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WASHINGTON MUTUAL ANNOUNCES PLANS TO ISSUE PREFERRED STOCK

 SEATTLE, Nov. 18 ~PRNewswire~ -- Washington Mutual Savings Bank (NASDAQ: WAMU) announced today that it is considering plans to sell through underwritten public offerings approximately $50 million in noncumulative perpetual preferred stock and approximately $100 million in noncumulative convertible perpetual preferred stock.
 Dividends on both issues, when, as and if declared, will be payable quarterly and will be noncumulative. Holders of the convertible preferred stock may convert their preferred stock to shares of Washington Mutual common stock at any time for the stated conversion price.
 It is contemplated that net proceeds from the sale of both issues would be available to facilitate completing the recently announced acquisition of Pacific First Financial Corp., the parent company of Seattle-based Pacific First Bank.
 A preliminary offering circular is not available. These securities will be offered only by means of an offering circular and may not be sold nor may offers to buy be accepted prior to the time the final offering circular is available. This announcement shall neither constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such state.
 Serving the financial needs of Northwest consumers, Washington Mutual is the largest independent bank headquartered in Washington, having assets of $8.4 billion and operating 119 financial centers and 17 home loan centers in Washington and Oregon.
 -0- 11~18~92
 ~CONTACT: Scott F. Selby of Washington Mutual, 206-461-3186~
 (WAMU)


CO: Washington Mutual Savings Bank; Pacific First Financial Corp. ST: Washington IN: FIN SU: OFR

SW -- SE002 -- 2156 11~18~92 07:50 EST
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Publication:PR Newswire
Date:Nov 18, 1992
Words:287
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