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METROPOLITAN BANCORP ANNOUNCES ISSUANCE OF NOTES

 SEATTLE, Aug. 3 /PRNewswire/ -- Metropolitan Bancorp (NASDAQ: MSEA) today announced that the SEC has declared effective its registration statement to issue $20,000,000 of 8.5-percent subordinated notes due 2003. All of the notes are being underwritten by Dain Bosworth Inc., Kemper Securities Inc. and Montgomery Securities. Metropolitan has granted the underwriters a 30-day option to purchase up to an additional $3,000,000 of the 8.5-percent subordinated notes to cover over-allotments, and expects to close on the offering on Aug. 10.
 Metropolitan Bancorp initially intends to contribute approximately $12 million of the net proceeds to its wholly owned subsidiary, Metropolitan Savings, to enhance capital for growth purposes; including expansion of its branch network. The balance of the proceeds will be utilized by the parent company as capital for two potential new subsidiaries including one to hold real estate investments and the second to offer lending opportunities to outlying communities.
 This announcement is neither an offer to sell nor a solicitation of an offer to buy the subordinated notes. The offering is made only by means of the prospectus which may be obtained from any underwriter or dealer authorized to offer the subordinated notes. A registration statement with respect to the subordinated notes was filed with the Securities and Exchange Commission and became effective today.
 Metropolitan Bancorp is a savings and loan holding company which owns, among other subsidiaries, Metropolitan Federal Savings & Loan Association. Metropolitan Savings is a federally chartered and insured stock savings association operating in the Puget Sound area continually since 1935. The association, based in Seattle, has seven branches in the greater Puget Sound area.
 -0- 8/3/93
 /CONTACT: Suzanne Tessaro of Metropolitan Savings, 206-654-7826/
 (MSEA)


CO: Metropolitan Bancorp ST: Washington IN: FIN SU:

SB-AL -- SE006 -- 9033 08/03/93 16:02 EDT
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Publication:PR Newswire
Date:Aug 3, 1993
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