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METROPOLITAN FINANCIAL/AMERICAN CHARTER MERGER APPROVED

 MINNEAPOLIS, Nov. 20 ~PRNewswire~ -- Metropolitan Financial Corporation (NYSE: MFC), Minneapolis, and American Charter Federal Savings and Loan Association of Lincoln, Neb. were informed today that the Office of Thrift Supervision has approved their application to merge American Charter into Metropolitan Financial's insured savings bank subsidiary, Metropolitan Federal Bank, fsb.
 Officials of both companies expect the transaction to close within the next 30 days and American Charter's name will change to Metropolitan Federal Bank when the merger is completed. Company officials plan to maintain the 27 branch office network in Nebraska.
 Norman M. Jones, chairman and CEO of Metropolitan Financial Corporation, said, "By joining forces with American Charter we are extending our commitment to provide consumer financial and home ownership services for the first time in Nebraska. We welcome the opportunity to serve Nebraska residents and continue to affirm our commitment to achieving our mission through our acquisition strategy."
 American Charter president Jerry Record indicated that, "Metropolitan is an outstanding company. Their success in the financial services industry is the result of their commitment to meeting customer needs with affordable, high-quality investments, loans and transaction accounts. Their financial strength and commitment to providing outstanding banking services will provide us with new opportunities to expand our customer base and services in Nebraska. Our customers will continue to be served by the same dedicated employees in our branch offices."
 American Charter Federal Savings and Loan Association of Lincoln is one of the largest financial institutions in Nebraska and had assets of $984 million and deposits of $880 million as of Sept. 30, 1992. The company serves 17 communities with 27 offices across the state.
 Metropolitan Financial Corporation is a regional financial services holding company. At Sept. 30, 1992, the company reported consolidated assets of $5,142,375,000 and deposits of $4,228,135,000, and its full service consumer savings bank subsidiary, Metropolitan Federal Bank, reported tangible, core and risk based capital ratios stood at 7.45 percent, 8.12 percent and 15.57 percent, respectively.
 Metropolitan Federal Bank, Fargo, North Dakota, insured by the FDIC, operates over 150 offices in 121 communities in Arizona and the Heartland states of North Dakota, Minnesota, Iowa, Nebraska, South Dakota and Wisconsin. Metropolitan's real estate sales and brokerage subsidiary, Edina Realty, Inc., serves Minnesota and western Wisconsin with over 1750 sales associates in 39 locations.
 -0- 11~20~92
 ~CONTACT: William P. Bartkowski of Metropolitan Financial, 612-928-5000~
 (MFC)


CO: Metropolitan Financial Corporation; American Charter Federal
 Savings and Loan Association ST: Minnesota, Nebraska IN: FIN SU: TNM


AL -- MN013 -- 3420 11~20~92 14:04 EST
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Publication:PR Newswire
Date:Nov 20, 1992
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