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METROPOLITAN FINANCIAL COMPLETES ACQUISITION EXPANDS SOUTH DAKOTA PRESENCE

 METROPOLITAN FINANCIAL COMPLETES ACQUISITION
 EXPANDS SOUTH DAKOTA PRESENCE
 MINNEAPOLIS, April 24 /PRNewswire/ -- Metropolitan Financial Corporation (NYSE: MFC) announced today that its subsidiary savings bank, Metropolitan Federal Bank, fsb, Fargo, N.D., has acquired the deposits of 12 branches of First Federal Savings Bank of Rapid City, S.D., totalling approximately $160 million. The bank paid $2.851 million for the deposits.
 Four branches of First Federal are located in Rapid City, with one branch each in Belle Fourche, Custer, Hot Springs, Lead, Pierre, Spearfish, Sturgis and Sioux Falls, S.D.
 Stan K. Dardis, president and chief executive officer of Metropolitan Federal Bank, commented, "We welcome the opportunity to establish the presence of Metropolitan Federal Bank in western South Dakota and to reinforce our presence in Sioux Falls with this acquisition. It affirms Metropolitan's commitment to South Dakota, where we will now have nearly a quarter of a billion dollars in retail deposits."
 This acquisition brings to 17, the number of branches added to Metropolitan's banking network during 1992. 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.
 In February, Metropolitan signed a definitive agreement to acquire the $260 million Security Financial Group in a stock-for-stock transaction, which will significantly enhance Metropolitan's presence in central Minnesota.
 Metropolitan Financial Corporation is a regional financial services holding company. Its full service consumer savings bank, Metropolitan Federal Bank, fsb, Fargo, operates over 130 offices in 105 communities in the states of North Dakota, Minnesota, Iowa, South Dakota, Wisconsin and Arizona. At March 31, 1992, the company reported consolidated assets of $5.02 billion and deposits of $3.97 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 number 1 nationally in customer satisfaction by a leading consumer magazine and serves Minnesota and western Wisconsin with over 1600 sales associates in 36 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- 4/24/92
 /CONTACT: Susanne Heimbuch of Himle Horner, 612-893-0641, for Metropolitan Financial/
 (MFC) CO: Metropolitan Financial Corporation ST: Minnesota IN: FIN SU: TNM


AL -- MN011 -- 2765 04/24/92 18:00 EDT
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Publication:PR Newswire
Date:Apr 24, 1992
Words:409
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