June 1, 2010
Metropolitan Bancgroup announces new Chairman Frank J. Cianciola; current Chairman Ben Madden continuing as Chairman Emeritus and Chief Deposit Officer
Metropolitan BancGroup, Inc. and its banking subsidiary, Metropolitan Bank announced today an important new player among its executive management. Chief Executive Officer, Curt Gabardi announced today that Chairman William B. Madden, who also serves as the Bank's Chief Deposit Officer, will assume the role of Chairman Emeritus. Frank J. Cianciola will assume the role of Chairman of the Board of Metropolitan BancGroup effective immediately.
As to the announcement, Mr. Madden said, "I look forward to working directly with Frank as we continue to exploit our talent driven strategy. This announcement today underscores our belief that relationships do matter in banking and that it begins and ends with extraordinary people like Frank. Frank's character, integrity and professional reputation represent all that is good about our bank and the clients we serve"
Mr. Cianciola, a 34-year veteran of the banking industry, has a broad range of experience having served in multiple leadership roles throughout his career. As a graduate of Christian Brothers High School and the University of Memphis, Cianciola entered the financial services industry with Union Planters Bank in 1973 and worked there in commercial lending, loan review, national and international accounts and financial advisory service capacities. From 1984 through 1992 he was employed with C&S Sovran Bank and served as Executive Vice President and Regional Credit Administrator. In these roles Mr. Cianciola participated on several corporate governance committees and served on the Board of Directors of the Memphis bank. In the mid 1990s he took advantage of an opportunity to move into private industry serving as Chief Financial Officer for a $60 million company in the aerospace service industry.
Mr. Cianciola returned to banking in 1995 as President and Chief Executive Officer of Victory Bank and Trust Company which was later sold to Deposit Guaranty/First American Bank. Prior to joining Metropolitan, Mr. Cianciola's last banking position was as Chairman of Renasant Bank in Tennessee where he was employed until June of 2009.
Curt Gabardi, CEO, says of new Chairman Cianciola, "The Metropolitan story only grows more exciting with team additions like Frank Cianciola. From the very moment we founded our bank, we stated that our banking strategy would be about the people which is confirmed today with Frank's place on our team. We have an extraordinarily talented group of experienced bankers throughout our footprint that Frank will support with and through his vast experience, knowledge and community relationships. For us, Frank represents a strategic addition to our team that will greatly enhance shareholder value now and over time. This is an exciting next step in the life of Metropolitan".
Mr. Cianciola draws upon his considerable experience in the banking industry and offers the following, "Consolidation in the banking industry has never been more inevitable. Local banks with strong talent, clean loan portfolios and the ability to raise capital - exclusive of TARP funds - will continue to take market share from weaker institutions both large and small. It requires a great deal of talent to develop small to medium size business relationships and I believe that better talent will move to growing, innovative and client-oriented banks. I believe that there will be one or two local banks that will be the clear winners and consolidators in this environment, and I believe Metropolitan will be one of them."
Speaking of his longtime association with CEO Gabardi, Mr. Cianciola continues, "I have known Curt since his senior year at Ole Miss after which he joined me at Commerce Union Bank. I have worked with a number of future bank presidents and CEOs over the years and known many others. Curt is the most talented and capable of the lot. He is a natural leader who has surrounded himself with a strong group of bankers in both Tennessee and Mississippi."
Further addressing his excitement with his new role, Mr. Cianciola states, "The prospect of working with Curt, Ben Madden and the rest of the staff is exciting and further enhances the opportunity of the group to benefit during this period of consolidation. I look forward to our renewed working relationship."
At April 30, 2010, Metropolitan Bank, with five offices in the metropolitan markets of Memphis, Tennessee and Jackson, Mississippi, reported total assets of $421 million and total deposits of $327 million as compared to total assets of $296 million and total deposits of $205 million at April 30, 2009. The Memphis bank represents approximately $211 million of the current deposit base.
Phillip May, President of Metropolitan Bank in Tennessee, asserted the positive step forward of Mr. Cianciola's involvement in the following statement, "Metropolitan has enjoyed enormous success since we began just over two years ago and the addition of Frank to the team is a continuation of our commitment to build Metropolitan around great people. Given Frank's tremendous experience within the banking industry and his reach within our community, his presence will make a profound impact on the further success of Metropolitan".
Some of the statements in this press release, including, without limitation, statements regarding Metropolitan's business strategy and anticipated growth plans are "forward-looking statements" within the meaning of the federal securities laws. In addition, when we use words like "anticipate," "believe," "intend," "expect," "estimate," "could," "should," "plan," "will," and similar expressions, you should consider them as identifying forward-looking statements, although we may use other phrasing. These forward-looking statements involve risks and uncertainties and are based on our current beliefs and assumptions. Factors that may cause actual results to differ materially from those expressed or implied by such forward-looking statements include, among others, the following possibilities: (1) competitive pressures among depository and other financial institutions may increase significantly; (2) general economic conditions may be less favorable than expected (both generally and in our markets), resulting in, among other things, a deterioration in credit quality and/or a reduction in demand for credit; (3) costs or difficulties related to the integration of our acquisitions may be greater than expected; (4) competitors may have greater financial resources and develop products that enable such competitors to compete more successfully than us; and (5) adverse changes may occur in the capital markets. Many of these factors are beyond our ability to control or predict, and readers are cautioned not to put undue reliance on such forward-looking statements. We disclaim any obligation to update or revise any forward-looking statements contained in this release.
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President | CEO
Metropolitan BancGroup, Inc.
President - Tennessee
Metropolitan BancGroup, Inc.
Chief Operating Officer
Metropolitan BancGroup, Inc.