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WASHINGTON MUTUAL COMPLETES ACQUISITION OF GREAT NORTHWEST BANK

WASHINGTON MUTUAL COMPLETES ACQUISITION OF GREAT NORTHWEST BANK
 SEATTLE, April 1 /PRNewswire/ -- Washington Mutual Savings Bank (NASDAQ: WAMU) announced today that it has completed the acquisition of GNW Financial Corp. (NASDAQ: GNWF). As a result of this acquisition, GNW Financial's subsidiary, Great Northwest Bank, a savings bank, has been merged into Washington Mutual's subsidiary, Washington Mutual, a Federal Savings Bank.
 The transaction provides a total consideration of $64 million, or $24.60 per share, to holders of outstanding GNW Financial shares. Of that consideration, 51 percent is in Washington Mutual common stock and 49 percent in cash. For the purposes of this transaction, the per-share value of Washington Mutual common stock was set at the average of the stock's closing prices for the 10 trading days prior to the effective date of the transaction, or $21.30. Each share of GNW Financial common stock is converted into the right to receive $12.054 in cash and 0.589 share of Washington Mutual common stock.
 Great Northwest had assets of approximately $710.4 million and deposits of approximately $583.3 million at Dec. 31, 1991. All 17 former Great Northwest branches will open for business April 1 as Washington Mutual, a Federal Savings Bank financial centers.
 On June 19, three former Great Northwest branches (in Seattle, Spokane and Tacoma, Wash.) will be closed. Washington Mutual operates financial centers in the immediate vicinity of each of these branches. Also on that date, a Washington Mutual financial center in Tacoma will be closed and its accounts moved next door to another former Great Northwest branch.
 "We're pleased to welcome a solid organization to Washington Mutual. Great Northwest was a well-run institution in a growing market. It had a strong capital position, good financial performance, and very good people. Washington Mutual is now even better positioned to continue meeting the financial needs of more and more Northwest consumers," said Kerry Killinger, Washington Mutual's chairman, president and chief executive officer.
 Completing this transaction increased Washington Mutual's assets to $7.8 billion. Washington Mutual is the Northwest's premier consumer bank, operating 120 financial centers and 18 home loan centers in Washington, Oregon and Idaho.
 -0- 4/1/92
 /CONTACT: Scott F. Selby of Washington Mutual Savings Bank, 206-461-3186/
 (WAMU GNWF) CO: Washington Mutual Savings Bank; GNW Financial Corp. ST: Washington IN: FIN SU: TNM


SC -- SE002 -- 3714 04/01/92 08:01 EST
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Date:Apr 1, 1992
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