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Washington Mutual Announces Dime Merger Consideration Results
SEATTLE, Jan 11, 2002 (BUSINESS WIRE) -- Washington Mutual, Inc. (NYSE:WM) today announced the final results of the merger consideration paid to shareholders of the former Dime Bancorp, Inc., which was recently acquired by Washington Mutual. Those shareholders had the option of electing to receive either Washington Mutual common stock or cash, or a combination of both.

Shareholders who elected to receive cash consideration will receive 100 percent of their election. Because the option to receive Washington Mutual common stock was oversubscribed, those shareholders electing to receive stock will instead receive 88 percent of their consideration in Washington Mutual common stock and 12 percent in cash.

Based on calculations described in the merger agreement, each shareholder electing to receive only cash will receive $35.0884 for each share of Dime common stock. The remaining shareholders will receive 0.9929 shares of Washington Mutual common stock plus $4.07 in cash for each share of Dime common stock.

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 Sept. 30, 2001, Washington Mutual and its subsidiaries had consolidated assets of $223.64 billion. Washington Mutual currently operates approximately 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.

CONTACT:          Washington Mutual
                  Media Contact-- Libby Hutchinson, 206/461-2484
                  libby.hutchinson@wamu.net
                  or
                  Investor Contact-- JoAnn DeGrande, 206/461-3186
                  joann.degrande@wamu.net

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