PROSPECTUS
SUMMIT SECURITIES, INC.
$50,000,000 Investment Certificates, Series B
You should consider carefully the risk factors beginning on page 8 in
this prospectus.
The Certificates are obligations of our company and they are not insured
or guaranteed by any bank, governmental agency, any insurance company,
any affiliate of our company or any other person or entity.
Summit Securities, Inc. is offering Certificates with the following
terms:
The Certificates are unsecured debt instruments, senior only to
outstanding equity securities of Summit.
The Certificates rank equally with unsecured debt of Summit and are
subordinate to all other debt of Summit.
<TABLE>
<CAPTION>
MINIMUM INVESTMENT TERM TO MATURITY ANNUAL INTERST RATE
------------------ ---------------- -------------------
<S> <C> <C>
$100 120 MONTHS 8.625%
$100 96 to 119 MONTHS 8.250%
$100 72 to 95 MONTHS 8.000%
$100 60 to 71 MONTHS 7.750%
$100 48 to 59 MONTHS 6.750%
$100 36 to 47 MONTHS 6.500%
$100 24 to 35 MONTHS 6.250%
$100 12 TO 23 MONTHS 6.100%
$250,000 120 MONTHS 9.000%
$250,000 96 to 119 MONTHS 8.750%
$250,000 72 to 95 MONTHS 8.500%
$250,000 60 to 71 MONTHS 8.500%
Installment Payment
Option
$2,000 60 to 120 MONTHS 6.250%
</TABLE>
(1) You may elect one of three options to receive principal and
interest payments on the Certificates: (a) to receive interest monthly,
quarterly, semi-annually or annually, without compounding, (b) to leave
the interest with Summit and it will compound semi-annually, or (c) at
the above identified installment terms, equal monthly installments of
principal and interest in accordance with an amortization schedule that
you select.
<TABLE>
<CAPTION>
Per Certificate Total
----------------- ------
<S> <C> <C>
Public Offering Price 100% $50,000,000
Underwriting Discounts 0% to 6% None - $3,000,000
and Commissions (1)
Proceeds, before 100% to 94% $50,000,000 -
expenses, to Issuer or $47,000,000
Other Persons
</TABLE>
(1) You will not incur a direct sales charge. Certificates earn
interest, without deduction for underwriting discounts or commissions.
Summit will reimburse our underwriter for commissions paid to licensed
securities sales representatives. Sales commission rates on the sale of
Certificates depend upon the terms of the sale and upon whether the
sales are reinvestments or new purchases. See "PLAN OF DISTRIBUTION."
. Currently, there is no trading market for the Certificates and you
should not expect one to be established in the future.
. This offering of Certificates is subject to withdrawal or
cancellation by Summit without notice.
. We are offering the Certificates on a continuous, best efforts basis.
. The Certificates are being issued only in book-entry form.
. There is no minimum amount of Certificates that must be sold.
. You may not purchase Certificates pursuant to this prospectus after
January 31, 2000.
Neither the Securities and Exchange Commission nor any state
securities commission has approved or disapproved of these securities or
passed upon the adequacy or accuracy of the prospectus. Any
representation to the contrary is a criminal offense.
METROPOLITAN INVESTMENT SECURITIES, INC.
The date of this prospectus is February 9, 1999
