Washington Mutual bank collapse back in 2008 is considered as the largest bank failure in U.S history. I would like to know why Wachovia bank collapse that happened at the same time is not considered as a bank failure. Because technically it would have been the largest ever, because Wachovia also failed and it was larger than WaMu by asset size at the time of the failures.
From my understanding, during the Washington Mutual collapse, Chase came and scooped up it’s assets where as in Wachovia’s collapse Wells Fargo merged with Wachovia.
Is that the difference?
Because it almost seems like what Wells Fargo did was purchasing Wachovia than a merger of equals (Wachovia and Wells Fargo) because Wachovia’s name just vanished altogether after the merger.
Additionally, considering both Washington Mutual and Wachovia couldn’t run their day to day operations, how come only Washington Mutual is listed as a bank failure (largest ever) and Wachovia is not even on the list.