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WASHINGTON MUTUAL ANNOUNCES PLANS TO REDEEM 15 PERCENT CAPITAL NOTES

WASHINGTON MUTUAL ANNOUNCES PLANS TO REDEEM 15 PERCENT CAPITAL NOTES
 SEATTLE, March 12 /PRNewswire/ -- Washington Mutual Savings Bank (NASDAQ: WAMU) announced today that it intends to call for redemption on or about June 15, 1992, all of its 15 percent subordinated capital notes due June 15, 1997. The redemption price will be $1,040 per $1,000 of the principal amount of the notes, together with interest accrued and unpaid to the redemption date. This price will be paid in cash. The aggregate principal amount of the notes outstanding is $60 million. Regulatory approval has been received from the FDIC and the Washington State Supervisor of Banking.
 The trustee for the notes, U.S. Bank, will communicate in the near future the details of the redemption to noteholders of record.
 "Washington Mutual's strong financial performance and excellent capital position enable us to call these notes five years early and thus reduce interest expense. After redemption, our capital ratios will continue to be both substantially above all regulatory capital requirements and among the strongest of any major bank operating in the Northwest," said Kerry Killinger, Washington Mutual's chairman, president and chief executive officer.
 "Redeeming these notes is another indication, as was Moody's recent upgrading of our financial ratings, of the strong operations of Washington Mutual and the excellent progress we continue to make toward our corporate goals."
 With assets of $7.1 billion, Washington Mutual is the Northwest's premier consumer bank, operating 103 financial centers and 18 home loan centers in Washington, Oregon and Idaho.
 -0- 3/12/92
 /CONTACT: Scott F. Selby of Washington Mutual Savings Bank, 206-461-3186/
 (WAMU) CO: Washington Mutual Savings Bank ST: Washington IN: FIN SU:


SC -- SE011 -- 7517 03/12/92 16:05 EST
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Publication:PR Newswire
Date:Mar 12, 1992
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