Exhibit 99.1

      Golden West to Split Common Stock; Increase Cash Dividend


    OAKLAND, Calif.--(BUSINESS WIRE)--Oct. 21, 2004--Golden West
Financial Corporation (NYSE:GDW) (PCX:GDW), parent of World Savings
Bank, announced today that its Board of Directors acted at a regular
meeting on October 20, 2004 to effect a two-for-one stock split of the
Company's outstanding common stock in the form of a stock dividend.
    At the same time, the Board increased the Company's indicated
annual cash dividend rate by 20%, to $0.24 per share (post-split),
compared to the $0.20 per share (post-split) annual rate previously in
effect.
    In announcing the favorable Board actions, Herbert M. Sandler,
Chairman of the Board and Chief Executive Officer of Golden West,
stated that the purpose of the split is "to encourage wider
distribution and to enhance the marketability of the common stock."
After the split, Golden West will have approximately 306 million
shares of common stock outstanding. On the subject of higher
dividends, Sandler said that "the Board felt it appropriate to raise
the level of cash distributions in light of the Company's strong
profits." For the first nine months of 2004, Golden West reported net
earnings of $941 million or $6.07 diluted earnings per share
(pre-split), compared with $815 million or $5.25 diluted earnings per
share (pre-split) in the same prior year period.
    In discussing the details of the Board's actions, Sandler said the
split involves the issuance to stockholders of one additional share
for every one share held. He also noted that both the stock dividend
and the first higher quarterly payment of $0.06 per share (post-split)
under the new cash dividend policy will be paid on December 10, 2004
to holders of record on November 15, 2004.

    Headquartered in Oakland, California, Golden West is one of the
nation's largest financial institutions with assets over $100 billion
as of September 30, 2004. The Company has one of the most extensive
thrift branch systems in the country, with 276 savings branches in 10
states and lending operations in 38 states. Golden West's stock is
listed on the New York Stock and Pacific Exchanges under the ticker
symbol GDW. Options on the Company's stock are traded on the Chicago
Board Options Exchange and the Pacific Exchange.
    Golden West investor information is available at www.gdw.com.
Information about the Company's home loans and savings and checking
accounts can be found at www.worldsavings.com and about its
proprietary no-load mutual funds and annuities at www.atlasfunds.com.

    Information in this Press Release may contain various
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking statements
include projections, statements of the plans and objectives of
management for future operations, statements of future economic
performance, assumptions underlying these statements and other
statements that are not statements of historical facts.
Forward-looking statements are subject to significant business,
economic and competitive risks, uncertainties and contingencies, many
of which are beyond Golden West's control. Should one or more of these
risks, uncertainties or contingencies materialize, or should
underlying assumptions prove incorrect, actual results may vary
materially from those anticipated. Among the key risk factors that may
have a direct bearing on Golden West's results of operations and
financial condition are competitive practices in the financial
services industries; operational and systems risks; general economic
and capital market conditions, including fluctuations in interest
rates; economic conditions in certain geographic areas; and the impact
of current and future laws, governmental regulations, and accounting
and other rulings and guidelines affecting the financial services
industry in general and Golden West's operations in particular. In
addition, actual results may differ materially from the results
discussed in any forward-looking statements.


    CONTACT: Golden West Financial Corporation
             William C. Nunan, 510-446-3614