I grew up in Livermore California and at some point established a bank account with a local branch of Home Savings . If Wikipedia is to be believed Home Savings maintained conservative lending standards enabling it to survive the 80s savings and loan crisis. In 1998 Home Savings was taken over by Washington Mutual (WaMu). WaMu apparently thought that only lending money to people who could pay it back was limiting their growth. Their innovative new strategy of lending to anybody didn't work out too well long term and in September 2008 WaMu became the largest bank failure in US history. FDIC seized the bank and sold it to JP Morgan Chase .
Through all this I maintained an account. But as it happens I also have accounts with Chase. Chase recently finished integrating the WaMu operations with their own converting the WaMu accounts to Chase accounts in the process. I didn't need the extra account so when I was in my Chase branch Friday I had them close it thereby bringing my long term relationship with Home Savings to an inglorious conclusion. Hopefully Chase will have better survival instincts.
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At least if you wait long enough, the various bank falures and takeovers move your account to a bank that might, I say again, might, be solvent.
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