Company: Metropolitan Bank Holding Corp.
Symbol: MCB
Description: They are a bank holding company headquartered in New York, New York and registered under the Bank Holding Company Act of 1956, as amended (the BHC Act).
Shares: 3.1 million
Price Range: $31.00-$34.00
Trade Date: 11/8
Underwriter(s): J.P. Morgan, Keefe Bruyette & Woods
Co-Manager: Piper Jaffray
Business: They are focused on organically growing and expanding our position in the New York metropolitan area. Through their experienced team of commercial relationship managers and our integrated, client-centric approach, we have successfully demonstrated our ability to consistently grow market share by deepening existing client relationships and continually expanding our client base through referrals.
FINANCIALS: They have grown their diversified loan portfolio at a 31% CAGR since 2013, with the majority of growth sourced from our Commercial Real Estate (“CRE”) and Commercial and Industrial (“C&I”) portfolios. Since initiating their transition to a core-funded institution with the opening of our first banking center in 2005, they have maintained a goal of converting many of their commercial lending clients into full retail relationship banking clients. This focus has enabled MCB to complement their strong loan growth with a deposit CAGR of 33% since 2013, which compares very favorably to the 9% deposit CAGR achieved by banks in the same local markets in which they operate. This deposit growth has been fueled primarily by low cost core deposits (deposits, excluding certificates of deposit), which now represent approximately 94.4% of total deposits as of June 30, 2017. Metropolitan Bank deposits are primarily derived from three sources: their existing lending relationships, non-borrowing clients that are usually sourced through their banking centers and their debit card issuing business. This diversified approach provides them with a low cost core deposit base that is more than 50% non-interest bearing and has a total cost of deposits of 0.50% as of June 30, 2017. Given the size of the market in which MCB operate and their differentiated approach to client service, they believe there is significant opportunity to continue their loan and deposit growth trajectory.
Financial IPOs in 2017
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