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 us 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.
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. We are 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 our 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. The Bank is also an active issuer of prepaid debit cards for an increasing number of third-party prepaid 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. Metropolitan Bank Holding Corp. does not revise or update these forward-looking statements to reflect events or changed circumstances.
Contact: Jadis Armbruster
SOURCE Metropolitan Commercial Bank