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.
Metropolitan Commercial Bank Surpasses $1 Billion in Total Assets
New York, N.Y. (June 23, 2016) Mark DeFazio, President and CEO of Metropolitan Commercial Bank®, recently announced that the Bank’s total assets exceeded the $1 billion mark as of March 1, 2016.
“Surpassing the $1 billion mark is a significant achievement for us,” said Mr. DeFazio. “It is affirmation of the strength and growth of our Bank and our commitment to a singular philosophy and strategy—providing our small business, commercial and personal banking clients with the relationship-driven experience they expect, combined with a broad range of banking products, resources and services that rival the competition. By combining new and innovative technologies with the best of traditional banking practices, we are successfully helping our clients build and sustain wealth.”
Mr. DeFazio cited several factors contributing to Metropolitan Commercial Bank surpassing the $1 billion threshold, including organic growth in the Bank’s lending and retail banking groups and revenue generated by its pre-paid debit card business. Mr. DeFazio also pointed to the Bank’s successful expansion onto Long Island with the opening of its Great Neck, New York banking center in December 2015.
As of May 31, 2016, Metropolitan Commercial Bank’s total assets were $1.15 billion.
Metropolitan Commercial Bank Opens Banking Center in Great Neck, Long Island
Opening of Great Neck, Long Island Banking Center
Metropolitan Commercial Bank Team and local officials cut the ribbon for the center's Grand Opening.
President and CEO Mark DeFazio with Town of North Hempstead Town Clerk, Wayne Wink.
Blessing of the Mezuzah at the Great Neck Banking Center.
Metropolitan Commercial Bank in the News
- Metropolitan Commercial Bank Hires New CFO
- Metropolitan Commercial Bank Hosts Art Exhibit
- Metropolitan Commercial Bank Appoints David Gold to Board of Directors
- Vivian Safir Hiring
- Great Neck Networking Event
- Great Neck Branch Hirings
- Metropolitan Commercial Bank Welcomes Management Team
- Great Neck Branch Executive Appointments
- Great Neck Branch Features Students in Art Series
- Metropolitan Commercial Bank Appoints Dale Fredston to Board of Directors
- Great Neck Branch Ribbon Cutting
- Metropolitan Commercial Bank Branching Out
- Metropolitan Commercial Bank Opening
- Metropolitan Commercial Bank Toy Drive