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WASHINGTON MUTUAL RECEIVES APPROVAL FOR PACIFIC FIRST ACQUISITION AND PLANS TO COMPLETE PIONEER BANK MERGER

 SEATTLE, Feb. 25 /PRNewswire/ -- Washington Mutual Savings Bank (NASDAQ: WAMU) announced today that the Office of Thrift Supervision (OTS) has approved its acquisition of Pacific First Bank. The bank also announced that it plans to complete the acquisition of Pioneer Savings Bank on March 1, 1993.
 "We are extremely pleased by the speed at which the regulators approved the acquisition of Pacific First. The combined branch network will greatly increase our share of the important Oregon banking market and solidify our presence in Washington. We will continue to build an outstanding organization recognized for its financial strength, efficient operations and diversification throughout the Northwest," said Kerry Killinger, Washington Mutual's chairman, president and chief executive officer.
 The OTS approved the acquisition of Pacific First Financial Corp., the parent company of Seattle-based Pacific First Bank, from RT Holdings Inc., a subsidiary of Royal Trustco Ltd. (Toronto: RYL) of Toronto. Although the parties have not set a closing date, no further regulatory approvals are required and the transaction could close as soon as April 1, 1993.
 The bank also announced that it plans to complete the acquisition of Pioneer Savings Bank (NASDAQ: PFBK) of Lynnwood, Wash., before the start of business March 1, 1993. The transaction is valued at $188 million, or $26.30 per share, of Pioneer Bank stock. The purchase price will be paid in the form of Washington Mutual common stock at an exchange ratio of 0.824 share of Washington Mutual common stock for each share of Pioneer Bank stock. The exchange ratio was based on the average closing price of $31.925 per share of Washington Mutual common stock for a specified period before the close of the transaction.
 Planning is well underway for the efficient integration of Pioneer Bank and Pacific First Bank, especially in areas such as consolidation of duplicative branches (currently estimated at 15 percent of the combined three networks), integration of computer and data processing systems, and streamlining of product and customer support areas. "We will be guiding our customers through the transition between now and Labor Day," said Killinger.
 "We will continue to build a growing, strong and independent organization based in the Northwest. By maintaining our focus on consumer banking, efficient operations and prudent financial management, we will strive to make Washington Mutual a leading regional financial institution," said Killinger.
 Serving the financial needs of Northwest consumers, Washington Mutual is the largest independently owned, locally managed bank in Washington, having assets of $9 billion and operating 119 financial centers and 17 home loan centers in Washington and Oregon.
 -0- 2/25/93
 /CONTACT: Scott F. Selby of Washington Mutual Savings Bank, 206-461-3186/
 (WAMU RYL. PFBK)


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


LM -- SE006 -- 0239 02/25/93 08:45 EST
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Publication:PR Newswire
Date:Feb 25, 1993
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