SCHEDULE 14A INFORMATION



Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934


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                             Washington Mutual, Inc.
                (Names of Registrant as Specified in Its Charter)



    (Names of Person(s) Filing Proxy Statement, if other than the Registrant)

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Media Contact:       Washington Mutual
                     Bill Ehrlich
                     1-800-228-9268
                     Gavin Anderson & Company
                     Hollis Rafkin-Sax
                     212-373-0231

Investor Contact:    Washington Mutual
                     JoAnn DeGrande
                     206-461-3186



                                  May 14, 1997
                              FOR IMMEDIATE RELEASE

                  WASHINGTON MUTUAL HOLDS INVESTOR CONFERENCE;
              EXPRESSES CONFIDENCE IN 1997 & 1998 EARNINGS OUTLOOK

     SEATTLE,  Washington -- Washington  Mutual,  Inc. (Nasdaq:  WAMU) yesterday
concluded a highly informative investor conference in Seattle,  Washington.  The
conference  was widely  attended  by both  Washington  Mutual and Great  Western
Financial  Corporation  (NYSE:  GWF)  investors  and  analysts  from  around the
country.

     The theme of the  conference  was Washington  Mutual's  "Growth,  Value and
Experience,"  and the audience heard  presentations  by members of the company's
executive  and senior  management.  The company  also led  attendees on tours of
Washington  Mutual  facilities  to  demonstrate  its  state-of-the-art   banking
technology.

     Chairman,  President and Chief Executive Officer Kerry Killinger emphasized
that he believed the company's  long-term growth prospects were very strong. "We
are  comfortable  with the  mid-range of current  First Call and IBES  consensus
estimates for 1997, which are $3.88 and $3.90 per share respectively." Killinger
further  stated  that his  comfort  level was high with the upper end of current
First Call and IBES consensus  estimates for 1998, which are $4.75 and $4.80 per
share  respectively.  "The company's  ability to generate  capital and to deploy
that capital through strong loan origination,  coupled with continuing franchise
and customer growth in all our markets,  makes us confident that these estimates
are very achievable."

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                                       -2-

     Other  presenters  reviewed  the strong loan  origination  trends in all of
Washington  Mutual's  markets.  The company's  long-term goal is to maintain a 5
percent common equity-to-assets ratio. Its strong loan origination  capabilities
should  permit  capital to be fully  deployed  into  residential,  consumer  and
commercial loans.

     In  addressing  one of the  key  elements  of  Washington  Mutual's  growth
strategy,  Executive  Vice  President  Liane  Wilson  reviewed  the  progress of
integrating the data processing systems of American Savings Bank. She noted that
all  important  milestones to date had been met, and the company was on track to
convert American's deposit accounts on July 3 and its loan accounts on August 6.

     Killinger  concluded that this timeline  would put Washington  Mutual in an
excellent  position to complete  its merger  with and begin to  integrate  Great
Western  soon  after  the June 13  shareholder  votes and  necessary  regulatory
approvals.  "Our merger with Great Western will be a powerful  combination  that
will add  materially  to the  franchise  value  and drive  superior  shareholder
returns through enhanced earnings growth."

     With a history  dating  back to 1889,  Washington  Mutual is a  diversified
financial  services  company  focusing  on  families  and  small  and  mid-sized
businesses.  At  year-end  1996,  Washington  Mutual  and its  subsidiaries  had
consolidated  assets of $44.6  billion  and  operated  more than 550  offices in
Washington,  California, Idaho, Utah, Montana, Arizona, Colorado and Nevada. The
company's  subsidiaries  provide consumer and commercial  banking,  full-service
securities brokerage, mutual fund management and insurance underwriting.

     This press release contains estimates of future operating results for 1997,
1998 and  1999  for  Washington  Mutual,  Inc.  on a  stand-alone  basis.  These
estimates  constitute  forward-looking  statements  (within  the  meaning of the
Private  Securities  Litigation Reform Act of 1995),  which involve  significant
risks and  uncertainties.  Actual results may differ materially from the results
discussed in these forward-looking  statements.  Factors that might cause such a
difference  include,  but are not limited to, those  discussed in WAMU's Current
Report on Form 8-K dated March 6, 1997, and its Registration Statatement on Form
S-4,  Registration  No.  333-23221,  as filed with the  Securities  and Exchange
Commission, to which reference is hereby made.

