Westar Financial Provides Chapter 11 Update; Court Approves Funds to Sue Bank One

    TUMWATER, Wash.--Jan. 14, 2001--Westar Financial Services Incorporated (OTC:WEST) filed for reorganization protection under Chapter 11 of the Bankruptcy Code with the United States Bankruptcy Court for the Western district of Washington at Tacoma on December 20, 2001.
    The Bankruptcy Court has approved Westar's use of funds to pursue its claims in U.S. District Court for more than $1 billion against Bank One, Columbus, N.A., a wholly owned subsidiary of Bank One Corporation .
    "That's a step in the right direction toward the jury trial we've requested," said R.W. Christensen, Jr., president and CEO. "In other developments, Westar has received an expression of interest in its assets and some of its key personnel and is exploring a potential transaction."
    The Bankruptcy Court Clerk's address is:

    Clerk
    1717 Pacific Ave., No. 2100
    Tacoma, WA 98402-3233

    Telephone: 253/593-6310

    Fax: 253/593-6324

    Westar's case number is 01-52195-PHB

    Statement Regarding "Forward Looking Statements": Statements concerning future performance, developments or events, concerning expectations for sale of assets and recovery of claims against third parties, constitute forward-looking statements which are subject to a number of risks and uncertainties which might cause actual results to differ materially form stated expectations.