SEATTLE, Jul 16, 2002 (BUSINESS WIRE) -- Washington Mutual, Inc. (NYSE:WM)
today announced an expansion to its share repurchase program following the
company's record financial performance in the second quarter.
Under the expanded program, approved today by Washington Mutual's Board of
Directors, the company is now authorized to repurchase up to 100 million shares
of its common stock as conditions warrant. In today's action, the board
authorized the company's repurchase of approximately 41 million additional
shares of common stock. The company was already authorized to repurchase
approximately 59 million shares that remained under the previous 167 million
share repurchase program.
"We believe that share repurchase represents a very attractive and low-risk
opportunity for capital deployment in the current cycle," said Kerry Killinger,
the company's chairman, president and chief executive officer, noting that the
company purchased 1 million shares of common stock during the second quarter at
an average price of $37.20.
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
Media, Alan Gulick, 206/377-3637
Investor Contacts, JoAnn DeGrande, 206/461-3186
Ruthanne King, 206/461-6421
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