January 28, 1998

Former Seattle Mayor Norman B. Rice Appointed
Executive Vice President of the Federal Home Loan Bank of Seattle

Seattle - Former Seattle Mayor Norm Rice has been named executive vice president of the Federal Home Loan Bank of Seattle. In accepting this position, Rice will succeed the Federal Home Loan Bank of Seattles current president and chief executive officer, James R. Faulstich, when he retires in 1999. Rice was selected by the organizations 17-member Board of Directors following a four-month search and he will begin work in early March.

Norm Rice is a demonstrated leader, said Kerry K. Killinger, chairman, president and chief executive officer of Washington Mutual, Inc. Killinger is a director of the Federal Home Loan Bank of Seattle and served on the executive search committee. As Seattles mayor, he worked exceptionally well with the business community and displayed a unique ability to foster partnerships that enhanced our community at large. Those skills are a perfect fit with the mission of the Federal Home Loan Bank of Seattle.

Norm has remarkable leadership skills, management experience and a national reputation to lead our organization into its next decade of success, said Faulstich, who will retire after more than 19 years as president and chief executive officer. The Board of Directors is confident that under his leadership, the Federal Home Loan Bank of Seattle will build on our strong record of performance in service to our financial institution customer/stockholders and, through them, benefit the regions communities.

Rice served as mayor of Seattle from 1990 through 1997, when he declined to run for re-election. Rices administration was marked by his leadership in enhancing the quality of the citys public schools and the revitalization of its downtown retail core. During his tenure, Seattle enjoyed unprecedented economic prosperity while being recognized as one of the nations most livable cities. Rice also served as president of the U.S. Conference of Mayors.

Rice was elected to three terms as a member of the Seattle City Council before his election as mayor, serving two years as council president. Prior to entering public life, he served as manager of corporate contributions and social policy at Rainier National Bank (now part of Bank of America). Rice holds a bachelor of arts degree in communication and a masters degree in public administration from the University of Washington.