As far as Socal is concerned, the fed seizure and J.P. Morgan takeover should not be that a big deal. If anything, it could actually bolster WaMu's local market position. Keep in mind that JPM has been after a strong California presence – it's wanted WaMu for a long time. Of course, once upon a time Washington Mutual was going after the same prize. Or I should say CEO Kerry Killinger was going after it. In the 1990s, the expansion-minded Killinger crafted deals for both Home Savings and American Savings, putting what had been mostly a regional bank company into the big leagues of lending. That proved to be WaMu's eventual undoing. As with any huge financial acquisition, there are bound to be consolidations that could include branch closures and layoffs (WaMu consolidated Home Savings branches in 1999). But since J.P. Morgan - or Chase, to denote its retail operation - has been a small player in California, it might not want to cut too much. By the way, there's no impact on Washington Mutual retail customers; branches will be open today.

*FDIC has issued a Q&A for WaMucustomers. Here's the link.