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Washington Mutual Names James Vanasek Chief Enterprise Risk Officer

SEATTLE--(BUSINESS WIRE)--Feb. 24, 2004--Washington Mutual, Inc. (NYSE:WM) today announced the appointment of current credit risk executive James A. Vanasek to chief enterprise risk officer.

Vanasek, 60, who will continue to oversee credit risk management for the company, will now assume additional responsibility over compliance, market and operational risk, internal audit, business continuity assurance and security. He will continue to report to Washington Mutual chairman, president and CEO Kerry Killinger.

Bill Longbrake, 60, who developed Washington Mutual's risk management function, continues as Vice Chair and will serve as the company's primary executive liaison with regulators, legislators, industry trade organizations and government sponsored enterprises.

"This move represents our continued effort to build upon the solid risk management discipline we have established at Washington Mutual," said Killinger. "Jim Vanasek is a seasoned professional with deep understanding and familiarity with all facets of risk management. He will continue to build on the excellent foundation that Bill and his team created the past two years.

"At the same time, the company will benefit from Bill's understanding and vast experience in regulatory and legislative issues. Likewise, he will continue to be a key advisor to our executive team on interest rate matters and national economic policy," Killinger added.

Vanasek joined Washington Mutual in 1999 as senior vice president and chief credit risk officer. He assumed his current position as executive vice president and chief credit officer in 2001. Longbrake joined Washington Mutual in 1982 as executive vice president and chief financial officer, a position he held until 1995 when he began a 19-month assignment as chief financial officer and deputy to the chairman for finance at the Federal Deposit Insurance Corp. (FDIC). He assumed the CFO role upon his return in 1996 and took on the Enterprise Risk Management role when current CFO Tom Casey joined the company in late 2002. Presently, Longbrake is a Director of the Federal Home Loan Bank of Seattle and is a member of the Board of America's Community Bankers and serves as Chairman of the Financial Services Roundtable's Housing Policy Council. He is also a member of the Governor of Washington State's Council of Economic Advisers.

About Washington Mutual

With a history dating back to 1889, Washington Mutual is a retailer of financial services that provides a diversified line of products and services to consumers and commercial clients. At December 31, 2003, Washington Mutual and its subsidiaries had assets of $275.18 billion. Washington Mutual currently operates more than 2,400 consumer banking, mortgage lending, commercial banking, consumer finance and financial services offices throughout the nation. Washington Mutual's press releases are available at www.wamunewsroom.com.

    CONTACT: Washington Mutual, Inc.
             Media Contact
             Alan Gulick, 206-377-3637
             Investor Relations Contacts
             JoAnn DeGrande, 206-461-3186
             Ruthanne King, 206-461-6421

    SOURCE: Washington Mutual, Inc.