NEW YORK, April 24, 2017 /PRNewswire/ -- Metropolitan Bank Holding Corp. (Company), parent of Metropolitan Commercial Bank, announces the successful close of $25 million capital raise through the issuance of Fixed-to-Floating Rate Subordinated Notes to institutional accredited investors. The debt offering was oversubscribed by $5 million. The Company intends to use the net proceeds from the debt offering for investment in Metropolitan Commercial Bank to support regulatory capital and loan growth, and for other general corporate purposes. This additional capital significantly 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.
"We are pleased to announce the completion of this debt offering that was finalized after the Kroll Bond Rating Agency assigned investment grade ratings to the Company's debt, specifically a senior unsecured debt rating of BBB, a subordinated debt rating of BBB-, and short-term debt rating of K3." said Mark R. DeFazio, the Company's President and Chief Executive Officer. "With strong management, a solid infrastructure and dedicated professional teams across our entire enterprise, we plan to use this additional capital to continue to execute our vision and expand our proven growth strategy," Mr. DeFazio continued.
The ratings assigned by Kroll Bond Rating Agency were supported by the strength of the Metropolitan Commercial Bank's asset quality, the expertise of its management team, its solid capital position and organic growth opportunities within its current structure.
Sandler O'Neill+ Partners, L.P. served as placement agent.
Luse Gorman, PC served as special legal counsel for the Company.
About Metropolitan Bank Holding Corp.
The Company is a New York City-based bank holding company and operates a New York State chartered commercial bank, Metropolitan Commercial Bank.
About Metropolitan Commercial Bank
Metropolitan Commercial Bank®, The Entrepreneurial Bank, is headquartered in New York City and operates full-service banking centers in Manhattan; Boro Park, Brooklyn; and Great Neck, Long Island. It is a community-focused bank that provides a broad range of business, commercial and personal banking products and services to small businesses, middle-market enterprises, public entities and affluent individuals. In addition to its tradition of relationship-driven, one-on-one personalized service, Metropolitan Commercial Bank offers multiple convenience delivery channels, including online banking, flexible mobile banking apps and no-fee access to over 1 million ATMs worldwide for our clients. Metropolitan Commercial Bank is also an active issuer of debit cards for an increasing number of third-party debit card programs. Metropolitan Commercial Bank is a New York State chartered commercial bank, an FDIC member and an equal opportunity lender.
This press release may contain forward-looking statements. Such forward-looking statements typically can be identified by the use of forward-looking terminology such as believes, expects, may, intends, will, should, anticipates, or the negative of any of the foregoing or other variations thereon or comparable terminology, or by discussion of strategy. Forward-looking statements are subject to certain risks and uncertainties such as local economic conditions, competitive factors, and regulatory limitations. Actual results may differ materially from those projected in the forward-looking statements. We caution readers not to place undue reliance on these forward-looking statements. They only reflect management's analysis as of this date. Such risks, uncertainties and other factors that could cause actual results and experience to differ from those projected include, but are not limited to, the following: the effects of new laws and regulations; ineffectiveness of the business strategy due to changes in current or future market conditions; the effects of economic deterioration on current customers; the effects of competition, and of changes in laws and regulations on competition, including industry consolidation and development of competing financial products and services; interest rate movements; difficulties in integrating distinct business operations, including information technology difficulties; disruption from the transaction making it more difficult to maintain relationships with customers and employees, and challenges in establishing and maintaining operations in new markets; and volatilities in the securities markets. The Company does not revise or update these forward-looking statements to reflect events or changed circumstances.
Contact: Kevin Wilkinson
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SOURCE Metropolitan Bank Holding Corp.