FDIC reassures WaMu customers

WASHINGTON (AP) - The head of the FDIC says that depositors and other customers of Washington Mutual shouldn't notice anything, despite the failure of the thrift.

Federal regulators seized WaMu on Thursday, and then sold the thrift's banking assets to JPMorgan Chase for $1.9 billion.

Seattle-based WaMu is the largest bank to fail by far in the country's history. But, FDIC chairman Sheila Bair told reporters in a conference call that as far as Washington Mutual's customers are concerned, "this is simply a combination of two banks."

Bair says "for bank customers, it will be a seamless transition. There will be no interruption in services and bank customers should expect business as usual come Friday morning."

Source: Associated Press