Welcome to our dedicated page for Metropolitan Bank news (Ticker: MCB), a resource for investors and traders seeking the latest updates and insights on Metropolitan Bank stock.
Company Overview
Metropolitan Bank (MCB) is a New York state chartered bank known for its comprehensive range of commercial, business, and personal banking services. Based in New York City with full-service centers in Manhattan, Boro Park in Brooklyn, and Great Neck in Long Island, the bank excels in delivering relationship-driven, personalized financial solutions. With a focus on New York banking, digital transformation, and financial services, Metropolitan Bank consistently meets diverse customer needs while emphasizing convenience and flexibility.
Products and Services
The bank offers an extensive portfolio of services including traditional deposit products, cash management, trade finance, and a spectrum of lending products such as acquisition loans, construction loans, and lines of credit. It serves small businesses, middle-market enterprises, public entities, and affluent individuals. The bank also supports modern banking needs by providing multiple convenience channels such as online banking and flexible mobile banking apps, as well as no-fee access to a vast network of ATMs worldwide.
Digital Transformation and Lending Innovation
Metropolitan Bank is actively evolving through technology enhancements, exemplified by its adoption of advanced commercial lending platforms. The integration of digital initiatives supports efficient loan processing and streamlined operations, reflecting a commitment to modernizing core banking functions. This digital transformation enhances the bank's ability to deliver real-time, intuitive financial services while maintaining a high standard of customer experience.
Market Position and Competitive Landscape
Operating primarily in the New York metropolitan area, the bank holds a distinctive position by combining traditional, community-focused banking with innovative digital solutions. Its revenue is primarily derived from interest income across diversified lending products, backed by a spectrum of business and retail banking activities. The bank’s strategy includes personalized services, a robust array of financial products, and the strategic use of technology to optimize risk management and operational efficiency, setting it apart from competitors in the region.
Operational Excellence and Customer Focus
At its core, Metropolitan Bank emphasizes one-on-one, relationship-driven customer service. The bank’s commitment to quality financial solutions is reflected in its comprehensive offering, which includes specialized prepaid debit card programs and flexible commercial lending arrangements for various property types. As an FDIC member and equal opportunity lender, the bank remains dedicated to supporting both individual and institutional customers with tailored, high-caliber financial products and services.
Expertise and Industry Credentials
The bank’s expertise is demonstrated through its thoughtful integration of advanced technology in commercial lending and its broad suite of financial products. It leverages cutting-edge digital tools to facilitate end-to-end service delivery, improve transparency, and streamline processes, thereby reinforcing its commitment to efficiency and effective risk management. By maintaining strong regulatory credentials and industry partnerships, Metropolitan Bank continues to sustain its trusted position within the competitive financial services landscape.
Metropolitan Bank Holding Corp (NYSE: MCB) has announced a significant $50 million stock repurchase program authorized by its board of directors. The strategic initiative aims to demonstrate the company's commitment to delivering total return to investors and reflects confidence in its long-term growth trajectory.
President and CEO Mark R. DeFazio emphasized the strength of the company's balance sheet and the team's energy and focus in early 2023. The repurchase program will be executed through open market purchases or other means, partially under a Rule 10b5-1 plan, in compliance with securities laws.
The program has no expiration date and can be discontinued at any time. The timing and number of shares to be repurchased will depend on various factors including market conditions, share price, and regulatory requirements.
Metropolitan Bank Holding Corp. (NYSE: MCB) reported strong Q4 2024 results with net income of $21.4 million, or $1.88 per diluted share, compared to $12.3 million ($1.08/share) in Q3 2024 and $14.6 million ($1.28/share) in Q4 2023.
Key highlights include: Net interest margin increased to 3.66% in Q4 2024, up from 3.62% in Q3 2024; Total loans reached $6.0 billion, up 7.3% year-over-year; Total deposits also hit $6.0 billion, increasing 4.3% from December 2023. The bank successfully completed its BaaS business wind down, maintaining stable asset quality with non-performing loans ratio at 0.54%.
The company maintains strong liquidity with $2.9 billion in cash and available secured funding capacity, representing 192% of estimated uninsured deposits. Both the Company and Bank remain 'well capitalized' with total risk-based capital ratios of 13.3% and 13.0% respectively.
Metropolitan Bank Holding Corp (NYSE: MCB) has announced it will release its fourth quarter and full year 2024 financial results after market close on Thursday, January 23, 2025. The company will host a conference call to discuss the results on Friday, January 24, 2025, at 9:00 a.m. ET.
The bank has received several notable recognitions: named one of Newsweek's Best Regional Banks and Credit Unions 2025, ranked among top ten successful loan producers by ICBA for 2024, received a BBB+ investment grade deposit rating from Kroll on January 25, 2024, and earned a place in the Piper Sandler Bank Sm-All Stars Class of 2024 for the fourth time.
