Washington Federal, Inc. Marks 20th Anniversary as a Public Company; To Open NASDAQ Stock Market November 11

Business Wire, Nov 6, 2002

Business Editors

SEATTLE--(BUSINESS WIRE)--Nov. 6, 2002

To celebrate 20 years of financial success as a publicly traded company, Washington Federal (Nasdaq:WFSL) will open the NASDAQ Stock Market for trading on Monday, November 11.

Roy Whitehead, President and Chief Executive Officer of Washington Federal, Inc. will preside over the market open in New York.

"We're proud of the tradition of solid financial performance that Washington Federal has demonstrated during the past two decades," said Whitehead. "As a public company, we have a 20-year track record of consistently improving profits."

As of September 30, 2002, Washington Federal, Inc., which operates Washington Federal Savings, has provided a total return to its shareholders of 34.20% over the last five years. By comparison, the NASDAQ had a five-year total return of -29.34% at September 30th, the S&P 500 returned -7.85% and the Dow Jones 4.10%.

"We've paid cash dividends for 79 consecutive quarters, a fact our shareholders have come to appreciate," Whitehead said. In addition, Washington Federal is the most efficient thrift in the nation, spending just 18 cents to produce a dollar of net revenue. On average, most banks spend anywhere from 40 to 50 cents per dollar of net revenue.

"Our conservative approach, which emphasizes asset quality, strong capital and low operating expenses, allows us to weather all phases of the economic and interest rate cycles," Whitehead said. "We've been called the 'tortoise' of the banking industry ... not flashy, but steady and reliable."

Washington Federal Savings provides residential real estate loans, checking, money market accounts and certificates of deposit through 115 offices in Washington, Oregon, Idaho, Utah, Nevada, Arizona, Texas and Colorado. Established in 1917, the Company reported $7.4 billion in assets and $4.5 billion in deposits as of September 30, 2002.