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OTS AWARDS OUTSTANDING CRA RATING TO WASHINGTON MUTUAL, A FEDERAL SAVINGS BANK

 OTS AWARDS OUTSTANDING CRA RATING TO
 WASHINGTON MUTUAL, A FEDERAL SAVINGS BANK
 SEATTLE, Feb. 13 /PRNewswire/ -- Washington Mutual Savings Bank (NASDAQ: WAMU) announced today that its subsidiary, Washington Mutual, a Federal Savings Bank, has been awarded an "Outstanding" rating for its Community Reinvestment Act (CRA) activities by the Office of Thrift Supervision (OTS).
 The OTS, which is the subsidiary's primary regulator, completed its CRA examination Nov. 25, 1991, and found that the federal savings bank "has an outstanding record of, and is a leader in, ascertaining and helping to meet the credit needs of its entire delineated community, including low- and moderate-income neighborhoods."
 "We are proud to receive the rating of 'outstanding' because it shows that our business practices truly live up to our corporate values," said Kerry Killinger, Washington Mutual Savings Bank's chairman, president and chief executive officer.
 "One of our most important corporate values is to help our communities become better places to live and work. That value is seen in everything we do, from our new One-to-One Tutoring Program to our Community Homebuyers' Program," Killinger continued.
 The results of the CRA examination are reported in five groups: ascertainment of community credit needs, marketing and types of credit offered and extended, geographic distribution and record of opening and closing offices, discrimination and other prohibited practices, and community development.
 In order to receive a rating of outstanding, an institution must perform at that level in all five groups.
 According to the OTS' CRA Performance Evaluation, "CRA is a demonstrated and important component of the planning process" at Washington Mutual, a Federal Savings Bank. The Evaluation goes on to state that "the level of loan applications accepted and processed demonstrates an outstanding level of responsiveness to the most pressing community credit needs."
 The Evaluation pointed to the facts that over one third of the federal savings bank's loan applications processed during the first nine months of 1991 were for affordable housing serving low- or moderate-income individuals and that analysis of CRA data resulted in the offering of several new products and services including more flexible underwriting and lower down payments for some products.
 "Community service is an integral part of doing business the Washington Mutual way. We will continue working with the communities we serve to help meet their financial services needs so that together, we can build stronger communities," said Killinger.
 Washington Mutual, a Federal Savings Bank, with assets of $1.8 billion, is a wholly owned subsidiary of Washington Mutual Savings Bank, which has total assets of $7.1 billion. Washington Mutual, the premier financial services company for consumers in the Northwest, operates 101 financial centers and 18 home loan centers in Washington, Oregon and Idaho.
 -0- 2/13/92
 /CONTACT: Scott F. Selby of Washington Mutual, 206-461-3186/
 (WAMU) CO: Washington Mutual ST: Washington IN: FIN SU:


RM -- SE001 -- 9523 02/13/92 07:33 EST
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Date:Feb 13, 1992
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