WaMu is largest U.S. bank failure;JPMorgan buys assets: Financial News - Yahoo! Finance Reuters WaMu is largest U.S. bank failure;JPMorgan buys assets Thursday September 25, 10:06 pm ET By Elinor Comlay and Jonathan Stempel NEW YORK/WASHINGTON (Reuters) - Washington Mutual Inc (NYSE:WM - News) was closed by the U.S. government in by far the largest failure of a U.S. bank, and its banking assets were sold to JPMorgan Chase & Co (NYSE:JPM - News) for $1.9 billion. The rescue marks a historic step to clean up a U.S. financial system littered with toxic mortgage debt. Washington Mutual, the largest U.S. savings and loan, was closed by the federal Office of Thrift Supervision, and the Federal Deposit Insurance Corp was named receiver. Customers should expect business as usual on Friday, the FDIC said.