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OREGON'S LARGEST BANK ACQUISITION TO BE COMPLETED OVER LABOR DAY WEEKEND; 61 PACIFIC FIRST BRANCHES TO CONVERT TO WASHINGTON MUTUAL

 PORTLAND, Ore., Sept. 1 /PRNewswire/ -- Washington Mutual announced today it will complete the largest bank acquisition in Oregon history when it converts 61 Pacific First Bank branches to Washington Mutual financial centers over Labor Day weekend.
 After the conversion, which involves more than 100,000 households and more than 200,000 deposit accounts, Washington Mutual will serve about one out of 10 Oregon households and operate the fourth largest branch network in the state.
 Beginning after the close of business on Friday, Sept. 3, Pacific First accounts, signs and branches in Oregon will be converted to Washington Mutual at locations stretching from Portland to Medford and from Newport to Bend. On Tuesday morning, the branches will open for business as Washington Mutual financial centers.
 Following the conversion, Washington Mutual will operate 76 financial centers and seven home loan centers in the state. Systemwide, the bank will operate 223 financial centers and 26 home loan centers in Oregon and Washington. Washington Mutual is the Northwest's largest consumer bank.
 "Our advantage will be one of consistently higher levels of service -- a level of service that's very tailored to the Northwest," said Kerry Killinger, the bank's chairman, president and chief executive officer. "We're not worrying about what's going on back in New York or Southern California. We're really focused right here in the Pacific Northwest."
 The conversion means more convenience, products and services for former Pacific First customers, who will be able to do business at any Washington Mutual location. 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 a leading home lender in Oregon. With nearly 5 percent of the first-mortgage market, Washington Mutual is the third largest home lender in the state. Washington Mutual also strengthened its financial position, witnessed in the bank's record second-quarter earnings of $45.6 million.
 "The acquisition allows Oregon consumers to bank with a financially strong, independent bank that's been around for 104 years," Killinger said. "More and more customers are telling us they want to do business with a consumer bank that focuses on people, not big business accounts.
 "Pacific First was a good fit," he said. "The acquisition allowed us to expand our network in Oregon from 14 financial centers to 76. The transition has been smooth and we've exceeded our customer-retention goals due to our strategic planning."
 On April 9, Washington Mutual acquired Pacific First Bank and its 127 branches and 14 home loan centers in Oregon and Washington. It was Washington Mutual's 10th acquisition in three years.
 Washington Mutual's acquisition of 68 Pacific First branches in Oregon is the largest in state history. The second largest was Bank of America's acquisition of 66 Benj. Franklin Federal Savings and Loan Association branches in 1990.
 Founded in 1889, Washington Mutual is the largest local, independent consumer bank in the Northwest. At June 30, 1993, Washington Mutual had assets of $14.4 billion.
 Oregon Pacific First Bank Branches to be Converted to
 Washington Mutual Over Labor Day Weekend
 CITY BRANCH NAME ADDRESS
 Albany Albany 231 Ellsworth St. S.W.
 Santiam Highway 2500 Santiam Highway S.E. #1
 Astoria Astoria 303 11th St.
 Beaverton Washington Square 8880 S.W. Scholls Ferry Road
 Raleigh Hills 7700 S.W. Beaverton-Hillsdale
 Highway
 Beaverton Town
 Square 11425 S.W. Beaverton-
 Hillsdale Highway
 Bend Bend 956 N.W. Bond St.
 Bend South 61535 Highway 97 S.
 Canby Canby 435 N. Holly St.
 Clackamas Clackamas Town Ctr. 11690 S.E. 82nd Ave.
 Clackamas South 16117 S.E. 82nd Drive
 Corvallis Corvallis 956 N.W. Circle Blvd.
 Kings Boulevard 777 N.W. Kings Blvd.
 Eugene Eugene 1100 Willamette St.
 Valley River 1111 Valley River Drive
 Santa Clara 60 Division St.
 West Eugene 333 W. 11th St.
 Grants Pass Grants Pass 1101 Grants Pass Parkway
 Gresham Gresham 2053 N.E. Burnside Road
 East Gresham 2475 S.E. Burnside Road
 Klamath Falls Klamath Falls 2655 Shasta Way
 Lebanon Lebanon 75 E. Grant St.
 McMinnville McMinnville 1675 N. Highway 99 W.
 Medford North Medford 2424 Crater Lake Highway
 Milwaukie Milwaukie 10900 S.E. 21st Ave.
 Oak Grove 14700 S.E. McLoughlin Blvd.
 Molalla Molalla 318 Center Ave.
 Newberg Newberg 3300 Portland Road #500
 Newport Newport 150 N.E. 20th St.
 Oregon City Beavercreek 1839 Molalla Ave.
 Portland Hawthorne 3832 S.E. Hawthorne Blvd.
 Portland 811 S.W. Sixth Ave.
 Gateway 1515 N.E. 112th Ave.
 Woodstock 4306 S.E. Woodstock Blvd.
 Glisan 6615 N.E. Glisan St.
 82nd & Foster 5253 S.E. 82nd Ave.
 Barbur Boulevard 7555 S.W. Barbur Blvd.
 Interstate 7404 N. Interstate Ave.
 Southeast 39th 3805 S.E. Hawthorne Blvd.
 Rockwood 18535 S.E. Stark St.
 Stadium 100 N.W. 20th Place
 Division 14700 S.E. Division St.
 102nd & Halsey 1111 N.E. 102nd Ave.
 Peninsula 6850 N. Lombard St.
 Hollywood West 3030 N.E. Weidler St.
 Johnson Creek 8955 S.E. 82nd Ave.
 Roseburg Roseburg 929 N.W. Garden Valley Blvd.
 Salem Madrona 3509 Commercial St. S.E.
 South Salem 3450 Commercial St. S.E.
 East Salem 3740 Market St. N.E.
 North Salem 2855 Broadway St. N.E.
 Salem Downtown 630 Center St. N.E.
 Seaside Seaside 761 Avenue G
 Silverton Silverton 265 C St.
 Springfield Springfield 640 N. A St.
 North Springfield 650 Q St.
 Stayton Stayton 1089 N. First St.
 Tigard Tigard 11565 S.W. Pacific Highway
 Tillamook Tillamook 411 Pacific Ave.
 Tualatin Tualatin 19200 S.W. Martinazzi Ave.
 Woodburn Woodburn 1539 Mt. Hood Ave.
 -0- 9/1/93
 /NOTE TO EDITORS: See attached list of Oregon Pacific First branches to be converted to Washington Mutual financial centers Sept. 4-6/
 /CONTACT: Roger Nyhus of Washington Mutual, 800-228-9268 or, pager, 206-996-6477/
 (WAMU)


CO: Washington Mutual ST: Oregon IN: FIN SU:

RB-JH -- SE003 -- 7852 09/01/93 10:07 EDT
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Date:Sep 1, 1993
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