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WASHINGTON MUTUAL TO REDEEM CAPITAL NOTES

 SEATTLE, June 25 /PRNewswire/ -- Washington Mutual Savings Bank (NASDAQ: WAMU) announced today that, subject to receipt of regulatory approvals, it intends to redeem on or about Sept. 15, 1993, all of its 10-1/2 percent subordinated capital notes due March 15, 1999.
 The aggregate principal amount of the notes outstanding is $40 million.
 The redemption price will be $1,040 per $1,000 of the principal amount of the notes, together with interest accrued and unpaid to the redemption date. This price will be paid in cash.
 Redemption requires regulatory approvals, which have been requested.
 The trustee for the notes, Seafirst Bank, will communicate within a few weeks the details of the redemption to noteholders of record.
 "We're pleased that we're able to call these notes six years before maturity and thus reduce our interest expense. This action is part of our ongoing efforts to continue Washington Mutual's excellent financial performance and strong capital position," said Kerry Killinger, Washington Mutual's chairman, president and chief executive officer.
 Serving the financial needs of Northwest consumers since 1889, Washington Mutual is the largest locally managed, independently owned bank in Washington and the largest consumer bank in the Northwest.
 -0- 6/25/93
 /CONTACT: Scott F. Selby of Washington Mutual, 206-461-3186/
 (WAMU)


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

SW -- SE012 -- 5952 06/25/93 19:55 EDT
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Publication:PR Newswire
Date:Jun 25, 1993
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