Metropolitan Bank Shares Rebound on Liquidity Update
March 30 2023 - 5:43PM
Dow Jones News
By Sabela Ojea
Shares of Metropolitan Bank Holding Corp. on Thursday climbed
after the regional lender said it remains well capitalized after
seeing its stock price plunge during the regular U.S. trading
session.
Shares jumped 19% to $30.30 in after-hours trading after closing
down 28% to $9.66.
The bank's liquidity position remains strong, it said.
As of March 29, the bank's cash on deposit with the Federal
Reserve Bank of New York and readily accesible secured funding
capacity totaled $3.1 billion.
Its total core deposit verticals were $5.04 billion as of the
same date, representing 5.4% growth when compared with its position
as of the end of 2022, it added.
Additionally, the bank said its exit from the crypto vertical is
almost complete. Its crypto-related deposits, which currently
account for 4% of total deposits, are anticipated to be near zero
by the end of the second quarter.
Metropolitan Bank is the holding company for Metropolitan
Commercial Bank, which operates in New York City and Long
Island.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
March 30, 2023 17:28 ET (21:28 GMT)
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