SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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): December 21, 2001
METROPOLITAN FINANCIAL CORP.
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(Exact name of Registrant as Specified in Its Charter)
Ohio 000-21553 34-1109469
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(State or Other (Commission (I.R.S. Employer
Jurisdiction of File Number) Identification No.)
Organization)
22901 Mill Creek Boulevard, Highland Hills, Ohio 44122
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (216) 206-6000
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None
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(Former name or former address, if changed since last report)
PAGE 2
Item 5. Other Events
On December 21, 2001, the Ohio Department of Commerce, Division of Financial
Institutions ("ODFI") and the Office of Thrift Supervision ("OTS"), formally
approved the request by the Company's wholly owned subsidiary, Metropolitan Bank
and Trust Company (the "Bank"), to extend the following deadlines contained in
its July 26, 2001 Supervisory Agreement:
- The deadline for submitting a revised Capital Improvement and Risk
Reduction Plan (the "Revised Plan") was extended to December 28, 2001.
The Company and the Bank submitted their respective Revised Plans on
December 26, 2001.
- The deadline in the Bank's Supervisory Agreement to increase core and
risk based capital to a level in excess of "well capitalized" and for
reducing its investment in artwork by $1.3 million was extended to
March 31, 2002.
Further, on December 27, 2001, the OTS approved the Company's request for an
extension, from December 31, 2001 to March 31, 2002, of the deadline for
infusing capital into the Company under its capital plan as required under the
Company's July 26, 2001 Supervisory Agreement with the OTS.
A copy of the December 21, 2001 letter from the ODFI and the OTS to the Bank,
and of the December 27, 2001 letter from the OTS to the Company, are attached as
Exhibits 99.1 and 99.2, respectively, to this report.
SIGNATURES
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 FINANCIAL CORP.
By: /s/ Kenneth T. Koehler
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Kenneth T. Koehler
President and Chief Operating Officer
Date: December 31, 2001
EXHIBIT INDEX
Exhibit No. Description
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99.1 December 21, 2001 Letter from the OTS and ODFI to the Bank
99.2 December 27, 2001 Letter from the OTS to the Company