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METROPOLITAN FINANCIAL/AMERICAN CHARTER MERGER COMPLETED

 MINNEAPOLIS, Dec. 16 /PRNewswire/ -- Metropolitan Financial Corporation (NYSE: MFC) announced today that its savings bank subsidiary, Metropolitan Federal Bank, fsb, has completed a merger with American Charter Federal Savings and Loan Association of Lincoln, Neb.
 Stan K. Dardis, president and chief executive officer of Metropolitan Federal Bank, said, "Metropolitan's financial strength enabled us to complete this merger, which expands our banking presence into our seventh state. We look forward to providing Metropolitan's full line of banking services to our new banking customers in Nebraska and we extend a warm welcome to our new employee partners."
 American Charter's 27 branches will become part of Metropolitan Federal Bank's Heartland network and Metropolitan Federal's banking products and services will be immediately available in the former American Charter branches. There will be no immediate change to the products which customers of American Charter currently have. All accounts will be converted to traditional Metropolitan Federal accounts in early 1993 and customers will be notified well in advance of any changes which will occur as a result of this conversion.
 With this transaction, American Charter Federal Savings and Loan Association was converted to a stock corporation and merged into Metropolitan Federal Bank. This transaction required no capital outlays other than transaction costs, and will be accretive to Metropolitan's earnings, its return on equity (ROE) and its return on assets (ROA).
 American Charter Federal Savings and Loan Association of Lincoln, Neb. was 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 served 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, N.D., insured by the FDIC, now operates 183 offices throughout Arizona and the six 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- 12/16/92
 /CONTACT: William P. Bartkowski of Metropolitan Financial Corporation, 612-928-5000/
 (MFC)


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


KH -- MN014 -- 7831 12/16/92 15:31 EST
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Publication:PR Newswire
Date:Dec 16, 1992
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