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WASHINGTON MUTUAL RECOGNIZES HARD-WORKING EMPLOYEES, AWARDS EVERYONE TEN SHARES OF STOCK

 SEATTLE, Oct. 15 /PRNewswire/ -- Hard work pays off at Washington Mutual -- to the tune of a $1.3 million stock gift to employees, the bank said today.
 Kerry Killinger, the bank's chairman and chief executive officer, and the board of directors today awarded 4,631 full- and part-time employees ten shares of Washington Mutual commono?ck to thank them for helping the bank successfully integrate Pacific First Bank into Washington Mutual.
 The stock, which is traded over-the-counter on the NASDAQ National Market System under the symbol WAMU, yesterday closed at $28 1/8. Based on that closing price, the gift was worth $281.25 to each employee or $1.3 million systemwide.
 This morning employees throughout Washington and Oregon were surprised to find a bright green and blue envelope on their chairs that read, "This is different. This is Washington Mutual," playing off the bank's current ad campaign. Inside was a stock certificate with the employee's name on it.
 "It's been a remarkable year for our company," Killinger wrote in a letter that accompanied the stock certificate. "Thanks to you, we're still a community-minded and customer-focused organization. We're still a company with solid values and a concern for the individual. And now, it's a company that you partly own. These ten shares represent your share in the future success of Washington Mutual."
 Washington Mutual acquired Pacific First Bank in April. It was the largest private transaction in thrift history and Washington Mutual's largest of ten acquisitions since 1990. In recent months Washington Mutual converted 37 former Pacific First Bank branches in Washington and 61 branches in Oregon to Washington Mutual locations.
 Founded in 1889, Washington Mutual is the state's largest local, independent bank and the Northwest's largest consumer bank. The bank currently operates more than 250 financial centers and home loan centers in Washington and Oregon. At June 30, 1993, the bank had assets of $14.4 billion.
 -0- 10/15/93
 /CONTACT: Roger Nyhus of Washington Mutual, 800-228-9268/
 (WAMU)


CO: Washington Mutual Savings Bank ST: Washington, Oregon IN: FIN SU:

JH -- SE007 -- 2788 10/15/93 13:50 EDT
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Publication:PR Newswire
Date:Oct 15, 1993
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