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Washington Mutual To Issue US$500 Million of Newly Established US$15,000,000,000 Global Bank Note Program

SEATTLE--(BUSINESS WIRE)--April 26, 2001--Washington Mutual, Inc. (NYSE:WM) today announced the company has established a US $15,000,000,000 Global Bank Note Program (the "Program") for its two main banking subsidiaries, Washington Mutual Bank, FA (WMBFA) and Washington Mutual Bank (WMB).

The Program, arranged by Merrill Lynch & Co., was signed on 20 April, 2001 and is the first Global Bank Note Program ever established for Washington Mutual. The Program will facilitate issuance of both senior and subordinated debt in the United States and the international capital markets on both a syndicated and non-syndicated basis in a variety of currencies and structures.

For its inaugural deal on 14 May, 2001, WMBFA will be issuing US$500 million of a three-year floating-rate senior note. The notes are rated A2 by Moody's Investors Service, A- by Standard & Poor's, and A by FitchIBCA.

"The Global Bank Note Program complements our more traditional sources of funding, and broadens our corporate debt structure," said William A. Longbrake, the company's vice chair and chief financial officer. "The current favorable market conditions provide an excellent opportunity to establish the Program at this time."

With assets of more than US$219 billion, Washington Mutual is the seventh largest banking company in the United States and has operations in 42 states. As a result of its recent acquisitions, the Seattle-based company is the leading residential mortgage loan originator and second-largest servicer of residential mortgages in the country. Other businesses include retail and business banking, consumer finance, insurance, securities brokerage and mutual funds.

In addition to Merrill Lynch, other dealers on the Program are Deutsche Bank, Lehman Brothers, Morgan Stanley Dean Witter, and Salomon Smith Barney. The London office of Morgan Guaranty Trust Company of New York will serve as the Global Agent and Registrar. The Program has been listed on the Luxembourg Stock Exchange and allows for clearance through Euroclear, Clearstream, and/or The Depository Trust Company or any successor.

With a history dating back to 1889, Washington Mutual is a national financial services company that provides a diversified line of products and services to consumers and small- to mid-sized businesses. At March 31, 2001, Washington Mutual and its subsidiaries had consolidated assets of $219.93 billion. Washington Mutual currently operates more than 2,300 consumer banking, mortgage lending, commercial banking, consumer finance and financial services offices throughout the nation. Washington Mutual's press releases are available at www.wamu.com.

Editor's Note: Washington Mutual's news releases are available at no charge through the company's News On Demand Plus System. For a menu of Washington Mutual news releases or to retrieve a specific release, call 1-800-329-6236. On the Internet, news releases may be accessed at http://www.businesswire.com/cnn/wm.shtml.


CONTACT: Washington Mutual, Inc.
Media --
Libby Hutchinson, 800/228-9268 or 206/461-2484
Investors --
Ruthanne King, 206/461-6421
Michael Ihnken, 206/461-4263