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News Release

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Washington Mutual Premium Income Equity Securities Settled Today

SEATTLE--(BUSINESS WIRE)--Aug. 16, 2002--Washington Mutual, Inc. (NYSE:WM) today announced that Washington Mutual Premium Income Equity Securities (PIES) (NYSE:XWM) settled on Aug. 16, 2002.

Holders of the PIES received 2.1704 shares of WM common stock and

  • 1.113 shares of BNKUZ for each PIES. Fractional shares were paid in cash. Because PIES are no longer outstanding, they are being delisted from the New York Stock Exchange at the request of Washington Mutual.

In the remarketing of the underlying Washington Mutual Series H preferred stock, Washington Mutual was the lowest bidder for the reset dividend rate and repurchased the Series H at $50.25 per share.

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 June 30, 2002, Washington Mutual and its subsidiaries had assets of $261.28 billion. Washington Mutual currently operates more than 2,500 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, Inc.
Alan Gulick, 206/377-3637 (Media)
Iris Glaze, 206/461-4744
Karla Olson, 206/461-4262