NEW YORK, Dec. 5, 2013 /PRNewswire/ -- Metropolitan National Bank, a New York City based commercial bank, announced today that its application to convert from a nationally chartered commercial bank to a New York state-chartered commercial bank, operating under the name Metropolitan Commercial Bank, was approved on November 8, 2013 by the New York State Department of Financial Services. In addition, the Bank's request for permission to maintain its ownership interest in CashZone Financial Services, Inc. has been granted.
"We anticipate the conversion to be completed on or before December 31, 2013, and rebranding efforts are already underway. From a customer perspective, the charter conversion should be transparent. The terms and conditions of our customers' deposit accounts and loans will not be affected by the change of charter," said Mark R. DeFazio, President and CEO of Metropolitan Commercial Bank.
Effective upon the conversion date, the New York State Department of Financial Services (NYSDFS) will serve as Metropolitan Commercial Bank's primary regulator, and the Federal Reserve Bank of New York (FRBNY) will serve as the Bank's primary federal regulator. The Bank will continue to be a member of the Federal Deposit Insurance Corporation (FDIC). Also effective upon the conversion date, Metropolitan Bank Holding Corp. will be regulated as a bank holding company by the FRBNY.
"Our Board of Directors has determined that the Bank's conversion to a New York state-chartered commercial bank will best position the Bank in continuing to execute our business strategy and to compete in the New York market," commented Mark R. DeFazio, President and CEO of Metropolitan Commercial Bank. "The conversion process with the NYSDFS has been seamless. The NYSDFS has shown great enthusiasm and they are truly in touch with the nuances and opportunities of our market. We look forward to benefiting from the insight and oversight of two locally focused regulators. This is an exciting new chapter for the Bank, our customers, depositors and the communities we serve because it is consistent with and promotes our community banking focus."
About Metropolitan Commercial Bank
Metropolitan Commercial Bank, previously known as Metropolitan National Bank, is headquartered in New York City, and a community-focused commercial bank offering a broad array of financial products delivered with high-quality, personal customer service. The Bank's positioning — Personal Service | Global Perspective — is not just its brand, but also its corporate focus. Metropolitan is continually building its long-term franchise while paying strict attention to asset quality and expense management. Metropolitan provides a full range of financial products to commercial and consumer customers including deposit, loan and cash management services.
For additional information, please visit www.MetropolitanBankNY.com.
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 and unanticipated expenses related to the charter conversion from a federal to a state charter; 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 Commercial Bank does not undertake any obligation to revise or update these forward-looking statements to reflect new events or changed circumstances.
SOURCE Metropolitan National Bank