Western United Holding Company Issues Update

Western United Holding Company Issues Update 


SPOKANE, Wash., Dec. 15  /PRNewswire-FirstCall/ -- As previously announced,
Western United Holding Company's , affiliate, Metropolitan Investment
Securities, Inc. (MIS), a National Association of Securities Dealers, Inc.
(NASD) member firm, ceased operations and customer transactions on December 15,
2003.  MIS was the sole broker dealer for the sale of the company's securities
and MIS will no longer sell the company's securities.

The termination of MIS' operations followed its entry into a Letter of
Acceptance, Waiver and Consent (AWC) with the NASD, which was finalized on
October 23, 2003.  The AWC settled allegations by the NASD that MIS had
inadequate supervisory procedures and engaged in fraudulent and unethical sales
practices in connection with the sale of debentures, investment certificates and
preferred stock issued by the company's parent, Metropolitan Mortgage &
Securities Co., Inc., and another affiliated company, Summit Securities Co.,
Inc.  MIS neither admitted nor denied the allegations. Pursuant to the AWC, MIS
was censured and fined $500,000.  In addition to other undertakings, MIS agreed
to make restitution of approximately $2.8 million to certain investors and to
maintain for a five-year period a special escrow account in the amount of $1
million for the benefit of additional investors. 

DATASOURCE: Western United Holding Company



CONTACT:  Mary Keller, Market Development & External Affairs of Western

United Holding Company, [phone]

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