from the ashes that destroyed the business district of Seattle in 1889. Incorporated as the Washington National Building Loan and Investment Association, the company was founded to offer investors a safe way to invest and lend, and help rebuild Seattle.
Since that time, Washington Mutual has innovated many banking programs. The first amortized home loan was made in 1890, and spawned many others in the following years, allowing many residents to rebuild. In 1923, the company introduced a “school savings” plan, to introduce children to savings. That has continued to be a popular service offered by Washington Mutual. In 1962, the company became the first bank west of Minneapolis to install a computer. This modern step was followed in 1974 with a shared cash machine network, and in the 70’s a pay-by-phone service. The 70’s also saw the initiation of a Step Rate Loan, to assist low-income borrowers. This commitment to local communities continues to this day.
Loans funded by Washington Mutual
- Home Loans, both fixed rate and adjustable rate
- Home Equity Loans and Lines of Credit
- Fixed Rate Loan on Home Equity Line of Credit
- Personal Loans and Lines of Credit
- Auto Loans
- MasterCard, no annual fee
- Business Real Estate Loans
- Business Term Loans
- Business Line of Credit and Overdraft Line of Credit
- MasterCard Business Card
In April 2006, Washington Mutual and Commercial Capital Bancorp announced a merger. The position Washington Mutual in California will be strengthened in both the retail and commercial banking sector. The deal is expected to be completed in the fourth quarter, 2006. The transaction will boost the $348.67 billion assets of Washington Mutual by approximately $983 million, and increase the current 2600 outlets by approximately 1000.
Washington Mutual distributed over $10 million to local schools in April, through its WaMoola for Schools program. Over 54,000 schools nationwide will benefit from this program. The WaMoola for Schools program is one of the options available for customers using the Washington Mutual Debit card for purchases. As part of the rewards program, a customer can designate a public or private school to receive a point for every dollar paid through the debit card. At the end of the year, the points are transferred to cash, and sent out to the schools. Since the inception of the program in 2004, over $14 million has been raised for schools nationwide.
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