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METROPOLITAN FINANCIAL CORPORATION COMPLETES ACQUISITION OF WESTERN FINANCIAL CORPORATION

 MINNEAPOLIS, June 11 /PRNewswire/ -- Metropolitan Financial Corporation (NYSE: MFC), announced today that it has completed the acquisition of Western Financial Corporation (NASDAQ: WSTF), Overland Park, Kan.
 According to the terms of the agreement announced late last year, shareholders of Western Financial will receive, based on their election, either $10 in cash or $10 in Metropolitan Financial Corporation common stock for each share they own. Approximately $5.1 million in cash was paid and approximately 940,000 shares of Metropolitan Financial Corporation stock were issued in completing the transaction.
 With this transaction, Columbia Savings Association, F.A., the financial institution subsidiary of Western Financial and the largest stock savings association in Kansas, merged with Metropolitan Federal Bank, fsb, the savings bank subsidiary of Metropolitan Financial Corporation.
 Norman M. Jones, chairman and chief executive officer of Metropolitan Financial Corporation, said, "We at Metropolitan would like to extend a warm welcome to our new employees and customers in Kansas. We look forward to working with our new employees to continue to provide the high level of quality service that Columbia Savings Association customers have come to expect, along with Metropolitan's full line of banking services."
 Metropolitan Federal's products and services will be available in the former Columbia Savings Association offices immediately. There will be no immediate change in the products which customers currently have with Columbia Savings. All accounts are scheduled to be converted to traditional Metropolitan Federal accounts by late August, 1993, and customers will be notified well in advance of any changes which will occur as a result of the conversion.
 As of March 31, 1993, Western Financial had assets of $645 million and deposits of $501 million. Western Financial had earnings of approximately $6.3 million for the year ended Dec. 31, 1992, and $2.36 million for the first quarter of 1993. Western Financial provided financial services through its subsidiary, Columbia Savings Association. Columbia Savings Association serves 17 communities with 24 offices across Kansas.
 Conversion of Western Financial Corporation stock into Metropolitan Financial Corporation stock will be handled by American Stock Transfer & Trust Company, 40 Wall Street, 46th floor, New York, N.Y. 10005.
 On April 20, 1993, Metropolitan signed a definitive agreement to acquire a second Kansas savings bank, Eureka Savings Bank, fsb, of Eureka, Kansas. On April 30, 1993, Eureka Savings Bank had total assets of approximately $249.5 million. Eureka Savings operates 10 branches in east central Kansas. The transaction requires approval by the Office of Thrift Supervision.
 Metropolitan Financial Corporation is a regional financial services holding company. Its full service consumer savings bank, Metropolitan Federal Bank of Fargo, N.D., operates over 180 offices throughout the states of Minnesota, North Dakota, South Dakota, Nebraska, Iowa, Kansas, Wisconsin and Arizona.
 Metropolitan Financial Corporation's common stock trades on the New York Stock Exchange under the symbol MFC. Its Series B preferred stock and warrant trade on the NASDAQ System under the symbols MFCNP and MFCNW, respectively.
 -0- 6/11/93
 /CONTACT: Stan K. Dardis, or Steven B. DeWald, 612-928-5000, both of Metropolitan Financial/
 (MFC WSTF)


CO: Metropolitan Financial Corporation; Western Financial Corporation ST: Minnesota, Kansas IN: FIN SU: TNM

AL -- MN010 -- 1182 06/11/93 15:58 EST
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Publication:PR Newswire
Date:Jun 11, 1993
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