Exhibit 99.1

Contact:                                             FOR IMMEDIATE RELEASE
Lewis Foulke, SVP & CFO
Carol Jones, VP, Marketing
First Washington FinancialCorp
(609) 426-1000



                     FIRST WASHINGTON FINANCIALCORP DECLARES
                                  CASH DIVIDEND

         August 2, 2004, Windsor, New Jersey - First Washington FinancialCorp
(NASDAQ: "FWFC") announced today that its Board of Directors declared a cash
dividend of $0.11 per share, payable on September 30, 2004 to shareholders of
record as of August 30, 2004.

         First Washington FinancialCorp announced on June 14, 2004 the signing
of a definitive agreement to merge with Fulton Financial Corporation. Fulton
Financial Corporation, with assets of $10.6 billion, is the second largest
commercial bank holding company based in the Third Federal Reserve District.

         First Washington FinancialCorp, headquartered in Windsor, New Jersey is
the holding company for First Washington State Bank. In addition, First
Washington FinancialCorp, through the Bank, is a joint venture partner in
Windsor Title Agency, LP, a general title agency located in Lakewood, New
Jersey. First Washington State Bank maintains headquarters in Windsor, New
Jersey. For more information on First Washington FinancialCorp call (800)
992-FWSB or visit the First Washington State Bank's web site at www.FWSB.com.