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WASHINGTON MUTUAL ANNOUNCES PUBLIC OFFERING OF NONCUMULATIVE PERPETUAL PREFERRED STOCK

 SEATTLE, Sept. 16 /PRNewswire/ -- Washington Mutual Savings Bank (NASDAQ: WAMU) announced today the public offering of 2,000,000 shares of its 7.60 percent noncumulative perpetual preferred stock, Serie
 The stock is to be sold to the public at $25 per share for a total of $50 million.
 Dividends, when, as and if declared, will be noncumulative and payable quarterly. The annual dividend will be $1.90 per share.
 The preferred stock will be listed for trading on a when-issued basis on the National Association of Securities Dealers Automated Quotation system under the symbol WAMUM.
 Piper Jaffray Inc. is the lead manager for the offering and Dain Bosworth Inc. is the co-manager.
 Washington Mutual contemplates that the net proceeds from the sale of the preferred stock would be added to the general funds of the bank and available for use in its general business activities, including financing of possible future expansion.
 An offering circular relating to this security is available from the underwriters. This announcement shall neither constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of this security 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.
 Founded in 1889, Washington Mutual is the largest local, independent bank in Washington and the largest consumer bank in the Northwest. At June 30, 1993, Washington Mutual had assets of $14.4 billion. The bank currently operates more than 250 financial centers and home loan centers in Washington and Oregon.
 -0- 9/16/93
 /CONTACT: Scott F. Selby of Washington Mutual Savings Bank, 206-461-3186/
 (WAMU)


CO: Washington Mutual Savings Bank ST: Washington IN: FIN SU: OFR

IC -- SE013 -- 2873 09/16/93 17:51 EDT
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Publication:PR Newswire
Date:Sep 16, 1993
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