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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D/A
Under the Securities Exchange Act of 1934
(Amendment No. 1)
Metropolitan Bancorp
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(Name of Issuer)
Common Stock, $.01 Par Value Per Share
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(Title of Class of Securities)
591753108
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(CUSIP Number)
Guy C. Pinkerton
Chairman, President and Chief Executive Officer
Washington Federal, Inc.
425 Pike Street
Seattle, Washington 98101
(206) 624-7930
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
August 30, 1996
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(Date of Event Which Requires Filing
of this Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition which is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1(b)(3) or (4), check the following box [ ].
Check the following box if a fee is being paid with the statement: [ ].
(A fee is not required only if the reporting person: (1) has a previous
statement on file reporting beneficial ownership of more than five percent of
the class of securities described in Item 1; and (2) has filed no amendment
subsequent thereto reporting beneficial ownership of five percent or less of
such class.)
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 (the "Act") or otherwise subject to the liabilities of that section
of the Act but shall be subject to all other provisions of the Act.
The total number of shares reported herein is 719,600 shares, which
constitutes approximately 19.7% of the total number of shares of the issuer
outstanding as of August 30, 1996. Unless otherwise indicated, all ownership
percentages set forth herein assume that as of August 30, 1996, there were
3,660,205 shares of the issuer outstanding.
(Page 1 of 5 pages, continued on following pages)
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CUSIP No. 591753108 Page 2 of 5 Pages
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1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Washington Federal, Inc.
IRS Employer Identification No. 91-1661606
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) / /
Not Applicable (b) / /
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3. SEC USE ONLY
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4. SOURCE OF FUNDS
WC
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEM 2(D) OR 2(E) / /
Not applicable
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
Washington
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--------------------------------------------------
NUMBER OF 7. SOLE VOTING POWER
SHARES 719,600(1)
BENEFICIALLY --------------------------------------------------
OWNED BY 8. SHARED VOTING POWER
EACH 0
REPORTING --------------------------------------------------
PERSON 9. SOLE DISPOSITIVE POWER
WITH 719,600(1)
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10. SHARED DISPOSITIVE POWER
0
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(1) The Reporting Person disclaims beneficial ownership of 657,000 of these
shares pursuant to Rule 13d-4 under the Securities Exchange Act of 1934, as
amended. See Item 5 of this Schedule 13D.
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CUSIP No. 591753108 Page 3 of 5 Pages
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
719,600(2)
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES / /
Not Applicable
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
19.7%
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14. TYPE OF REPORTING PERSON
CO, HC
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ITEM 5. INTEREST IN SECURITIES OF ISSUER.
(a)-(b) By reason of its execution of the Option Agreement, pursuant to
Rule 13d-3(d)(1)(i) promulgated under the Exchange Act, Washington Federal may
be deemed to have sole voting and dispositive power with respect to the
Metropolitan Common Stock subject to the Option. However, because the Option is
exercisable only in the circumstances set forth in Item 4 of the Schedule 13D as
filed on July 18, 1996, none of which has occurred as of the date hereof,
Washington Federal expressly disclaims any beneficial ownership of the 657,000
shares of Metropolitan Common Stock which are obtainable by Washington Federal
upon exercise of the Option. In addition to the shares of Metropolitan Common
Stock which may be acquired by Washington Federal upon exercise of the Option,
Washington Federal beneficially owns and has sole voting and dispositive power
with respect to 62,600 shares of Metropolitan Common Stock, or 1.7% of the
issued and outstanding shares of Metropolitan Common Stock.
Guy C. Pinkerton, Chairman, President and Chief Executive Officer of
Washington Federal, Lawrence D. Cierpiszewski, Senior Vice President of
Washington Federal, and Keith D. Taylor, Senior Vice President and Treasurer of
Washington Federal, beneficially own 5,100, 2,750 and 1,000 shares,
respectively, of Metropolitan Common Stock, which amounted to 0.10%, 0.10% and
0.03%, respectively, of the Metropolitan Common Stock
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(2) The Reporting Person disclaims beneficial ownership of 657,000 of these
shares pursuant to Rule 13d-4 under the Securities Exchange Act of 1934, as
amended. See Item 5 of this Schedule 13D.
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CUSIP No. 591753108 Page 4 of 5 Pages
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issued and outstanding as of August 30, 1996. Messrs. Pinkerton, Cierpiszewski
and Taylor have sole voting and dispositive power with respect to all of their
respective shares.
Except as set forth above, neither Washington Federal nor, to the best of
Washington Federal's knowledge, any of the individuals named in Exhibit 1
hereto, is a beneficial owner of any Metropolitan Common Stock.
(c) The following table contains certain information with respect to all
transactions in shares of the Metropolitan Common Stock effected by Washington
Federal since its most recent filing on Schedule 13D. All transactions were
effected through purchases in the open market.
<TABLE>
<CAPTION>
Number of Shares of
Metropolitan Common Net Purchase
Stock Purchased Price Per Share
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<S> <C> <C>
July 19, 1996 30,800 $16.8125
August 28, 1996 5,000 $17.25
August 30, 1996 13,000 $17.25
September 3, 1996 13,800 $17.25
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Total 62,600
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</TABLE>
Except as set forth above, no transactions in Metropolitan Common Stock were
effected during the period since Washington Federal's most recent filing on
Schedule 13D or, to the best of Washington Federal's knowledge, by any of the
individuals named in Exhibit 1 hereto.
(d) No person or entity other than Washington Federal has the right to
receive or the power to direct the receipt of dividends from, or the proceeds
from the sale of, any shares of Metropolitan Common Stock owned by Washington
Federal.
(e) Inapplicable.
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CUSIP No. 591753108 Page 5 of 5 Pages
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SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete, and
correct.
WASHINGTON FEDERAL, INC.
By: /s/ Ronald L. Saper
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Ronald L. Saper
Executive Vice President and Chief
Financial Officer
September 9, 1996
