Metropolitan Bank Holding Corp. Closes Capital Raise That is Oversubscribed by 17.4%

NEW YORK, Aug. 29, 2016 /PRNewswire/ -- Metropolitan Bank Holding Corp., parent of Metropolitan Commercial Bank, announces the close of its successful $34.4 million capital raise through the issuance of its capital stock to existing shareholders and an institutional investor. The total additional capital substantially increases the overall lending capacity of Metropolitan Commercial Bank, which serves middle-market enterprises, commercial and professional banking clients in the New York Metropolitan area. The gross $34.4 million capital raise includes $4.4 million of oversubscriptions.

"The decision to raise capital was made with clear goals in mind," says Mark R. DeFazio, President and CEO of Metropolitan Commercial Bank. "With strong management, a solid infrastructure and dedicated professional teams across our entire enterprise, we are in a good place to accelerate our growth and believe that this infusion of capital will help us deliver on our vision and expand our already proven strategy. I am excited about the future of Metropolitan Commercial Bank, and congratulate our Board for their leadership in moving forward and raising significant additional capital."
Metropolitan Bank Holding Corp. issued its capital stock through a private placement to existing accredited shareholders and a new strategic partner and institutional investor, Endicott Management Company, an investment management firm founded in 1996 with a track record of investing in the U.S. Financial Services sector, including banks within Metropolitan Commercial Bank's market.

Houlihan Lokey served as financial advisor and Luse Gorman, PC served as legal counsel.

Read More