According to the Wall Street Journal, JP Morgan is buying assets from Washington Mutual.
JP Morgan will buy the bulk of WaMu's assets. The bank was on thin ice, and reportedly under pressure from regulators to find support.
Apparently the deal will not require funds from the FDIC. No more details are available at the moment, but they're sure to come soon. It appears that there's no need to pull accounts from Washington Mutual, especially if you are under FDIC limits.
Further reading:
There is one very good reason to withdrawal your money. JPMorgan (chase) is known to be very unethical. Do a search of JPMorgan unethical, or JPMorgan closed my account. I would take my money out ASAP if I were you!