Western United Holding Company to Appeal AMEX Delisting

Western United Holding Company to Appeal AMEX Delisting
Company Will Delay Filing of 10-K Report


SPOKANE, Wash., Dec. 26  /PRNewswire-FirstCall/ -- Western United Holding
Company , a subsidiary of Metropolitan Mortgage & Securities Co., Inc., said
today that it planned to appeal the decision of the American Stock Exchange
(AMEX) to delist the Company's preferred stock.  Trading in the preferred stock
was halted by AMEX December 15, 2003, and the Company was notified on December
22, 2003, that AMEX planned to begin the delisting process immediately.  AMEX's
decision to delist was pursuant to Sections 1003 and 1009 of the AMEX Company
Guide.  Specifically, AMEX conveyed to the Company its belief that continued
listing raised public interest concerns and that the Company did not comply with
the listing or other agreements with AMEX.

Western United said it planned to continue paying dividends on the preferred
stock despite the AMEX delisting and the Company's appeal.

At the same time, Western United Holding said it will not file its Annual Report
on Form10-K with the Securities and Exchange Commission (SEC) until February 1,
2004 at the earliest. The Company said its auditor Ernest & Young will not be
able to complete its audit review by the original December 29, 2003, deadline
because, among other reasons, the Company is believed to have incurred losses in
excess of those disclosed in its June 30, 2003, Form 10-Q report, and a review
of those results has yet to be completed.

Finally, Western United Holding said that, in order to provide additional
autonomy for Western's insurance operation, C. Paul Sandifur, Jr. has resigned
as an officer and director of Western United Holding Company and its
wholly-owned subsidiary Western United Life Assurance Company.  John Van
Engelen, previously senior vice president of Western United Holding Company, has
been elected president, CEO and chairman of the insurance holding company.

Western United Holding Company, incorporated in the State of Washington in 2002
and headquartered in Spokane, had assets in excess of $1.7 billion at June 30,
2003.

The forward-looking statements in this release concerning future events are
subject to certain risks and uncertainties that could cause actual results to
differ materially from expectations.  These and other risks are set forth in
Western United Holding Company's reports filed with the Securities and Exchange
Commission under the Securities Exchange Act of 1934, as amended. 

DATASOURCE: Western United Holding Company



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

United Holding Company, [phone], or [phone]

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