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Washington Mutual Bank

Federal Deposit Insurance Corporation
Washington, D.C. 20429
Division of Supervision

January 9, 1997

Board of Directors
Washington Mutual Bank
1201 Third Avenue
Seattle, Washington 98101

Members of the Board:

We have reviewed your request to indirectly continue activities through the bank's proposed acquisition of a wholly-owned subsidiary that may not be permissible for a subsidiary of a national bank. The application, dated October 2, 1996, was filed pursuant to Section 362.4(d)(4)(iii) of the Federal Deposit Insurance Corporation (FDIC) Rules and Regulations.

Upon further review and discussion, it has been determined that the subject properties owned by the subsidiary to be acquired as a result of the proposed merger with United Western Financial Group, Inc., Ogden, Utah and its savings association subsidiary United Savings Bank, Ogden, Utah, may be considered former bank premises, property acquired for future expansion, or property acquired for debts previously contracted. As such, the properties qualify for the Office of the Comptroller of the Currency's guidelines allowing the bank up to five years from the acquisition date for divestiture of the aforementioned categories of owned real estate, with an additional divestiture period upon request and review, not to exceed another five years. Review in this office indicates that the bank's request for an additional divestiture period consistent with the five year extension limitation is reasonable and the request is approved. The subject properties may remain indirectly owned by Washington Mutual Bank during the approved divestiture period, as applicable based on the original acquisition dates of each property by United Savings Bank.

Questions relating to this matter may be referred to Regional Director George J. Masa in the San Francisco Regional Office at (415) 546-1810.


Lawrence E. Morgan, Jr.
Acting Associate Director