Washington Mutual Inc. Continues to be Innovative

2007-03-08 10:33:40

( Financial )



Company History

The company was originally incorporated during the fall of 1889 as Washington National Building Loan and Investment Association. The name was changed to Washington Savings and Loan Association in 1908.

In 1930, the company acquired ailing Continental Mutual Savings Bank and thus became Washington Mutual Inc.

Washington Mutual Inc. is one of the nation's leaders in financial services and offers various services such as savings and checking accounts, personal and business loans, retirement planning, credit card services, and insurance products. It also offers specialty mortgages through its subsidiary Long Beach Mortgage.

A Series of "Firsts"

In 1890, Washington Mutual made the first amortized loan to help build the house of a seaman in a neighborhood near Seattle. It was the first of its kind in the banking and finance industry.

In 1923, the company pioneered a Schoolday Savings program for school children to teach them about the importance of saving money through bank deposits.

Washington Mutual was also the first to install an IBM computer in 1962, and the first to have a shared cash machine network called The Exchange in 1974. Along with a consortium of banks, Washington Mutual Inc. helped to finance the first Pay by Phone telephone banking system in the seventies. During the same period, the company also initiated the Step Rate Loan to help low-income earners.

Washington Mutual's acquisition of Murphey Favre in 1983 was the first of its kind in the industry, as well as in the nation.

And recently, Washington Mutual Inc. introduced its patented Occasio Branches which replaced the traditional teller windows and counters with comfortable open spaces similar to a hotel or department store. This gave the branches a warm and personalized atmosphere.

Other Notable Achievements

Washington Mutual Inc. has received a number of recognitions and awards for being one of the best companies to work for, specifically for gays and cultural minorities. It has also received commendations for being business-friendly to women and Hispanic entrepreneurs.

Washington Mutual Inc. engages in programs that support sporting events, schools, homebuilding, and disadvantaged groups. The company's employees do volunteer work and donate money yearly to serve their communities.

Thus, the company has long been recognized for its high level of social responsibility and corporate citizenship.

Washington Mutual Inc. is not related to Provident Washington Insurance or its affiliates.


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