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WASHINGTON MUTUAL PLANS TO ISSUE NONCUMULATIVE PERPETUAL PREFERRED STOCK

 SEATTLE, Sept. 9 /PRNewswire/ -- Washington Mutual Savings Bank (NASDAQ: WAMU) announced today that it plans to sell through an underwritten public offering $50 million in noncumulative perpetual preferred stock.
 Dividends on the preferred stock, when, as, and if declared, would be noncumulative and payable quarterly.
 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 be available for use in its general business activities, including financing of possible future expansion.
 Piper Jaffray Inc. is the lead manager of the offering and Dain Bosworth Inc. is the co-manager.
 A preliminary offering circular relating to this security is available from the underwriters. This security 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 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- 9/9/93
 /CONTACT: JoAnn DeGrande of Washington Mutual Savings Bank 206-461-3184/
 (WAMU)


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

JH -- SE016 -- 0518 09/09/93 17:24 EDT
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Publication:PR Newswire
Date:Sep 9, 1993
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