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37 PACIFIC FIRST BANK BRANCHES IN WASHINGTON TO CONVERT TO WASHINGTON MUTUAL OVER THE WEEKEND

 SEATTLE, July 22 /PRNewswire/ -- Washington's largest local, independent bank will grow even larger over the weekend when 37 Pacific First Bank branches in Washington are converted to Washington Mutual financial centers. After conversion, which affects more than 124,000 households in Washington, Washington Mutual will serve one out of four households in the state.
 Beginning Friday, July 23, and ending Sunday night, Pacific First accounts, signs and branches in Washington will be converted to Washington Mutual at locations stretching from Bellingham to Vancouver and from Olympia to Spokane.
 "We are without question the largest independent bank headquartered in Washington and I think we're providing a unique alternative to all of the out-of-state-controlled and -owned banks in the area," said Kerry Killinger, the bank's chairman, president and chief executive officer.
 After conversion of Pacific First branches in Washington, Washington Mutual will operate 151 financial centers in the state. In Oregon, the bank will convert 61 former Pacific First branches over Labor Day weekend and operate a total of 76 financial centers in that state. The bank operates 26 home loan centers in the two states.
 The conversion means more convenience, product offerings and services for former Pacific First customers in Washington. They now will be able to do business at any Washington Mutual location in the state. In addition, Pacific First offered only limited deposit and lending products; Washington Mutual offers a full line of checking, savings and money market accounts, its own line of mutual funds and annuities, residential and consumer loans, and travel planning.
 With the acquisition of Pacific First, Washington Mutual strengthened its position as the No. 1 home lender in the state. With more than 11 percent of Washington's first-mortgage market, Washington Mutual originates nearly three times the volume of home loans as its nearest competitor. Washington Mutual also strengthened its financial position, witnessed in the bank's record second-quarter earnings of $45.6 million released Tuesday.
 "The acquisition means Washington consumers will be able to bank with a financially strong, local, independent bank," Killinger said. "More and more customers are telling us they want to do business with a local consumer bank.
 "Pacific First was a good fit," he said. "The acquisition enables us to add branches in important markets in Washington and significantly expand our network in Oregon. Our strategic planning has created a smooth transition. And, the number of customers we've retained has exceeded our expectations."
 On April 9, Washington Mutual acquired Pacific First Bank and its 129 branches and 14 home loan centers in Washington and Oregon. It was Washington Mutual's 10th acquisition in three years.
 Founded in 1889, Washington Mutual is the largest local, independent bank in the state and the largest consumer bank in the Northwest. At June 30, 1993, Washington Mutual had assets of $14.4 billion.
 PACIFIC FIRST BRANCHES TO BE CONVERTED
 TO WASHINGTON MUTUAL JULY 23-25
 BRANCH NAME WASH. CITY
 Battle Ground East Battle Ground
 810 E. Main St.
 Bellevue Bellevue
 10550 N.E. 8th St.
 Crossroads Bellevue
 15600 N.E. 8th St.
 Bellingham Bellingham
 1336 Cornwall Ave.
 Bothell Bothell
 18925 Bothell Way N.E.
 East Bremerton Bremerton
 3891 Wheaton Way
 Burien Main Burien
 400 S.W. 152nd St. #1
 Federal Way Federal Way
 33702 21st Ave. S.W.
 Issaquah Issaquah
 1195 N.W. Gilman Blvd.
 Kent Kent
 512 W. Smith St.
 Benson Center Kent
 23630 104th Ave. S.E.
 Kingsgate Kirkland
 14400 124th Ave. N.E.
 Lake Forest Park Lake Forest Park
 17191 Bothell Way N.E.
 Alderwood Lynnwood
 3321 184th St. S.W.
 Fairwood Renton
 17314 140th Ave. S.E.
 Benson Plaza Renton
 17801 108th Ave. S.E.
 SeaTac SeaTac
 18400 International Blvd.
 7th & Pine Seattle
 620 Pine St.
 Greenwood Seattle
 101 N. 85th St. #101
 West Seattle Junction Seattle
 4522 California Ave. S.W.
 Laurelhurst Seattle
 5464 Sandpoint Way N.E.
 University Village Seattle
 4907 25th Ave. N.E.
 Century Square Seattle
 1501 4th Ave. #300
 Admiral Junction Seattle
 2610 California Ave. S.W.
 5th & Pike Seattle
 1420 5th Ave.
 Spokane Valley Spokane
 E. 12005 Sprague Ave.
 Lincoln Heights Spokane
 E. 2610 29th Ave.
 Five Mile Spokane
 W. 1724 Francis Ave.
 Heritage Village Spokane
 N. 9414 Division St.
 University City Spokane
 E. 10920 Sprague Ave.
 Tacoma Main Tacoma
 1102 Pacific Ave.
 Lakewood Tacoma
 10011 Gravelly Lake Drive S.W.
 James Center Tacoma
 6916 19th St. W.
 Hazel Dell East Vancouver
 1307 N.E. 78th St.
 Fourth Plain Vancouver
 10805 N.E. Fourth Plain Blvd.
 Salmon Creek Vancouver
 12903 N.E. Highway 99
 N. 40th Ave. Yakima
 1206 N. 40th Ave. #A
 -0- 7/22/93
 /CONTACT: Scott Selby of Washington Mutual, 206-461-3186/
 (WAMU)


CO: Washington Mutual Savings Bank; Pacific First Bank ST: Washington IN: FIN SU:

JH -- SE005 -- 4387 07/22/93 09:56 EDT
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Copyright 1993 Gale, Cengage Learning. All rights reserved.

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Date:Jul 22, 1993
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