Chase Buys Washington Mutual: Fewer Chicago Branches?

Chicago Tribune:

The shotgun acquisition of Washington Mutual by JPMorgan Chase & Co. to prevent the former's collapse could mean the consolidation of a number of bank branches in the Chicago area.

Chase has about 340 branches in the Chicago market, more locations than any other bank in the area by a wide margin.

WaMu expanded aggressively in the Chicago area in 2003 but made little inroads in gathering deposits. It has 117 Chicago-area branches, giving it the seventh-biggest footprint among area banks. But it ranks 28th in deposit market share, with 0.51 percent of the market.

Read the whole story: Chicago Tribune

Comments

[hazmaq]

Something smells in this mess, worse than either party is letting on. Chase has had the worst record of all the banks as far as unfair and unseemly fee and business practices in general.
In the last Senate hearing on CC practices a few years ago(?), while all the banks reluctantly admitted to doing some of the things people were complaining about, Chase happily stated they did 'em all and would continue to do so.
Chase the bad guy, now is allowed to buy out the not so bad guys -o put it in the simplest of terms.

But WaMu is in dire trouble , so everyone says - right? Bought too much bad paper, supposedly.

Bullsh** ! Right now I am maxed to the hilt due to illness. My other CC companies, (6 of 'em), have already taken some steps against me or have reduced my credit limit. Not because I haven't paid - because of !@#$$% credit reporting agencies applied points against me for using my cards -more.

So while other companies have noted my increasing debt and have responded negatively, WAMU has been pounding me with CC offers 2-3 times a week for months now.

Would a 'failing' company continue practices supposedly responsible for not only their failure but , the failing of a nation's financial system?? Of course not.

And why the f*** is Harry Reid and Steny Hoyer so into pushing the Bush bailout??

They were not fans of Barack Obama. Smell anything, anyone??

[DuPageDem]

Fewer bank branches -- wow, that would be a real tragedy. There's a new Chase or Harris on every corner in my neighborhood. It's easier to find a bank than a Big Mac. Think maybe their drunken building spree has something to do with this mess? Or, maybe it's the grand-theft fees they now all charge. When the smoke all clears, pehaps we'll see return of the locally-owned community bank.