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) October 23, 2002
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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 Jurisdiction (Commission (I.R.S. Employer
Incorporation of Organization) File Number) Identification No.)
22901 Millcreek Blvd. Highland Hills, OH 44122
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(Address of Principal Executive Offices) (Zip Code)
(216) 206-6000
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(Registrant's Telephone Number, Including Area Code)
ITEM 5. OTHER EVENTS
On October 23, 2002, the Registrant issued a press release announcing its
restated second quarter 2002 results and its third quarter 2002 results. The
Registrant had previously announced its intent to restate its prior results due
to the use of incorrect prepayment speed assumptions in valuing its mortgage
loan servicing rights. The Registrant determined that its mortgage loan
servicing assets were overstated by approximately $4.9 million at June 30, 2002.
As a result, net income after tax for the three months ended June 30, 2002 was
overstated by $3.4 million. The Registrant also announced third quarter results.
Primarily due additional impairment and amortization of mortgage servicing
rights and an adjustment to the fair value of premises and equipment, the
Registrant had losses in the quarter of $0.06 per share and losses for the nine
months ended September 30, 2002 of $1.12 per share. The Registrant's press
release is attached as exhibit 99.1.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION, AND EXHIBITS
(c) Exhibits
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99.1 The Registrant's October 23, 2002 press
release.
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 & Chief Executive Officer
(on behalf of the Registrant)
By: /s/Marcus Faust
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Marcus Faust,
Executive Vice President & Chief
Financial Officer
By: /s/Timothy W. Esson
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Timothy W. Esson,
Vice President-Finance for the Bank
(as Principal Accounting Officer)
Date: October 23, 2002
EXHIBIT INDEX
Exhibit Number Exhibit Description
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99.1 The Company's October 23, 2002 press release.