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WASHINGTON MUTUAL ANNOUNCES FINANCIAL CENTER CONSOLIDATIONS

 SEATTLE, April 26 /PRNewswire/ -- Washington Mutual Savings Bank (NASDAQ: WAMU) announced today that it will consolidate 15 percent of its financial center network in Washington and Oregon as well as streamline head office and support operations following the acquisition of Seattle-based Pacific First Bank on April 9.
 The bank said that the streamlining will probably result in the reduction of 200 more former Pacific First head office and support positions, in addition to the approximately 400 positions that Pacific First reduced prior to the closing of the transaction. Virtually all financial center employees will be retained in Washington Mutual's expanded financial center system. Based upon the bank's recent growth, total employment for Washington Mutual after streamlining will be approximately 4,300-4,500.
 "We are moving ahead as planned with our strategy of improving our operating efficiency, eliminating duplicative operations and increasing our ability to provide outstanding customer service. We will be making capital improvements in selected locations, which will enable us to provide a broader range of financial services to our new customers," said Kerry Killinger, Washington Mutual's chairman, president and chief executive officer.
 Killinger said a total of 33 financial centers will be consolidated as part of Washington Mutual's acquisition of Pacific First, including locations previously targeted for consolidation by Pacific First. Twenty-seven of the locations are in Washington and six in Oregon. In nearly all cases, consolidated locations are within a few blocks of each other. After the consolidations, Washington Mutual's financial center network will total 232 financial centers -- 149 in Washington and 83 in Oregon -- and 29 home loan centers.
 "We are currently negotiating with prospective buyers for our surplus locations and it is our intention that they be sold as quickly as possible," Killinger said. "We are negotiating with a variety of retail organizations so the economic development of the communities involved can continue."
 All customer accounts that were previously with Pacific First in Washington will be converted and new signage installed in late July. Account conversions and signage changes in Oregon will take place in early September.
 Serving the financial needs of Northwest consumers since 1889, Washington Mutual is the largest independently owned, locally managed bank headquartered in Washington and the largest consumer bank in the Northwest.
 -0- 4/26/93
 /CONTACT: Scott F. Selby of Washington Mutual Savings Bank, 206-461-3186/
 (WAMU)


CO: Washington Mutual Savings Bank; Pacific First Bank ST: Washington IN: FIN SU:

SW -- SE018 -- 1052 04/26/93 18:59 EDT
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Publication:PR Newswire
Date:Apr 26, 1993
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