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Washington Mutual, Inc-abbreviated to WaMu-was a savings bank holding company and the former owner of WaMu Bank; America’s largest savings and loan association until its collapse in 2008.. On Thursday, September 25, 2008, the United States Office of Thrift Supervision (OTS) seized WaMu Bank from WaMu, Inc. and placed it into receivership with the Federal Deposit Insurance Corporation (FDIC).