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EXHIBIT 25.1



FORM T-1

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF ELIGIBILITY
UNDER THE TRUST INDENTURE ACT OF 1939 OF A
CORPORATION DESIGNATED TO ACT AS TRUSTEE
CHECK IF AN APPLICATION TO DETERMINE
ELIGIBILITY OF A TRUSTEE PURSUANT TO
SECTION 305(b)(2) o


THE BANK OF NEW YORK
(Exact name of trustee as specified in its charter)

New York
(State of incorporation if not a U.S. national bank)
  13-5160382
(I.R.S. employer identification no.)

One Wall Street, New York, N.Y.
(Address of principal executive offices)

 

10286
(Zip code)

Labor Ready, Inc.
(Exact name of obligor as specified in its charter)

Washington
(State or other jurisdiction of incorporation or organization)
  91-1287341
(I.R.S. employer identification no.)

1015 A Street Tacoma, Washington
(Address of principal executive offices)

 

98402
(Zip code)

6.25% Convertible Subordinated Notes due June 15, 2007
(Title of the indenture securities)




1.    General information. Furnish the following information as to the Trustee:


Name
  Address
Superintendent of Banks of the State of New York   2 Rector Street, New York, N.Y. 10006, and Albany, N.Y. 12203
Federal Reserve Bank of New York   33 Liberty Plaza, New York, N.Y. 10045
Federal Deposit Insurance Corporation   Washington, D.C. 20429
New York Clearing House Association   New York, New York 10005
(b)
Whether it is authorized to exercise corporate trust powers.

2.    Affiliations with Obligor.

16.  List of Exhibits.



SIGNATURE

        Pursuant to the requirements of the Act, the Trustee, The Bank of New York, a corporation organized and existing under the laws of the State of New York, has duly caused this statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in The City of New York, and State of New York, on the 9th day of August, 2002.

    THE BANK OF NEW YORK

 

 

By:

 

/S/ STACEY POINDEXTER

Name: STACEY POINDEXTER
Title: ASSISTANT TREASURER

EXHIBIT 7

Consolidated Report of Condition of
THE BANK OF NEW YORK
of One Wall Street, New York, N.Y. 10286
And Foreign and Domestic Subsidiaries,
a member of the Federal Reserve System, at the close of business March 31, 2002, published in accordance with a
call made by the Federal Reserve Bank of this District pursuant to the provisions of the Federal Reserve Act.

 
  Dollar Amounts In Thousands
 
ASSETS        
Cash and balances due from depository institutions:        
  Noninterest-bearing balances and currency and coin   $ 3,765,462  
  Interest-bearing balances     3,835,061  
Securities:        
  Held-to-maturity securities     1,232,736  
  Available-for-sale securities     10,522,833  
Federal funds sold and Securities purchased under agreements to resell     1,456,635  
Loans and lease financing receivables:        
  Loans and leases held for sale     801,505  
  Loans and leases, net of unearned income     46,206,726  
  LESS: Allowance for loan and lease losses     607,115  
  Loans and leases, net of unearned income and allowance     35,249,695  
Trading Assets     8,132,696  
Premises and fixed assets (including capitalized leases)     898,980  
Other real estate owned     911  
Investments in unconsolidated subsidiaries and associated companies     220,609  
Customers' liability to this bank on acceptances outstanding     574,020  
Intangible assets        
  Goodwill     1,714,761  
  Other intangible assets     49,213  
Other assets     5,001,308  
   
 
Total assets   $ 73,954,859  
   
 
LIABILITIES        
Deposits:        
  In domestic offices   $ 29,175,631  
  Noninterest-bearing     11,070,277  
  Interest-bearing     18,105,354  
  In foreign offices, Edge and Agreement subsidiaries, and IBFs     24,596,600  
  Noninterest-bearing     321,299  
  Interest-bearing     24,275,301  
Federal funds purchased and securities sold under agreements to repurchase     1,922,197  
Trading liabilities     1,970,040  
Other borrowed money: (includes mortgage indebtedness and obligations under capitalized leases)     1,577,518  
Bank's liability on acceptances executed and outstanding     575,362  
Subordinated notes and debentures     1,940,000  
Other liabilities     5,317,831  
   
 
Total liabilities   $ 67,075,179  
   
 
EQUITY CAPITAL        
Common stock     1,135,284  
Surplus     1,055,508  
Retained earnings     4,227,287  
Accumulated other comprehensive income     (38,602 )
Other equity capital components     0  
   
 
Total equity capital     6,379,477  
   
 
Total liabilities and equity capital   $ 73,954,859  
   
 

        I, Thomas J. Mastro, Senior Vice President and Comptroller of the above-named bank do hereby declare that this Report of Condition has been prepared in conformance with the instructions issued by the Board of Governors of the Federal Reserve System and is true to the best of my knowledge and belief.

Thomas J. Mastro,
Senior Vice President and Comptroller

        We, the undersigned directors, attest to the correctness of this Report of Condition and declare that it has been examined by us and to the best of our knowledge and belief has been prepared in conformance with the instructions issued by the Board of Governors of the Federal Reserve System and is true and correct.

Thomas A. Renyi    
Gerald L. Hassell   Directors
Alan R. Griffith    



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