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WaMu Sale To Impact West Coast CRE

SEATTLE-The federal seizure and sale of Washington Mutual to JP Morgan Chase will be felt up and down the West Coast.

By Brian K. Miller | Updated on September 30, 2008

For more on the financial crisis, check out GlobeSt.com’s Webinar , “Wall Street In a Freefall—The Winners and Losers.”

SEATTLE-JPMorgan Chase is busy mulling its acquisition of Washington Mutual and how it will integrate the thrift into its Chase brand. The beneficiary of the nation’s largest bank failure says it’s too early to know what exactly the deal means for WaMu’s branches or its office space, such as its new headquarters tower.

JP Morgan said in a recent conference call that less than 10% of the combined branch network would be shuttered. Given Chase has about 3,200 branches and WaMu approximately 2,200, 10% would be 540 branches. The branch closures are expected to occur in markets where Chase and WaMu retail locations overlap, which is generally not the West Coast, where Chase had little presence heretofore. The overlap is generally located in Houston, Dallas, Phoenix, Denver, Salt Lake City and the New York area.

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