Metropolitan Commercial Bank (MCB) has been recognized as one of America's Best Regional Banks and Credit Unions 2025 by Newsweek and Plant-A Insights Group. This marks the second consecutive year MCB has received this honor. The recognition was based on a comprehensive study analyzing over 9,000 institutions, including more than 70,000 customer surveys and millions of social media reviews.
Mark R. DeFazio, Founder, President and CEO of MCB, emphasized that this award reflects the bank's commitment to financial excellence and strategic business development. The recognition highlights MCB's role in supporting local businesses and providing innovative banking solutions to meet client needs.
Metropolitan Bank Holding Corp. (NYSE: MCB) reported strong Q3 2024 results with increased net interest margin and deposit growth. Key highlights include:
- Net interest margin rose to 3.62%, up 18 basis points from Q2 2024
- Total loans increased to $5.9 billion, up $58.2 million from Q2 2024
- Total deposits grew to $6.3 billion, up $100.2 million from Q2 2024
- Diluted EPS of $1.08, compared to $1.50 in Q2 2024
- Non-performing loans ratio stable at 0.53%
The quarter included $12.6 million in pre-tax expenses related to regulatory reserves and digital transformation initiatives. The bank maintains strong liquidity with $3.1 billion in cash and available funding, covering 212% of uninsured deposits.
Metropolitan Bank Holding Corp. (NYSE: MCB) has announced its schedule for releasing third quarter 2024 financial results. The company will release its Q3 2024 earnings after market close on Thursday, October 17, 2024, followed by a conference call at 9:00 a.m. ET on Friday, October 18, 2024. Investors can access the call via telephone or live webcast, with replay options available.
Metropolitan Commercial Bank, the company's subsidiary, has received several accolades, including being named one of Newsweek's Best Regional Banks and Credit Unions 2024 and ranking among the top ten successful loan producers for 2024 by the Independent Community Bankers of America. The bank also maintained its BBB+ investment grade deposit rating from Kroll and earned a spot in the Piper Sandler Bank Sm-All Stars Class of 2024.
Metropolitan Bank Holding Corp. (NYSE: MCB) has been recognized as a member of Piper Sandler's Sm-All Stars Class of 2024. This prestigious award highlights the bank's commitment to excellence and innovation. The list includes 30 companies that outperformed the industry across various metrics, including growth, profitability, credit, and capital.
To qualify for Sm-All Star status, companies needed a market cap below $2.5 billion and had to excel in areas such as EPS growth, loan growth, deposit growth, and ROAE. Additionally, they were required to report an NPA ratio below 0.75%, an NCO ratio under 25 bps over the last twelve months, and a TCE ratio at or above 7.0% as of June 30, 2024.
Mark R. DeFazio, Founder, President, and CEO of Metropolitan Commercial Bank, expressed pride in this recognition, stating it reaffirms their commitment to leading the industry with innovative banking solutions of the highest standards.
Metropolitan Commercial Bank (MCB) has launched a new and improved website at MCBankNY.com, focusing on enhancing user experience and accessibility for its clients and partners. The redesigned site features:
- Enhanced navigation with improved menu structures and user-friendly search capabilities
- Mobile optimization for smartphones and tablets
- Enhanced security measures and latest web browsing technologies
- A Resource Center with financial insights, articles, and tools
- Improved contact options for timely client support
The new website aims to provide seamless and convenient banking while maintaining MCB's commitment to personalized service, information security, and innovation.
Metropolitan Commercial Bank (NYSE: MCB) celebrated its 25th anniversary by ringing the Opening Bell at the New York Stock Exchange. This event marks a significant milestone in the bank's journey from a community bank to a diversified commercial bank with a national presence.
Founder, President, and CEO Mark R. DeFazio had the honor of ringing the bell, emphasizing the bank's commitment to innovation, growth, and client service. The ceremony was attended by MCB board members, staff, and their families, highlighting the bank's strong community ties.
As MCB looks to the future, it remains focused on its core principles while embracing new opportunities. The bank is poised for continued growth and success, aiming to further solidify its position as a leader in the commercial banking sector of the broader financial services industry.
Metropolitan Bank Holding Corp. (NYSE: MCB) reported strong Q2 2024 results with diluted earnings per share of $1.50, up 2.7% from Q1 2024. Key highlights include:
- Loans increased to $5.8 billion, up $119.7 million from Q1 2024
- Deposits at $6.2 billion, down $67.9 million from Q1 2024
- Net interest margin expanded to 3.44%, up 4 basis points from Q1 2024
- Return on average equity of 9.9%
- Non-performing loans declined to 0.53% from 0.91% in Q1 2024
The bank maintains strong liquidity with $3.4 billion in cash and available secured funding capacity, covering 228% of uninsured deposit balances. MCB remains well-capitalized with total risk-based capital ratios above regulatory minimums.
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