SEATTLE, Nov 13, 2003 (BUSINESS WIRE) -- Washington Mutual, Inc.
(NYSE:WM) filed today its Quarterly Report on Form 10-Q with the
Securities and Exchange Commission, which included the correction of
an error in its accounting for certain components of Bank Owned Life
The company said the error was immaterial, resulting in a
cumulative overstatement of $87 million out of retained earnings of
$16.1 billion. The effects of the error were spread over a 14-quarter
period that began in 2000 when the company acquired its first BOLI
policies. During this period, the company reported earnings of $11.5
billion. The company's quarterly report shows the impacts of the
correction to the affected prior periods.
The adjustment in accounting treatment for BOLI is not expected to
have a material effect on earnings in the fourth quarter of 2003 or
future periods, according to the company.
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 Sept.
30, 2003, Washington Mutual and its subsidiaries had assets of $286.63
billion. Washington Mutual currently operates more than 2,700 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.
SOURCE: Washington Mutual, Inc.
Washington Mutual, Inc.
Alan Gulick, 206-377-3637
JoAnn DeGrande, 206-461-3186