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                                       -3-

     Washington  Mutual  ("Washington  Mutual") and other certain  persons named
below  may be  deemed to be  participants  in the  solicitation  of  proxies  in
connection  with the  merger  of Great  Western  Financial  Corporation  ("Great
Western") and a wholly-owned  subsidiary of Washington  Mutual pursuant to which
each  outstanding  share of Great Western common stock would be converted in 0.9
shares of Washington  Mutual common stock ("the Merger").  The  participants may
include the directors of Washington Mutual (Douglas P. Beighle, David Bonderman,
J. Taylor Crandall,  Roger H. Eigsti,  John W. Ellis,  Daniel J. Evans,  Anne V.
Farrell, William P. Gerberding,  Kerry K. Killinger, Samuel B. McKinney, Michael
K. Murphy,  William G. Reed, Jr. and James E. Stever);  the following  executive
officers of  Washington  Mutual:  Craig S.  Davis,  Steven P.  Freimuth,  Lee D.
Lannoye, William A. Longbrake, Deanna W. Oppenheimer, Craig E. Tall and S. Liane
Wilson;  and the following  other  members of  management of Washington  Mutual:
Karen Christensen,  JoAnn DeGrande,  William Ehrlich, James B. Fitzgerald,  Marc
Kittner,   and  Douglas  G.  Wisdorf   (collectively,   the  "Washington  Mutual
Participants"). As of the date of this communication, David Bonderman, J. Taylor
Crandall and Kerry K. Killinger  beneficially owned 1,894,141 shares,  6,549,755
shares and 1,044,224 shares of Washington Mutual common stock, respectively. The
remaining  Washington Mutual participants do not beneficially own,  individually
or in the aggregate,  in excess of 1% of Washington  Mutual's equity securities.
The Washington Mutual  Participants do not beneficially own,  individually or in
the aggregate, in excess of 1% of Great Western's equity securities.


     Other  participants  in the  solicitation  include  Great  Western  and may
include the directors of Great Western (James F. Montgomery,  John F. Maher, Dr.
David  Alexander,  H. Frederick  Christie,  Stephen E. Frank,  John V. Giovenco,
Firmin A. Gryp, Enrique Hernandez, Jr., Charles D. Miller, Dr. Alberta E. Siegel
and Willis E. Wood, Jr.); the following  executive officers of Great Western: J.
Lance Erikson,  Carl F. Geuther,  Michael M. Pappas, A. William Schenck III, Ray
W. Sims and Jaynie M. Studenmund;  and the following other members of management
of Great Western: Ian D. Campbell, Charles Coleman, Allen D. Meadows and John A.
Trotter (collectively, the "Great Western Participants"). As of the date of this
communication,  James F. Montgomery and John F. Maher beneficially owned 680,488
shares and 611,762 share of Great Western common stock,  respectively (including
shares subject to stock options exercisable within 60 days). The remaining Great
Western Participants do not beneficially own,  individually or in the aggregate,
in  excess  of 1% of  Great  Western's  equity  securities.  The  Great  Western
participants  do not  beneficially  own,  individually  or in the aggregate,  in
excess of 1% of Washington Mutual's equity securities.


