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METROPOLITAN FINANCIAL ANTICIPATES HEALTHY ACQUISITION EXPANDING ITS MINNESOTA PRESENCE

 METROPOLITAN FINANCIAL ANTICIPATES HEALTHY ACQUISITION
 EXPANDING ITS MINNESOTA PRESENCE
 MINNEAPOLIS, Aug. 12 /PRNewswire/ -- Metropolitan Financial Corporation (NYSE: MFC) announced today that its subsidiary savings bank, Metropolitan Federal Bank, fsb, Fargo, N.D., has signed a definitive agreement to acquire Minnesota's eighth-largest thrift, Home Owners Savings Bank of Fergus Falls, Minn., with assets totaling approximately $137 million. The bank has agreed to pay $4.5 million for all the stock of the thrift.
 Metropolitan will acquire the healthy thrift with five branch offices located in Bloomington, Fergus Falls, Pelican Rapids, Perham and Wheaton, Minn. Deposits total $119 million. The transaction is expected to close during the fourth quarter of this year.
 Stan K. Dardis, president and chief executive officer of Metropolitan Federal Bank, said, "The pending acquisition of Home Owners Savings Bank of Fergus Falls is possible because Home Owners and its parent company, Knutson Mortgage Corp. were offered for sale when the RTC acquired Home Owners Savings Bank of Burlington, Mass., Knutson's parent company."
 Dardis continued, "This well-managed and well-capitalized thrift will strengthen our presence in west central Minnesota. Our acquisitions both completed and pending will continue to enhance Metropolitan's presence in the Heartland of our country."
 This acquisition will bring to 58 the number of branch offices to be added to Metropolitan's banking network during 1992. Other proposed acquisitions include the $260 million Security Financial Group of St. Cloud, Minn., in a stock-for-stock transaction, and the $984 million American Charter Federal Savings and Loan of Lincoln, Neb. in a merger conversion. Assuming the completion of these acquisitions this year, Metropolitan expects to end 1992 with assets of $6.0 billion and deposits of $5.2 billion serviced by over 180 branch offices in seven states.
 In March, Metropolitan expanded in Wisconsin by acquiring $71.3 million in deposits of five branches of Monycor Savings Bank, formerly known as Barron Federal Savings and Loan Association of Barron, Wis. And in April, Metropolitan acquired 12 branches of First Federal Savings Bank of Rapids City, S.D., totaling approximately $160 million.
 Metropolitan Financial Corporation is a regional financial services holding company. Its full service consumer savings bank, Metropolitan Federal Bank, fsb, Fargo, N.D., operates over 140 offices in 114 communities in the states of North Dakota, Minnesota, Iowa, South Dakota, Wisconsin and Arizona. At June 30, 1992, the company reported consolidated assets of $5.26 billion and deposits of $4.06 billion.
 Metropolitan is one of the Twin Cities' largest originators of residential mortgage loans. The corporation's real estate sales and brokerage subsidiary, Edina Realty, Inc., has been rated No. 1 nationally in customer satisfaction by a leading consumer magazine and serves Minnesota and western Wisconsin with over 1750 sales associates in 37 locations.
 Metropolitan Financial Corporation's common stock trades on the New York Stock Exchange, under the symbol MFC. The Series B preferred stock and warrant trade on the NASDAQ System under the symbols MFCNP and MFCNW, respectively.
 -0- 8/12/92
 /CONTACT: Steve Dewald of Metropolitan Financial Corporation, 612-928-5000; or Stan K. Dardis of Metropolitan Federal Bank, 612-928-5000/
 (MFC) CO: Metropolitan Financial Corporation; Metropolitan Federal Bank;
 Home Owners Savings Bank ST: Minnesota IN: FIN SU: TNM


ML -- MN008 -- 6269 08/12/92 14:47 EDT
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Publication:PR Newswire
Date:Aug 12, 1992
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