Metropolitan Mortgage & Securities Co., of Spokane, says it reached an important corporate threshold late last month when it listed one of its stock offerings for the first time on a prominent national exchange.


A $150 million offering of Metropolitans Series E-7 preferred stockthe companys largest securities offering everwas approved for listing on the American Stock Exchange under the ticker symbol MPD.pr, effective Jan. 25.


C. Paul Sandifur Jr., Metropolitans chairman, president, and CEO, called the listing a milestone for us and our investors.


Ron Pellegrino, general manager of Metropolitan Investment Securities Inc., an affiliate broker-dealer that markets investment products offered by Metropolitan Mortgage, says, This is kind of a step up in the world of being an issuer (of securities) and certainly heightened visibility as a national player rather than being a regional player.


Metropolitan Mortgage previously has listed debentures on the regional Pacific Exchange, based in San Francisco.


Erik Skaggs, Metropolitans vice president of production and market development, says, Its very significant for our company and our marketing strategies. We have developed a national marketing strategy, hired a national sales manager to implement it, stepped up the production of sales and reference materials for our reps, and we have also stepped up our rep-recruiting efforts nationwide.


By listing on the Amex now, he says, that coincides with the other strategies we have set forward. It was a major piece of our goals for this year. I think its great for Spokane for a hometown business to have that kind of status.


Metropolitan Mortgage said in registration documents filed with the U.S. Securities and Exchange Commission that it plans to sell up to 6 million shares of its Series E-7 variable-rate, cumulative preferred stock, which opened at $25 a share and was selling at $25.50 late last week.


Pellegrino says, We expect the value to stay where it is. He adds that the companys preferred stock has been popular with investors because of its lack of volatility, and, That certainly is something that we look forward to maintaining.


Amex uses specialists to maintain a fair and orderly market in the daily trading of issues, or stocks, through their matching and filling of public orders, which meant that Metropolitan had to select a specialist to represent its interests. Pellegrino says the company selected LaBranche & Co. LLC.


Metropolitan had to meet certain listing requirements before its preferred stock could be placed on the exchange, Pellegrino says, adding that he expects Metropolitan Mortgage will look to place additional listings with Amex in the future.


Metropolitan said in the registration documents that it expects to use about 80 percent of the proceeds from the Series E-7 preferred stock offering to fund investments of various types and for new business ventures or the acquisition of other companies. It said it expects to use the remaining funds for the development of real estate we currently hold or acquire in the future.


Founded in 1953, Metropolitan is a family-owned business with more than $1.3 billion in assets. It provides a wide range of financial services and investment products nationwide, and also is involved in real estate development activities, mostly in the Pacific Northwest.


The company posted a net loss of about $9.6 million in its 2001 fiscal year, which ended last Sept. 30, and a loss of $7.6 million in fiscal 2000, after having reported net income of $16.3 million in 1999. A downturn in its business forced it to eliminate hundreds of jobs, adopt other cost-cutting measures, and make a strategic shift toward more profitable lines of business. Metropolitan hasnt released its latest quarterly figures yet, but company executives have indicated that the companys financial performance is improving.