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JONES TO RE-ASSUME POST OF CEO AT METROPOLITAN FINANCIAL

 JONES TO RE-ASSUME POST OF CEO AT METROPOLITAN FINANCIAL
 MINNEAPOLIS, July 29 /PRNewswire/ -- The board of directors of


Metropolitan Financial Corporation (NYSE: MFC) announced today that Norman M. Jones, chairman of the board, has agreed to re-assume the duties of chief executive officer of the $5.3 billion regional financial services holding company effective Aug. 1, 1992. Jones, 62, had stepped down from the post in late 1990, announcing that he was relinquishing full-time responsibilities with the company, while still remaining active and involved in legislative and regulatory issues affecting the thrift and financial services industry and chairing the company's office of the chairman, a five member group of senior managers. Subsequently, the position of chief executive officer had remained open.
 In a prepared statement, members of the company's board commented, "It is our view that the magnitude and scope of the Metropolitan Financial Corporation's current activities have made it necessary to enhance the company's full time executive management at the office of the chairman level. Norman Jones is certainly the best and most logical choice."
 Jones stated, "I am pleased to have been asked and to be able to serve as the board has requested. They were amenable to my request to step away nearly 20 months ago and I am delighted to be able to respond to their request at this time. Metropolitan Financial Corporation has distinguished itself over the last decade as one of the most successful companies of its kind, but as great as the past has been for the company and its shareholders, the future holds even greater promise."
 Jones noted that the company's office of the chairman, comprised of Paul A. Lipetzky, president and chief operating officer, Stan K. Dardis, president of Metropolitan Federal Bank, fsb, Roger L. Rovick, president of Edina Realty, Inc. and William P. Bartkowski, executive vice president and chief administrative officer, will remain in place and continue to assist him in developing the company's strategic direction and in setting and implementing policies and procedures.
 "The office of the chairman has proven to be an extremely effective way to manage a dynamic and growing company," Jones stated. "While my role within the company and among the members of the office of the chairman will differ somewhat as a result of this decision by our board, the office of the chairman will continue to direct the activities of Metropolitan Financial Corporation."
 Jones, whose father and grandfather were among the founders of the company in 1926, joined Metropolitan in 1952. He was elected to the company's board of directors in 1953, named a vice president in 1961, elected president in 1968, and elected chairman of the board and chief executive officer in 1983. In 1987 he was named one of the thrift industry's three best chief executive officers by Financial World magazine. In 1990 he was honored as North Dakota's business innovator of the year by the University of North Dakota. Jones is the chairman of the congressionally mandated Savings Association Insurance Fund Industry Advisory Committee and, in that capacity, has recently testified before the U.S. House Banking Committee, presenting that committee's views on the state of the industry and the deposit insurance fund.
 During Jones' tenure as CEO and, recently, as board chairman, Metropolitan Financial Corporation has grown from a small North Dakota savings and loan association to the 19th largest publicly traded savings institution in the country at June 30, 1992, with assets in excess of $5.3 billion. Metropolitan Financial Corporation's insured savings bank subsidiary, Metropolitan Federal Bank, now operates over 140 branches in 114 communities in the states of North Dakota, Minnesota, Iowa, South Dakota, Wisconsin and Arizona. The bank exceeds all the current and fully phased-in regulatory capital requirements and is one of the largest mortgage loan originators in the Twin Cities of Minneapolis and St. Paul, Minn. In addition, the company's real estate sales and brokerage subsidiary, Edina Realty, Inc. is the Twin Cities' largest home seller.
 During the first six months of 1992, Metropolitan Financial has significantly expanded the service area of its insured savings bank subsidiary, Metropolitan Federal Bank. On Feb. 18, 1992, Metropolitan agreed to acquire Security Financial Group, St. Cloud, Minn., with $240 million in assets and eight branch offices in central Minnesota. On March 13, 1992, Metropolitan acquired five branch offices and $73 million of deposits of Monycor Federal Savings Bank, Barron, Wis. from the Resolution Trust Corporation. On April 24, 1992, Metropolitan acquired 12 branch offices and $164 million of deposits of First Federal Savings Bank of Rapid City, S. D. from the Resolution Trust Corporation. And on June 23, 1992, Metropolitan signed a letter of intent to acquire American Charter Federal Savings and Loan of Lincoln in a supervisor mutual merger conversion. American Charter has 27 branch offices located throughout Nebraska.
 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- 7/29/92
 /CONTACT: William P. Bartkowski of Metropolitan Financial, 612-928-5003/
 (MFC) CO: Metropolitan Financial Corporation ST: Minnesota IN: FIN SU: PER


AL -- MN016 -- 4779 07/29/92 16:41 EDT
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Date:Jul 29, 1992
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