May 14, 2008
Metropolitan BancGroup announces successful completion of private offering and commencement of operations as Metropolitan Bank
RIDGELAND, MISSISSIPPI, May 14, 2008 – Metropolitan BancGroup, Inc. ("Metropolitan"), a multi-state bank holding company, announced today that it has successfully completed a private offering of its common stock with total subscriptions of approximately $40,500,000. Further, Metropolitan BancGroup announces commencement of its operations in Tennessee and Mississippi as Metropolitan Bank.
The offering of common stock, when combined with the existing capital base of previously-acquired Bank of the South, provides a total capitalization for Metropolitan Bank of approximately $45,000,000 as of May 12, 2008. Metropolitan previously announced its successful acquisition of Bancsouth Financial Corporation and its subsidiary, Bank of the South, which was previously headquartered in Crystal Springs, Mississippi, in addition to its acquisition of a Tennessee state bank charter. The acquisitions were closed on February 28th and February 29th, respectively. Metropolitan now has the ability to operate full-service offices in Tennessee and Mississippi. As of May 12th, Metropolitan had total assets of approximately $137,000,000 and total deposits of approximately $91,300,000. Curt Gabardi, President and Chief Executive Officer of Metropolitan, said of the successful capital raise, "It is very gratifying to receive this level of investment support for our banking team and for our niche strategy, which begins and ends with a talented group of bankers. While many financial institutions in need of capital have been challenged to attract new investments, the Metropolitan story was compelling in distinguishing itself through a strong team of banking professionals. This is our stake in the ground which is consistent with the original vision for our new bank and is already demonstrating solid growth potential."
Metropolitan will begin full-service operations in its Mississippi and Tennessee locations in June 2008. The bank’s construction of its Tennessee headquarters is nearing completion at 1661 Aaron Brenner Drive in east Memphis. In addition to an existing Bank of the South location in Flowood which will soon be rebranded Metropolitan, the company plans to open its Mississippi headquarters at 201 Northlake Avenue in The Township in Ridgeland, also in June. In late May, the bank will initiate mobile branch service in both the metropolitan Memphis and metropolitan Jackson markets through the use of two Metropolitan-branded vehicles. The vehicles are licensed branches in each state and will make available, at the client’s location, a full line of products and services typically offered in a traditional branch setting.