Kerry Kent Killinger (born June 6, 1949) is an American businessman and author. He is founder and CEO of Crescent Capital Associates, and previously served as chairman and chief executive officer of

Washington Mutual Washington Mutual, Inc. (often abbreviated to WaMu) was an American Bank holding company, savings bank holding company based in Seattle. It was the parent company of Washington Mutual Bank, which was the largest savings and loan association in ...

from 1990 until 2008. He and his wife Linda co-authored the 2021 book ''Nothing is Too Big to Fail: How the Last Financial Crisis Informs Today''. The book received the Axiom Business Book Awards Bronze Medal, the Nautilus Award for Journalism and Investigative Reporting Silver Medal, and the IPPY award for Finance/Investments/Economics.

Early life and career

Kerry Kent Killinger was born in

Des Moines, Iowa Des Moines is the List of capitals in the United States, capital and List of cities in Iowa, most populous city in the U.S. state of Iowa. It is the county seat of Polk County, Iowa, Polk County with parts extending into Warren County, Iowa, Wa ...

on June 6, 1949. He received his education at the

University of Iowa The University of Iowa (U of I, UIowa, or Iowa) is a public university, public research university in Iowa City, Iowa, United States. Founded in 1847, it is the oldest and largest university in the state. The University of Iowa is organized int ...

, from which he received his BBA in 1970 and

MBA A Master of Business Administration (MBA) is a professional degree focused on business administration. The core courses in an MBA program cover various areas of business administration; elective courses may allow further study in a particular a ...

in 1971. He began his career in the financial services industry in 1972 as an investment analyst with Bankers Life Insurance Company of Nebraska, and moved on to Murphey Favre in 1976 where he rose from a securities analyst to executive vice president and director.

Washington Mutual

Killinger joined

in 1983 when it acquired Murphey Favre. Killinger was named executive vice president, and promoted in 1986 to senior vice president, and to

director Director may refer to: Literature * ''Director'' (magazine), a British magazine * ''The Director'' (novel), a 1971 novel by Henry Denker * ''The Director'' (play), a 2000 play by Nancy Hasty Music * Director (band), an Irish rock band * ''D ...

in 1988. He was named president of the company that same year, CEO in 1990, and chairman in 1991.

American Banker ''American Banker'' is a New York-based trade publication covering the financial services industry. Originally a daily newspaper, the print edition ceased publication in 2016, but continues to be published as a print magazine nine times a year. ...

named him its 2001 Banker of the Year. During his tenure as CEO, Washington Mutual grew from 30 branches and $7 billion of assets to over 2,000 branches and $300 billion of assets. In 2003, Killinger predicted that by 2008, Washington Mutual would not be identified as a bank serving wealthy customers, but a consumer bank serving everyday people, and they ultimately served over 11 million customers during the tenure of the bank. He said "We hope to do to this industry what Walmart did to theirs, Starbucks did to theirs, Costco did to theirs and Lowe’s-Home Depot did to their industries." In 2008, Washington Mutual faced mounting losses from the mortgage market and steep declines in stock prices as a result of the

subprime mortgage crisis The American subprime mortgage crisis was a multinational financial crisis that occurred between 2007 and 2010, contributing to the 2008 financial crisis. It led to a severe economic recession, with millions becoming unemployed and many busines ...

. The board of directors removed Killinger as CEO on September 8, 2008, replacing him with Alan H. Fishman. The Office of Thrift Supervision (OTS) seized Washington Mutual's banking divisions on September 25, 2008, and named the

Federal Deposit Insurance Corporation The Federal Deposit Insurance Corporation (FDIC) is a State-owned enterprises of the United States, United States government corporation supplying deposit insurance to depositors in American commercial banks and savings banks. The FDIC was cr ...

as their receiver in the largest bank failure in the history of the United States. The FDIC incurred no losses on the seizure and sale of Washington Mutual. While CEO of Washington Mutual in 2007, Killinger earned a total compensation of $14,364,883. In 2008, he took home $25.1 million in compensation. Killinger received a $15.3 million severance payment in September 2008 "as well as a $445,200 lump-sum payment for vacation benefits and a $300,669 'special payment'". In March 2011, Killinger and two other bank officers were sued by the FDIC for "reckless lending". Killinger counter-sued the FDIC and all cases were settled in 2012 with no findings of fault. Investigations by the

Securities and Exchange Commission The United States Securities and Exchange Commission (SEC) is an independent agency of the United States federal government, created in the aftermath of the Wall Street crash of 1929. Its primary purpose is to enforce laws against market m ...

and

Department of Justice A justice ministry, ministry of justice, or department of justice, is a ministry or other government agency in charge of the administration of justice. The ministry or department is often headed by a minister of justice (minister for justice in a ...

similarly concluded there were no findings of fault or basis to bring charges against Killinger or any executive officer of Washington Mutual. The portrayal of Killinger’s role in WaMu's downfall, told by Wall Street Journal reporter Kirsten Grind in ''The Lost Bank: The Story of Washington Mutual —the Biggest Bank Failure in American History'' was challenged by Killinger in an open letter.

Philanthropy

Throughout his life, Killinger and his wife Linda supported charitable organizations and higher education institutions in Seattle, Des Moines, and Palm Desert. Killinger received the Points of Light award from President George H.W. Bush for his philanthropy. In 2021, all proceeds of the Killingers' book ''Nothing is Too Big to Fail: How the Last Financial Crisis Informs Today'' were donated to charities engaged in criminal and social justice, government reform, civil discourse, and community building.

Selected works

*''Nothing is Too Big to Fail: How the Last Financial Crisis Informs Today'' (2021, RosettaBooks; )

External links

*
Interview at Bellevue Rotary

References

{{DEFAULTSORT:Killinger, Kerry 1949 births Living people University of Iowa alumni American chief executives of financial services companies Businesspeople from Des Moines, Iowa Businesspeople from Seattle