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METROPOLITAN FINANCIAL TO ACQUIRE EUREKA SAVINGS BANK

 MINNEAPOLIS, Feb. 24 /PRNewswire/ -- The board of directors of Metropolitan Financial Corporation (NYSE: MFC) announced today that it has signed a letter of intent agreeing to acquire Eureka Savings Bank, fsb, Eureka, Kansas.
 At Dec. 31, 1992 Eureka Savings Bank had total assets of $287 million and total equity capital of $15.6 million. Metropolitan Financial will pay the shareholders of Eureka Savings $21 million in connection with the merger. Eureka Savings is a federally chartered stock savings bank with 90 percent of its stock owned by Great Plains Financial Corporation, a closely held holding company based in Kansas City, Mo. The savings bank operates ten branches in east central Kansas.
 The transaction is subject to both boards of directors approving a definitive merger agreement, satisfactory completion of due diligence by Metropolitan, and approval by the Office of Thrift Supervision.
 Eureka Savings has two branch offices in the Kansas City metropolitan area, and single branches in the communities of Eureka, Emporia, Wichita, Augusta, Fredonia, Iola, Andover and El Dorado. This transaction is expected to close mid-summer pending all appropriate approvals.
 Norman M. Jones, chairman of Metropolitan Financial Corporation, commented, "The acquisition of this well capitalized, profitable institution, coupled with our previously announced acquisition of Western Financial Corporation and its wholly owned subsidiary, Columbia Savings, Emporia, Kansas, will give us nearly a billion dollar presence in the state of Kansas and some very significant consolidation and cost savings opportunities."
 In November 1992, 650 million and deposits of $536 million. Columbia Savings operates 24 branches throughout the state of Kansas. This transaction is expected to close in mid 1993.
 Metropolitan Financial Corporation is a regional financial services holding company dedicated to being the Heartland's premier provider of consumer financial and home ownership services. Towards that end, the corporation's primary businesses consist of retail banking and deposit services, the origination and servicing of mortgage loans, real estate brokerage services and title closing services.
 Its full service consumer savings bank, Metropolitan Federal Bank, fsb. Fargo, North Dakota, operates over 160 offices in the states of Minnesota, North Dakota, South Dakota, Nebraska, Iowa, Wisconsin and Arizona. During 1992, Metropolitan expanded its Heartland banking presence by acquiring five thrift institutions located throughout Wisconsin, South Dakota, Minnesota and Nebraska.
 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., serves Minnesota and western Wisconsin with over 1750 sales associates in 45 locations.
 Metropolitan Financial Corporation's common stock is listed on the New York Stock Exchange under the symbol MFC. The corporation's $2.875 cumulative perpetual preferred stock, Series B, and warrant trade on the NASDAQ system under the symbols MFCNP and MFCNW, respectively.
 -0- 2/24/93
 /CONTACT: Steven B. Dewald of Metropolitan Financial Corporation, 612-928-5000, or Robert L. Jackson, Jr., of Great Plains Financial Corporation, 816-561-3456/
 (MFC)


CO: Metropolitan Financial Corporation; Great Plains Financial
 Corporation ST: Minnesota IN: FIN SU: TNM


DS -- MN099 -- 9829 02/24/93 10:46 EST
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Publication:PR Newswire
Date:Feb 24, 1993
Words:498
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