First Washington Bancorp Announces $.09 Per Share Cash Dividend

Business Wire, Dec 24, 1998

WALLA WALLA, Wash.--(BUSINESS WIRE)--Dec. 23, 1998--First Washington Bancorp, Inc. (Nasdaq:FWWB), the holding company for First Savings Bank of Washington, Towne Bank in Woodinville, Washington and Inland Empire Bank in Hermiston, Oregon, today announced its Board of Directors declared its thirteenth consecutive cash dividend. The $.09 per share cash dividend will be paid January 11, 1999 to shareholders of record as of December 31, 1998.

"This cash dividend is our way of rewarding our shareholders while demonstrating our confidence in the future," said Gary Sirmon, president and chief executive officer.

Earlier this year FWWB agreed to acquire Whatcom State Bancorp, Inc., the holding company for Whatcom State Bank in Bellingham, Washington, for approximately $12.5 million in FWWB stock. This acquisition, which has received regulatory and shareholder approval, is expected to close in early January.

First Washington Bancorp is the parent of First Savings Bank, founded in 1890, Inland Empire Bank, founded in 1948, and Towne Bank, founded in 1991. These community-oriented institutions operate a combined total of 26 branch offices and five loan offices in Washington and Oregon. First Savings Bank's lending business has been primarily residential mortgage loans for the purchase of homes and home construction, although it is becoming increasingly more involved in non-mortgage commercial and agricultural lending. Inland Empire Bank specializes in agricultural, commercial and consumer lending in northeastern Oregon. Towne Bank primarily focuses on being a premier community business bank in King and Snohomish counties in western Washington. Today, FWWB's stock closed the trading day at $23 per share.

Statements concerning future developments or events, concerning expectations for growth and market forecasts, and any other guidance on future periods, constitute forward-looking statements, which are subject to a number of risks and uncertainties that might cause actual results to differ materially from stated objectives. These factors include but are not limited to: the effect of interest rate changes; competition in the financial services market for both deposits and loans; FWWB's ability to efficiently incorporate acquisitions into its operations; FWWB's ability to successfully address Y2K issues during the assimilation process; the ability of FWWB and its subsidiaries to increase its customer base: and regional and general economic conditions.