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PIONEER BANK'S SHAREHOLDERS APPROVE MERGER WITH WASHINGTON MUTUAL

 SEATTLE, Jan. 28 /PRNewswire/ -- Pioneer Savings Bank's (NASDAQ: PFBK) shareholders voted today to approve the merger of Pioneer Bank into Washington Mutual Savings Bank (NASDAQ: WAMU), Washington Mutual said. The affirmative vote of at least 75 percent of Pioneer Bank's shareholders was required in order for the merger to proceed.
 "I'm pleased that our shareholders agree that this merger is in the best interests of shareholders and customers alike," said Pioneer Bank's Chairman and Chief Executive Officer Ralph V. Schapler. "Our combined ability to deliver banking services to consumers and to provide a long- term return to shareholders will be outstanding."
 The FDIC has approved the merger. Pending approval by the State Supervisor of Banking, Washington Mutual expects the transaction to be completed around the end of February.
 "We look forward to combining the strengths of Pioneer Bank and Washington Mutual," said Washington Mutual's Chairman, President and Chief Executive Officer Kerry Killinger. "Pioneer Bank will solidify our place among the strongest banks in the region and strengthen our position as the Northwest's premier consumer bank."
 -0- 1/28/93
 /CONTACT: Scott F. Selby, manager, Corporate Communications, of Washington Mutual Savings Bank, 206-461-3186; or Ralph V. Schapler, chairman and chief executive officer, of Pioneer Bank, 206-771-2525/
 (PFBK WAMU)


CO: Washington Mutual Savings Bank; Pioneer Savings Bank ST: Washington IN: FIN SU: TNM

LM -- SE008 -- 0531 01/28/93 18:18 EST
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Publication:PR Newswire
Date:Jan 28, 1993
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