SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): October 1, 1996
METROPOLITAN BANCORP
(Exact name of each registrant as specified in its charter)
Washington
(State or other jurisdiction of incorporation)
0-22218
(Commission File Number)
91-1600929
(IRS Employer Identification No.)
1520 Fourth Avenue, Seattle, WA 98101-1648
(Address of principal executive offices and zip code)
(206) 625-1818
(Registrant's telephone number, including area code)
None
(Former name or former address, if changed since last report)
Exhibit Index appears on page 5.
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Item 5. Other Events
REDEMPTION OF SUBORDINATED NOTES.
Seattle--October 1, 1996--Metropolitan Bancorp (NASDAQ: MSEA) today
completed the redemption of all Metropolitan Bancorp 8.5% Subordinated
Notes due July 31, 2003. The funds to redeem the $23 million in notes
were borrowed by Metropolitan Bancorp from Washington Federal Savings, a
subsidiary of Washington Federal, Inc.
<PAGE>
Item 7. Financial Statements and Exhibits
The following exhibits are filed with this report:
Exhibit Number Description
99.1 Press release issued on October 1, 1996
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
METROPOLITAN BANCORP
By: /s/ Patrick F. Patrick
Name: Patrick F. Patrick
Title: President and Chief
Executive Officer
Dated: October 1, 1996
<PAGE>
EXHIBIT INDEX
Number Description
99.1 Press release issued on October 1, 1996.
<PAGE>
Exhibit 99.1
<PAGE>
For Immediate Release Contact: Mike Pete
(206)654-7834
Or: Pat Patrick
(206)654-7820
Metropolitan Bancorp Completes Redemption
of 8.5% Subordinated Notes,
Updates Status of Merger with Washington Federal, Inc.
Seattle--October 1, 1996--Metropolitan Bancorp (NASDAQ:MSEA) today
completed the redemption of all Metropolitan Bancorp 8.5% Subordinated
Notes due July 31, 2003. The funds to redeem the $23 million in notes
were borrowed by Metropolitan Bancorp from Washington Federal Savings, a
subsidiary of Washington Federal, Inc.
Patrick F. Patrick, President and Chief Executive Officer, said
today, "The notes were replaced with borrowings on terms that will
immediately lower our cost of money."
He continued, "The previously announced merger with Washington
Federal is continuing on schedule and is expected to be completed by
late November or December, 1996." Approval is required from the
applicable regulatory authorities and shareholders of Metropolitan.
Metropolitan Bancorp is a savings and loan holding company formed
in July 1993. Its principal subsidiaries are Metropolitan Savings and
Phoenix Mortgage & Investment, Inc. Metropolitan Savings is an FDIC-
insured, federally chartered savings and loan association organized in
1935 with 10 offices serving the greater Puget Sound area. Phoenix
Mortgage is a mortgage banking company with six offices in the Puget
Sound area.
Washington Federal, Inc. is the holding company for Washington
Federal Savings which operates 93 offices in Washington, Idaho, Oregon,
Utah and Arizona.
