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SECURITY FINANCIAL GROUP MERGES WITH METROPOLITAN FINANCIAL CORPORATION

SECURITY FINANCIAL GROUP MERGES WITH METROPOLITAN FINANCIAL CORPORATION
 MINNEAPOLIS, Sept. 30 /PRNewswire/ -- Metropolitan Financial Corporation (NYSE: MFC) announced today that it has completed the merger of Security Financial Group, Inc., St. Cloud, Minn. (NASDAQ: SFGI). According to the terms of the definitive agreement announced earlier this year, shareholders of Security Financial will receive $12.8 million in Metropolitan Financial Stock.
 Shareholders of Security Financial will receive 1.294 shares of Metropolitan Financial Corporation common stock for each share of common stock of Security Financial they own. Fractional shares will be paid cash in lieu of stock at a price of $13.525 per share. Officers of Metropolitan Financial Corporation stated that the transaction, which will be accounted for as a pooling, will enhance the company's equity and earnings going forward.
 With this transaction, Security Financial Banking and Savings, fsb, the financial institution subsidiary of Security Financial Group, Inc. merged with Metropolitan Federal Bank, fsb, the savings bank subsidiary of Metropolitan Financial Corporation.
 Stan K. Dardis, executive vice president of Metropolitan Financial Corporation and president and chief executive officer of Metropolitan Federal Bank, fsb, commented, "We at Metropolitan welcome the opportunity to preserve the high level of service to central Minnesota customers that Security Financial has provided, while we contribute Metropolitan's financial strength and convenient banking network throughout the heartland."
 Warren W. Teigen, chairman, president and chief executive officer of Security Financial Group, Inc., said, "This venture enhances the strength of the financial community of central Minnesota. I am confident that Metropolitan will build on the successes and tradition that have been part of Security Financial since 1923."
 Metropolitan Federal's products and services will be available in the former Security Financial offices on Oct. 1. There will be no immediate change to the products which customers of Security Financial 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 the conversion.
 In addition, no staff changes in the bank offices are anticipated. The office managers include Jon Rist, 1010 W. St. Germaine Street, St. Cloud; Earl Schoenberg, the Crossroads Mall location in St. Cloud; Kathleen Krebsbach, 4041 West Division in St. Cloud and the Cash Wise Food Mart location in Waite Park; Peggy Erickson, Mora; Jacki Hines, Elk River; Carol Hulett, Princeton; Linda Mielke, Monticello; and Myrna Polipnick, Sauk Rapids, all in Minnesota.
 Security Financial Group, Inc. provided financial services through its operating subsidiary, Security Financial Banking and Savings, fsb. Security Financial was a $260 million savings bank with headquarters in St. Cloud and branches in Elk River, Monticello, Mora, Princeton, Sauk Rapids and Waite Park. Security's stock traded on the National Over- the-Counter Market under the NASDAQ symbol: SFGI.
 Conversion of Security 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
 Metropolitan Financial Corporation is a regional financial services holding company. Its full service consumer savings bank, Metropolitan Federal Bank, fsb, Fargo, N.D., operates over 150 offices in 121 communities in the states of North Dakota, Minnesota, Iowa, South Dakota, Wisconsin and Arizona.
 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 one nationally in customer satisfaction by a leading consumer magazine and serves Minnesota and western Wisconsin with over 1750 sales associates in 39 locations.
 -0- 09/30/92
 CONTACT: William P. Bartkowski of Metropolitan Financial Corporation, 612-928-5000
 (MFC) CO: METROPOLITAN FINANCIAL CORPORATION IN: FIN SU: TNM ST: MN -- MN005 -- X410 09/30/92
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Publication:PR Newswire
Date:Sep 30, 1992
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