Washington Federal, Inc.
425 Pike Street
Seattle, WA  98101
(206) 624-7930  Contact:  Bob Hawkins

                                              Friday, November 29, 1996
                                              FOR IMMEDIATE RELEASE


                 WASHINGTON FEDERAL, INC. COMPLETES MERGER
                         WITH METROPOLITAN BANCORP


Seattle, Washington - Washington Federal, Inc. (NASDAQ-WFSL) ("Washington
Federal"), the parent company of Washington Federal Savings, announced today
the completion of the merger with Metropolitan Bancorp.  In connection with 
the merger, each Metropolitan shareholder will receive .738 shares of 
Washington Federal Common Stock in exchange for each share of his or her 
Metropolitan Common Stock.  The total value of the consideration paid to 
Metropolitan shareholders will approximate $66 million.  Cash will be paid 
for fractional shares based on the $24.41 average price of Washington 
Federal Common Stock during the 20-day pricing period as defined in the 
Agreement and Plan of Merger between Washington Federal and Metropolitan.

As a result of the Merger, Washington Federal will have approximately $5.9
billion in assets, $2.9 billion in deposits and $630 million in stockholders'
equity.

Guy C. Pinkerton, Chairman and Chief Executive Officer of Washington Federal
commented, "We are delighted about the merger with Metropolitan Bancorp.
Metropolitan is a well respected and profitable institution with a strong
presence in the Puget Sound area.  We welcome their management talent and
believe this combination will provide significant cost savings and market
penetration which will, in turn, provide improved financial performance in the
years ahead."

Washington Federal Savings, with headquarters in Seattle, Washington, has 
over 100 offices in Washington, Idaho, Oregon, Utah and Arizona.

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