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Exhibit 99.1
[METROPOLITAN MORTGAGE & SECURITIES CO., INC. LETTERHEAD]
Long Term Growth Plans Announced For Immediate
by Metropolitan Mortgage & Securities Co., Inc. Release
SPOKANE, Wash., January 8, 2001 / Metropolitan Mortgage & Securities Co., Inc.
announced today that it has embarked on aggressive long-term growth plans for
the Spokane-based company.
The long-term growth plans will redirect company resources to areas of more
proven profitability. Some of the strategic alternatives being implemented may
include taking the company out of the traditional residential mortgage industry
and its related activities and reallocating those resources to the company's
current and more profitable lines of business, such as commercial lending,
property development, and insurance operations or to new strategic
opportunities.
Metropolitan will continue to invest in the acquisition and origination of real
estate secured receivables, including the company's seller-financed real estate
contract purchases. These investments have been a business of the company since
1953 and an activity that Metropolitan is known for throughout the real estate
industry. In addition, Metropolitan will continue to increase its successful
commercial lending operations. Those operations originated over $124 million
during the fiscal year ending September 30, 2000, an increase of $59 million
over the prior fiscal year. The property development division is also
experiencing record growth with $16 million in sales during that same period. In
addition, the company intends to continue to grow its insurance operations in
the future.
C. Paul Sandifur, Jr., President and CEO of Metropolitan Mortgage & Securities
Company, Inc. said, "We are excited about these aggressive long term growth
plans because we are redirecting our resources and putting them back to work
into those areas that we expect to be most profitable for us."
Metropolitan Mortgage & Securities Co., Inc., headquartered in Spokane,
Washington, is the parent company of 9 active subsidiary corporations with more
than $1.1 billion in assets and annual revenues in excess of $150 million.
Founded in 1953 by C. Paul Sandifur, Sr., Metropolitan Mortgage is a
family-owned business that provides a wide range of financial services and
investment products nationwide.
For more information, please contact Michael Agostinelli, General Counsel at
(509) 835-2132.
Source: METROPOLITAN MORTGAGE & Securities Co., Inc.
This press release contains forward-looking statements as contemplated by the
safe harbor provisions under securities laws. Actual results may differ
materially from these forward-looking statements as a result of various factors
and risks. These forward-looking statements are based on information available
to the company at the time of this release and the company assumes no obligation
to update any such forward-looking statements. The statements in this release
are not guarantees of future performance. Certain risks and uncertainties
associated with the business are detailed in the company's most recent Forms
10-K and 10-Q which are on file with the SEC and available through www.sec.gov.
