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WASHINGTON MUTUAL ANNOUNCES REDEMPTION OF SERIES A PREFERRED STOCK

 SEATTLE, Jan. 11 /PRNewswire/ -- Washington Mutual Savings Bank (NASDAQ: WAMU) announced today that it has issued a Notice of Redemption to redeem on Feb. 12, 1993, all of the outstanding shares of its $3.75 Noncumulative Convertible Perpetual Preferred Stock, Series A.
 The Series A Preferred Stock is being redeemed at a redemption price of $52.625 per share and is convertible into shares of Washington Mutual's common stock at a rate of 2.6549 shares of common stock per share of preferred stock. Based on the common stock's closing price of $31.875 per share on Jan. 8, 1993, the market value of each converted share of preferred stock would be $84.625. Shares of preferred stock may be converted into shares of common stock up to 5 p.m. PST, Feb. 12, 1993. After that time, no shares may be converted and holders will be entitled to receive only the redemption price of $52.625 per share.
 The bank has entered into a standby agreement with Salomon Brothers Inc. whereby Salomon Brothers will offer to purchase shares of Series A Preferred Stock for $53.125 per share prior to 5 p.m. PST, Feb. 12, 1993.
 The most recent dividend date for the Series A Preferred Stock was Nov. 13, 1992, and the bank will not be declaring any subsequent dividends on the Series A Preferred Stock.
 The Series A Preferred Stock was first offered Aug. 10, 1989, at $50 per share. Its closing price on Jan. 8, 1993, was $84.50 share. At Nov. 30, 1992, there were 1,294,150 shares of the Series A Preferred Stock issued and outstanding.
 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 more than 130 financial centers and home loan centers in Washington and Oregon.
 -0- 1/11/93 R
 /CONTACT: Scott F. Selby of Washington Mutual Savings Bank, 206-461-3186/
 (WAMU)


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

LM -- SE002 -- 3560 01/11/93 13:01 EST
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Date:Jan 11, 1993
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