Washington Federal Inc. Announces Intent to Repurchase Additional Shares of Common Stock

Business Wire, Sept 8, 1998

SEATTLE--(BUSINESS WIRE)--Sept. 8, 1998--The board of directors of Washington Federal Inc. (NASDAQ:WFSL), parent company of Washington Federal Savings, authorized the repurchase of an additional 2.5 million shares, or approximately 5 percent, of its outstanding common stock in open market transactions as conditions warrant.

In March 1996, Washington Federal announced its second authorization to repurchase up to 5 percent of its common stock in the open market. As of this date, the company has repurchased over 90 percent of this authorization, or approximately 2.2 million shares.

Guy C. Pinkerton, chairman and CEO, commented: "The additional authorization reinforces the board's belief that the company's current stock price does not adequately reflect the value of Washington Federal. The repurchase program not only provides management the flexibility to purchase its common stock as market conditions warrant, but also demonstrates its confidence in its future financial prospects."

Washington Federal Savings, with 106 offices in Washington, Idaho, Oregon, Utah and Arizona, had $5.6 billion in assets and $3.1 billion in deposits as of June 30, 1998.

   CONTACT:  Washington Federal Inc.
              Cathy Cooper, 206/777-8246