Since you’ve already had your question answered and answered well, I cannot help but notice this may be one of the (few? the only?) time(s) the OP’s user name has actually answered the question 
My username’s good for that. I try not to post in the airplane-on-a-treadmill threads for just that reason.
This happened with IndyMac a few months ago. The FDIC couldn’t find a buyer, so they created a new bank, IndyMac Federal, that they are running for now until they can sell off the portions. Like Goldman Sachs has recently been rumored to be looking to buy the branches.
It’s related to the mortgage fiasco because WaMu was the originator of many of the bad loans. People figure that the bank either still owns a lot of them or that there’ll be legal trouble because of them. So they lose confidence in the bank and pull out their deposits.
The most important asset a bank has is the confidence of their customers. If they lose that, they’re hosed. This is the reason why the FDIC and NCUA were formed back in the Depression. With Uncle Sam insuring their deposits, people regained their trust in banks that they’d lost during the stock crash of 1929.
ROFL – touché 