RIDGELAND — Metropolitan BancGroup Inc. and its banking subsidiary, Metropolitan Bank, has successfully completed a rights offering yielding new capital of $10.8 million.
With assets of approximately $450 million, Metropolitan reported strong, positive earnings growth for the first six months of 2010 and is operating ahead of its profitability projections for the 28-month old private client and commercial bank.
Management chose to raise equity at this time “to build on already strong capital ratios with an eye toward higher lending limits, the ability to approach organic growth possibilities more easily,and to prepare for any strategic opportunities that may become available. The safe and prudent deployment of this new capital and a focus on maximum shareholder return will drive the ultimate use of the new equity.”
CEO and president Curt Gabardi said, “As we continue to significantly leverage our talented team of bankers and safely deploy capital to businesses and discerning individuals that depend on us, Metropolitan looks forward to putting this new capital to work with confidence and optimism about the future of the communities we serve.”
It is expected that as of July 31 total capital levels will increase by 160 basis points (bps) to 12%, Tier 1 capital will rise 180 bps to 11 percent and risk-based capital is projected to increase 240 bps to 15.6 percent.