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FIRST FEDERAL SAVINGS BANK AND WASHINGTON FEDERAL SAVINGS ANNOUNCE AGREEMENT ON ACQUISITION OF FIRST FEDERAL

 FIRST FEDERAL SAVINGS BANK AND WASHINGTON FEDERAL SAVINGS
 ANNOUNCE AGREEMENT ON ACQUISITION OF FIRST FEDERAL
 SALT LAKE CITY, Oct. 20 /PRNewswire/ -- First Federal Savings Bank, Salt Lake City (NASDAQ: FFUT) and Washington Federal Savings of Seattle (NASDAQ: WFSL) announced today the signing of a definitive agreement for Washington Federal to acquire First Federal for $17 per share payable in cash for a total purchase price of approximately $36.4 million.
 Gerald R. Christensen, chairman of First Federal, said, "We believe this acquisition is truly in the best interest of First Federal shareholders." He said, "The acquisition fits into First Federal's primary strategy to maximize shareholder value."
 Washington Federal is a $2.8 billion savings institution, headquartered in Seattle with 64 offices in Washington, Idaho and Oregon. First Federal's 10 offices will operate as the Utah division of Washington Federal Savings. Washington Federal plans to employ most of the existing staff of First Federal.
 Christensen said, "The two companies have a lot in common. Washington Federal originated in 1917 and received its federal charter in 1935. It converted to a federal stock association in 1982 and is in the business of providing loans for borrowers to purchase and build homes and a safe place for people to save. Both companies have kept things simple while offering the Human Touch service to our respective customers. Washington Federal is well respected for its management; in each community it has entered, the bank has become a responsible corporate citizen." Guy C. Pinkerton, president and chief executive officer of Washington Federal Savings, said, "We are pleased with this opportunity to further diversify and expand our markets by entering Utah through our affiliation with First Federal. We look forward to working closely with First Federal's management and employees to continue and strengthen the services provided to First Federal's customers and community. We look forward to enjoying a mutually beneficial relationship in the future."
 In connection with the agreement, First Federal has granted to Washington Federal an option to purchase 400,000 shares of First Federal common stock at a price of $15 per share. This option is exercisable only upon the occurrence of certain events designed to interfere with the completion of the acquisition.
 This transaction is subject to approval by regulators and two-thirds of the stockholders of First Federal and is expected to be completed in early 1993.
 First Federal is a Utah-based Savings Bank with assets of more than $377 million and 10 offices.
 -0- 10/20/92
 /CONTACT: Gerald R. Christensen, chairman of First Federal, 801-366-2200/
 (FFUT WFSL) CO: First Federal Savings Bank; Washington Federal Savings ST: Utah, Washington IN: FIN SU: TNM


JB -- LA015 -- 2038 10/20/92 09:10 EDT
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Date:Oct 20, 1992
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