Washington Mutual Announces Plans to Enter Southern Nevada Market; Nation's 8th Largest Banking Company to Open 20 Branches and Create 200 New Jobs in 2000

Business Wire, Nov 8, 1999

LAS VEGAS--(BUSINESS WIRE)--Nov. 8, 1999--

Washington Mutual, Inc. (NYSE:WM) announced plans today to open 20 branches in Las Vegas and Henderson, Nev., next year, with the first financial centers (branches) expected to open during second quarter 2000.

The announcement was made by Deanna Oppenheimer, Washington Mutual's president of the Consumer Banking Group at the company's investors conference in New York City.

The news will result in approximately 200 new jobs in Southern Nevada and an extensive branch network with locations throughout the Las Vegas Valley. The first branches are scheduled to open in early April 2000, with the company's flagship branch located on West Charleston Avenue and Hualapi Way in the Summerlin area.

According to Oppenheimer, the branches will be the first to feature the company's new retail banking concept, designed to offer a glimpse at banking in the future.

"Our customers want service that is convenient, easy-to-use, friendly and quick, which the design of our branches in Southern Nevada reflects," Oppenheimer said. "We conducted extensive research in the market with potential customers regarding the branch designs and new retail-oriented strategies with a response that was overwhelmingly positive."

Further research conducted by Washington Mutual in the Las Vegas market indicated that nearly 25 percent of those surveyed were unhappy with their present bank.

"Unlike some banks that charge customers to talk to a teller, our focus is on branch designs that welcome customers by creating a place where they'll look forward to coming," Oppenheimer said. "This is all a part of our goal to tie Washington Mutual's innovative land-based banking with our growing Internet presence to better serve our customers."

The new concept financial centers are designed by Design Forum of Dayton, Ohio, one of the nation's top design firms with clients including Land Rover, Ann Taylor, Porsche and Best Buy. Washington Mutual's new financial centers will feature an atmosphere that resembles a warm and friendly retail store with customer service representatives dressed in casual attire and play areas for children called WAMU Kids. In the months to follow, the company will be installing a retail sales area stocked with consumer-oriented financial products such as software, books and magazines to help customers plan their financial goals.

Washington Mutual's new market announcement is part of an overall strategic plan for the Seattle-based company, whose rapid rise among the nation's top financial institutions has been a result of several recent mergers and acquisitions. By opening a large number of branches at one time much like a franchise, the company hopes to gain market share quickly while maximizing marketing and other start-up costs. "Southern Nevada is the perfect market for Washington Mutual to expand its branch network and to introduce our brand of products and services to consumers and businesses," Oppenheimer said. "We looked very closely at several markets and Southern Nevada's bustling economy, supportive business environment and vibrant community were exactly what we were looking for."

One product that has been a longtime standard of Washington Mutual is its free checking, which distinguishes the company from its competitors.

Specifically, Washington Mutual's free checking has no monthly fee, no minimum balance requirement, free teller access, free unlimited check writing, free telephone banking access, no direct deposit requirement, free return of canceled checks, Free VISA(R) Check Card, surcharge-free ATM access and free 24-hour telephone customer service and automated account information.

The company also offers free online banking, allowing customers to check account balances and transfer funds, among other features. Washington Mutual's online banking service adds more than 1,000 new customers per day.

Earlier this year, Washington Mutual's three-year growth phase culminated in the acquisition of the former Home Savings, becoming California's second-largest depository institution with a 17 percent market share. Washington Mutual at present serves California with more than 500 financial centers and is among the top three institutions, based on deposit market share, in every major metropolitan market in California. Washington Mutual is also the leading residential lender in California, Washington, Utah, and Oregon.

With a history dating back to 1889, Washington Mutual is a financial services company that provides a diversified line of products and services to consumers and small-, to medium-sized businesses.

As of Sept. 30, 1999, Washington Mutual and its subsidiaries had consolidated assets of $180.80 billion. The company operates more than 2,000 offices throughout the nation.

Editor's Note: Washington Mutual's news releases are available at no charge through the company's News On Demand Plus System. For a menu of Washington Mutual news releases or to retrieve a specific release, call 1-800-329-6236. On the Internet, news releases may be accessed at http://www.businesswire.com/cnn/wm.htm