SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported) November 13, 2003
|
WASHINGTON MUTUAL, INC. |
|
(Exact name of registrant as specified in its charter) |
|
Washington |
1-14667 |
91-1653725 |
||
|
(State
or other jurisdiction
|
(Commission File No.) |
(I.R.S.
Employer
|
|
1201
Third Avenue
|
|
(Address of principal executive offices and zip code) |
(206) 461-2000
Registrant's telephone number, including area code
Item 9. Regulation FD Disclosure
On November 13, 2003, Washington Mutual, Inc. issued a press release, attached as Exhibit 99.1 to this Form 8-K, announcing that its Form 10-Q for the period ended September 30, 2003 contained the correction of an error in its previous accounting for certain components of bank owned life insurance.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Dated: November 13, 2003 | WASHINGTON MUTUAL, INC. |
|
By: /s/ Fay L. Chapman |
|
|
Fay L. Chapman
Senior Executive Vice President |
EXHIBIT INDEX
|
Exhibit |
Description |
|
|
|
|
|
|
99.1 |
Press release dated November 13, 2003 |
EXHIBIT 99.1
November 13, 2003
FOR IMMEDIATE RELEASE
Washington
Mutual Adjusts Accounting Treatment
for Bank Owned Life Insurance
SEATTLE -- Washington Mutual, Inc. (NYSE: WM) filed today its Quarterly Report on Form 10-Q with the Securities and Exchange Commission, which included the correction of an error in its accounting for certain components of Bank Owned Life Insurance (BOLI).
The company said the error was immaterial, resulting in a cumulative overstatement of $87 million out of retained earnings of $16.1 billion. The effects of the error were spread over a 14-quarter period that began in 2000 when the company acquired its first BOLI policies. During this period, the company reported earnings of $11.5 billion. The company's quarterly report shows the impacts of the correction to the affected prior periods.
The adjustment in accounting treatment for BOLI is not expected to have a material effect on earnings in the fourth quarter of 2003 or future periods, according to the company.
About Washington Mutual
With a history dating back to 1889, Washington Mutual is a retailer of financial services that provides a diversified line of products and services to consumers and commercial clients. At Sept. 30, 2003, Washington Mutual and its subsidiaries had assets of $286.63 billion. Washington Mutual currently operates more than 2,700 consumer banking, mortgage lending, commercial banking, consumer finance and financial services offices throughout the nation. Washington Mutual's press releases are available at www.wamunewsroom.com.
# # #
|
Media Contact: Alan Gulick |
|
(206) 377-3637 |
|
alan.gulick@wamu.net |
|
Investor Contacts: JoAnn DeGrande |
|
(206) 461-3186 |
| joann.degrande@wamu.net |