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METROPOLITAN BANCORP MAY REPURCHASE SHARES OF COMMON STOCK

 SEATTLE, Jan. 7 /PRNewswire/ -- Metropolitan Bancorp (NASDAQ: MSEA) today announced that the company's board of directors authorized the repurchase of up to 327,317 shares, or approximately 10 percent, of the company's outstanding common stock.
 Management is authorized to repurchase shares from time to time in open-market transactions during the next 12 months as, in the opinion of management, market conditions may warrant. The repurchased shares will be held as treasury stock and will be available for general corporate purposes.
 Patrick F. Patrick, president and chief executive officer of the company, stated: "The repurchases reflect management's belief that the current price of the company's common stock does not adequately reflect the company's long-term business and earnings prospects. The use of our cash must continue to be balanced with other internal and external investment opportunities while maximizing the use of existing assets and resources to generate stockholder value. The company is fortunate to have the financial flexibility that allows it to demonstrate its commitment to and confidence in its future prospects."
 Metropolitan Bancorp, headquartered in Seattle, is a savings and loan holding company formed in July 1993. Its principal subsidiary, Metropolitan Savings, is an FDIC-insured, federally chartered savings and loan association organized in 1935 with offices serving the greater Puget Sound area.
 -0- 1/7/94
 /CONTACT: Patrick F. Patrick, 206-654-7820, or Suzanne Tessaro, 206- 654-7826, both of Metropolitan Bancorp/
 (MSEA)


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

JH-IC -- SE001 -- 0032 01/07/94 08:31 EST
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Publication:PR Newswire
Date:Jan 7, 1994
Words:247
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