The New York Post, of all publications, had a comprehensive article yesterday about the meteoric growth of Washington Mutual and the decisions it’s made that may spell its demise as an independent bank:

To many the situation is looking increasingly dire for WaMu, especially in the wake of the stunning collapse of IndyMac Bank last month. WaMu shares have fallen 85 percent in the past year, wiping out some $60 billion in market capitalization.

AND while it’s hard to believe that WaMu will face a similar fate as IndyMac - given its $180 billion-deposit base, its most recent capital-raising initiatives and its mix of assets - many Wall Streeters are uncertain about its fate as conditions continue to worsen in some of WaMu’s key markets in California and Florida.

“I don’t see Washington Mutual failing the way IndyMac did,” said Alexandria, Va., banking consultant Bert Ely at Ely & Co. “But it’s looking less and less likely that they’ll remain independent.”

(Sorry about the lack of posts last week. These are busy times.)