NEW YORK CITY–( BUSINESS WIRE)– Metropolitan Bank Holding Corp. (the “Company”) (NYSE: MCB), the holding business for Metropolitan Commercial Bank, today revealed that it will completely leave the crypto-asset associated vertical. This choice follows a mindful evaluation by the Board of Directors and management and shows current advancements in the crypto-asset market, product modifications in the regulative environment concerning banks’ participation in crypto-asset associated businesses, and a tactical evaluation of the business case for MCB’s additional participation at this time.
The Business anticipates very little monetary effect from the exit of this vertical. MCB presently has 4 active institutional crypto-asset associated customers that in the aggregate presently represent roughly 1.5% of overall profits and 6% of overall deposits. MCB’s relationships with these customers are restricted to offering debit card, payment and account services. The Business has no loans exceptional to any of these customers, does not hold crypto-assets on its balance sheet and does not market or offer crypto-assets to its clients. MCB has actually begun the procedure of liquidating its relationships with these customers in an organized style and anticipates that procedure to be finished throughout 2023. This decision will not impact clients’ existing capability to send out funds to, or get funds from, crypto-asset business they pick to do business with, or MCB’s service to clients that do not have crypto-asset associated activity as a primary line ofbusiness
“Today’s announcement of our exit from the crypto-currency related asset vertical represents the culmination of a process that began in 2017, when we decided to pivot away from crypto and not grow the business,” stated Mark R. DeFazio, President and CEO of MCB. “Crypto-related clients, assets and deposits have never represented a material portion of the Company’s business and have never exposed the Company to material financial risks. We remain focused on growing our core business and delivering superior value for all of our stakeholders through high-touch, relationship-driven banking, supported by financial discipline and sound risk management.”
About Metropolitan Bank Holding Corp.
Metropolitan Bank Holding Corp. (NYSE: MCB) is the moms and dad business of Metropolitan Commercial Bank (the “Bank”). The Bank is a New york city City based business bank that supplies a broad series of business, business and individual banking product or services to little, middle-market, business business, towns, and upscale people. The Bank’s Worldwide Payments group is a recognized leader in BaaS (Banking-as-a-Service) to numerous domestic and global fintech, payments and money servicesbusinesses The Bank runs banking centers in New york city City and on Long Island in New York City State, and is ranked as one of the 100 Fastest-Growing Business by Fortune, Top 50 Neighborhood Banks by S&P, Top 20 Industrial Lenders by ICBA for banks with a property size of more than $1 billion, and belongs to the Piper Sandler Sm-All Stars Class of 2022. The Bank is a New york city State chartered business bank, a member of the Federal Reserve System and the Federal Deposit Insurance Coverage Corporation, and an equivalent real estate lending institution. For more details, please go to MCBankNY.com
Forward Looking Declaration Disclaimer
This release includes “forward-looking statements” within the significance of the Personal Securities Lawsuits Reform Act of 1995. Examples of positive declarations consist of however are not restricted to the Business’s future monetary condition and capital ratios, outcomes of operations and the Business’s outlook andbusiness Positive declarations are not historic realities. Such declarations might be recognized by the usage of such words as “may,” “believe,” “expect,” “anticipate,” “plan,” “continue” or comparable terms. These declarations connect to future occasions or our future monetary efficiency and include dangers and unpredictabilities that might trigger our real outcomes, levels of activity, efficiency or accomplishments to vary materially from those revealed or indicated by these positive declarations. We think that the expectations shown in the positive declarations are affordable, we warn you not to position unnecessary dependence on these positive declarations. Elements which might trigger our positive declarations to be materially unreliable consist of, however are not restricted to the continuing effect of the COVID-19 pandemic on our business and outcomes of operation, an unforeseen degeneration in our loan or securities portfolios, unforeseen boosts in our expenditures, various than awaited development and our capability to handle our development, unexpected regulative action or modifications in policies, unforeseen modifications in rate of interest, inflation, an unexpected decline in deposits, an unexpected loss of crucial workers or existing clients, competitors from other organizations leading to unexpected modifications in our loan or deposit rates, an unforeseen negative monetary, regulative or personal bankruptcy occasion experienced by our fintech partners, unexpected boosts in FDIC expenses, modifications in policies, legislation or tax or accounting guidelines, the present or awaited effect of military dispute, terrorism or other geopolitical occasions and unexpected negative modifications in our clients’ financial conditions or basic financial conditions, in addition to those talked about under the heading “Risk Factors” in our Yearly Report on Type 10-K and Quarterly Reports on Type 10-Q.
Positive declarations speak just since the date of this release. We do not carry out any responsibility to upgrade or modify any positive declaration.
