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METROPOLITAN FINANCIAL CALLS FOR REDEMPTION ALL $2.00 CUMULATIVE CONVERTIBLE PREFERRED STOCK, SERIES A

 METROPOLITAN FINANCIAL CALLS FOR REDEMPTION ALL
 $2.00 CUMULATIVE CONVERTIBLE PREFERRED STOCK, SERIES A
 MINNEAPOLIS, March 19 /PRNewswire/ -- Metropolitan Financial Corporation (NYSE: MFC) announced today that it has called for redemption on April 20, 1992, all of its outstanding $2.00 cumulative convertible preferred stock, series A, at a redemption price of $26.60, plus accumulated and unpaid dividends to that date of $0.45, for a total cash payment of $27.05 per share of series A stock.
 Holders of the series A stock have the option to convert each share of series A stock into approximately 1.5714 shares of common stock. Conversion rights for the series A stock expire on April 20, 1992. After 5 p.m. New York City time on April 20, 1992, the series A stock will no longer be convertible into shares of common stock and holders of series A stock will only have the right to receive the redemption price of $27.05. Based on the closing price of the common stock on March 17, 1992, the 1.5714 shares of common stock would have a market value of approximately $36.54.
 It is anticipated that the company will next week, subject to board action, declare a regular quarterly cash dividend on its common stock of $0.115 per share, payable to holders of record as of April 15, 1992. Holders of series A stock who convert and become record holders on or prior to April 15, 1992 also will be entitled to receive this cash dividend.
 The company has arranged to have American Stock Transfer & Trust Company, Equity Tender and Exchange Department, 40 Wall Street, 46th floor, New York, NY 10005, serve as both the redemption and the conversion agent. Kissel-Blake, Inc. has been retained by the company to act as information agent for the redemption.
 Metropolitan Financial Corporation is a regional financial services holding company. Its full service consumer savings bank, Metropolitan Federal Bank, fsb, Fargo, N.D., operates 130 offices in 105 communities in the states of North Dakota, Minnesota, Iowa, South Dakota, Wisconsin and Arizona. Its real estate sales and brokerage subsidiary, Edina Realty, Inc., operates 36 offices with over 1600 sales associates throughout the Twin Cities and western Wisconsin and is Minnesota's largest home seller. At Dec. 31, 1991 the company reported consolidated assets of nearly $4.7 billion and deposits of $3.8 billion. Metropolitan Financial Corporation's common and Series A stock trade on the New York Stock Exchange, the common under the symbol MFC. The company's $2.875 cumulative perpetual preferred stock, series B, and warrant trade on the NASDAQ System under the symbols MFCNP and MFCNW, respectively.
 -0- 3/19/92
 /CONTACT: Bill Bartkowski of Metropolitan Financial, 612-928-5000/
 (MFC) CO: Metropolitan Financial Corporation ST: Minnesota IN: FIN SU: OFR


AL -- MN014 -- 9901 03/19/92 17:50 EST
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Publication:PR Newswire
Date:Mar 19, 1992
Words:474
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