Metropolitan BancGroup Charters Approved

Memphis Journal

Metropolitan BancGroup Inc. has received approval of its Tennessee bank charter and completed its acquisition of a Mississippi bank holding company.

Metropolitan will begin operation with total assets of about $125 million and with $45 million of capital.

The acquisitions closed Feb. 28 for Mississippi and Feb. 29 for Tennessee, the company announced Monday.

The group acquired the charter and outstanding assets of Bancsouth Financial Corporation and its subsidiary, Bank of the South, previously based in Crystal Springs, Miss., and the Tennessee state bank charter from an unnamed organization.

Metropolitan will begin full-service operations in Mississippi and Tennessee in March.

In Memphis, the bank currently maintains a temporary location at Clark Tower, 5100 Poplar Avenue, Suite 2414. Its permanent office and Tennessee headquarters is being constructed at 1661 Aaron Brenner Drive in East Memphis. Metropolitan expects to occupy its new Memphis office in May.