Washington Mutual Launches Business Banking in Arizona

Business Wire, July 30, 2002

Business Editors

PHOENIX--(BUSINESS WIRE)--July 30, 2002

Combining the Capital of a Large Bank with

the Community Bank Experience

Capitalizing on the growing number of innovative financial centers it is opening in the Valley of the Sun, Washington Mutual has launched its first business banking operation in Arizona.

"We are building our business banking operation from the ground up, which allows us to give customers a better banking experience often seen at community banks, while providing the capital of a large bank," said Dan Stewart, Washington Mutual's Arizona Market Executive for Business Banking.

Stewart, a 20-year banking and finance executive, has worked in the Arizona market for 12 years. He and Michael Stedron, a business banker with 15 years of experience in Arizona, have built a strong team of relationship managers with lending and treasury management experience to support the demand for the bank's business products and services.

Washington Mutual offers middle-market business banking services through its business banking center at 2375 E. Camelback Road in Phoenix, and small business services through its 24 financial centers currently operating in the Valley.

"We are capitalizing on the success and fast expansion of our Occasio stores in the Valley to provide businesses with easier access to our business banking products and services," added Stewart.

Businesses with assets of up to $5 million are served by financial centers, while relationship managers at the business banking center assist larger businesses and those with more complex loan and deposit needs.

Washington Mutual, Inc. (NYSE:WM) 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 2,300 consumer banking, mortgage lending, commercial banking, consumer finance and financial services offices throughout the nation. For more information, visit Washington Mutual's web site at www.wamu.com.