     Washington Mutual has retained Lehman Brothers Inc. ("Lehman  Brothers") to
act as its financial advisor in connection with the Merger for which it received
and  may  receive  substantial  fees  as well  as  reimbursement  if  reasonable
out-if-pocket  expenses.  In addition,  Washington Mutual has agreed to idemnify
Lehman Brothers and certain  persons related to it against certain  liabilities,
including certain  liabilities under the federal securities laws, arising out of
its engagement.  Lehman  Brothers is an investment  banking firm that provides a
full range of  financial  services for  institutional  and  individual  clients.
Lehman  Brothers  does not admit that it or any of its  directors,  officers  or
employees is a "participant"  as defined in Schedule 14A  promulgated  under the
Securities Exchange Act of 1934, as amended, in the proxy solicitation,  or that
Schedule 14A requires the disclosure of certain  information  concerning  Lehman
Brothers.  In  connection  with Lehman  Brothers'  role as financial  advisor to
Washington  Mutual,   Lehman  Brothers  and  the  following  investment  banking
employees  of Lehman  Brothers  may  communicate  in  person,  by  telephone  or
otherwise  with a limited number of  institutions,  brokers or other persons who
are  stockholders  of Washington  Mutual and Great Western:  Steven B. Wolitzer,
Philip R. Erlanger,  Sanjiv Sobti,  David J. Kim, Craig P. Sweeney and Daniel A.
Trznadel.  In the normal course of its business Lehman  Brothers  regularly buys
and sells securities issued by Washington Mutual and its affiliates ("Washington
Mutual  Securities")  and  Great  Western  and its  affiliates  ("Great  Western
Securities")  for its own account and for the  account of its  customers,  which
transactions  may result from time to time in Lehman Brothers and its associates
having a net "long" or net "short"  position in  Washington  Mutual  Securities,
Great  Western  Securities,  or  option  contracts  or other  derivatives  in or
relating to Washington Mutual Securities or Great Western Securities.  As of May
5, 1997, Lehman Brothers had positions in Washington Mutual Securities and Great
Western  Securities  as principal as follows:  (i) net "short" 224 of Washington
Mutual's  common  shares;  (ii) net "long" 27,434 shares of Washington  Mutual's
9.12% preferred  stock;  (iii) net "long" 124,964 shares of Washington  Mutual's
7.60% preferred stock;  (iv) net "long" 17,445 of Great Western's common shares;
and (v) net "long" 160,000 shares of Great Western's 8.30% preferred.

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                                       -4-


     Great  Western has  retained  Goldman,  Sachs & Co.  ("Goldman  Sachs") and
Merrill  Lynch & Co.  ("Merrill  Lynch")  to act as its  financial  advisors  in
connection with the Merger,  as well as the merger  proposal by H.F.  Ahamnson &
Company,  for which they received and may receive  substantial  fees, as well as
reasonable  out-of-pocket  expenses.  In addition,  Great  Western has agreed to
indemnify  Goldman Sachs and Merrill Lynch and certain  persons  related to them
against certain  liabilities under the federal  securities laws,  arising out of
their  engagement.  Each of Goldman  Sachs and  Merrill  Lynch is an  investment
banking firm that provides a full range of financial  services for institutional
and individual  clients.  Neither Goldman Sachs nor Merrill Lynch admits that it
or any of its directors,  officers or employees is a "participant" as defined in
Schedule 14A promulgated under the Securities  Exchange Act of 1934, as amended,
in the proxy  solicitation,  or that  Schedule 14A requires  the  disclosure  of
certain  information  concerning  Goldman Sachs and Merrill Lynch. In connection
with Goldman Sachs's role as financial  advisor to Great Western,  Goldman Sachs
and the following  investment banking employees of Goldman Sachs may communicate
in person,  by  telephone or otherwise  with a limited  number of  institutions,
brokers or other  persons who are stock  holders of Great  Western:  Joe Wender,
John Mahoney,  Andy Gordon, Todd Owens and Andrea Vitorelli.  In connection with
Merrill  Lynch's role as financial  advisor to Great Western,  Merrill Lynch and
the following  investment  banking employees of Merrill Lynch may communicate in
person, by telephone or otherwise with a limited number of institutions, brokers
or other persons who are  stockholders  of Great Western:  Herb Lurie,  Louis S.
Wolfe, Paul Wetzel, Frank V. McMahon, John Esposito, Christopher Del-Moral Niles
and Kavita Gupta. In the normal course of their  respective  businesses  Goldman
Sachs and Merrill  Lynch  regularly buy and sell Great  Western  Securities  and
Washington  Mutual  Securities  for its own account and for the  accounts of its
customers,  which transactions may result from time to time in Goldman Sachs and
its associates  and Merrill Lynch and its associates  having a net "long" or net
"short" position in Great Western Securities,  Washington Mutual Securities,  or
option contracts or other derivatives in or relating to Great Western Securities
or Washington Mutual Securities.

     As of May 5, 1997,  Goldman Sachs had positions in Great Western Securities
and Washington Mutual  Securities as principal as follows:  (I) net "long" 9,273
of Great  Western's  common  shares  and (ii) net  "long"  $1  million  of Great
Western's deposit notes. As of May 5, 1997, Merrill Lynch had positions in Great
Western Securities and Washington Mutual Securities as principal as follows: (i)
net "long" 2,326 of Great Western's common shares;  and (ii) net "long" 1,526 of
Washington Mutual's common shares.

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