0
Message :
32% Annual Increase in Deposits
10% Annual Increase in Earnings
US Metro Bancorp (OTC Pink: USMT), Mr. Dong Il Kim, President and CEO, announced US Metro Bancorp and US Metro Bank’s financial results for the first quarter 2020, reporting year over year loan growth of $133.3 million or 47%. Deposits grew $124.9 million or 32% over the first quarter last year. The opening of the Bank’s Torrance Branch in December 2019 accounted for $40.8 million of the total deposit growth. The 47% loan growth from a year earlier helped the Net Interest Income increase $0.9 million or 23% for the first quarter compared to the first quarter a year earlier. SBA premium income recorded a decrease from the same first quarter of last year decreasing to $465 thousand from $572 thousand recorded in the first quarter of 2019. Net income of $1,025,000 for the three months ending March 31, 2020 compares to $931,000 reported for the same three months in 2019, a year over year increase of $94 thousand or 10%. Earnings per share (EPS) of $0.06 per share on 16,230,000 shares for the quarter ended March 31, 2020 compares to EPS of $0.06 per share on 16,230,000 shares for the same time period in 2019. As of January 2, 2020, US Metro Bancorp, a small bank holding company (BHC), was formed making US Metro Bank its lone subsidiary. On March 31, 2020 a $10 million sub-debt offering was closed and $9 million of the proceeds were downstreamed into capital in the Bank, increasing the Bank’s Tier One Leverage Ratio to 11.65%. US Metro Bank’s 16,230,000 outstanding common shares were exchanged on a one for one basis into US Metro Bancorp. As of March 31, 2020 US Metro Bancorp had $59,013,000 in equity on its balance sheet for $3.64 Book Value per Share. The Bank reported total assets of $588.8 million as of March 31, 2020, representing a 30.6% increase compared to the reporting period ending March 31, 2019 and a 8.6% increase over the fourth quarter 2019. In 2017 the Bank opened a branch office on April 3, 2017 on Wilshire Boulevard in Koreatown, Los Angeles and a new branch in downtown Los Angeles’ Fashion District on November 1, 2017. On December 5, 2018 a fifth branch was opened in Buena Park (Fullerton Branch), California. On December 20, 2019 a sixth branch was opened in Torrance, California. As of March 31, 2020 the Wilshire branch recorded a total deposit base of $85.3 million including $15.6 million in non-interest bearing deposits. The Fashion District Branch had $82.7 million in total deposits at March 31, 2020 including $24.7 million in non-interest bearing deposits. The Fullerton Branch recorded a deposit base of $99.6 million with $12.7 million in non-interest bearing deposits at March 31, 2020 and the new Torrance Branch had $40.8 million in deposits at March 31, 2020 including $12.6 million in non-interest bearing deposits. Total Bank deposits ended the first quarter of 2020 at $513.7 million, a 32% increase from $388.8 million at March 31, 2019 and compares to $477.2 million at December 31, 2019, a 7.7% increase. SBA loan originations for the quarter ending March 31, 2020 were $9.1 million compared to $18.3 million for the fourth quarter in 2019. The Bank sold $5.9 million in SBA loans for a gain of $0.4 million for the quarter ended March 31, 2020 compared to $9.0 million in SBA loan sales and a gain of $0.5 million for the quarter ended March 31, 2019. Due to the COVID-19 Pandemic and the uncertainty of current economic climate, the Bank closed three of its four SBA Loan Production Offices on April 15, 2020. The Dallas LPO remains open. Loan quality remains good with non-performing assets as a percent of total assets of 0.16% compared to 0.11% as of March 31, 2019. The Bank had no Other Real Estate Owned at March 31, 2020. Allowance for loan and lease losses (ALLL) to gross loans has decreased slightly from 1.42% as of March 31, 2019 to 1.35% as of March 31, 2020. The reason for the decrease is a 47% annual growth in loans from March 31, 2019. However, the ALLL of 1.35% at March 31, 2020 has increased from 1.32% at December 31, 2109 as a result of booking $450 thousand of provision expense during the first quarter 2020. “The Board of Directors is pleased with the continued growth and profitability of the Bank during the first quarter of 2020. However, beginning with the interest rate decreases seen mid-March, earnings on liquid investments have decreased substantially. As the Board assesses the impact to the Bank from the COVID-19 pandemic, Management is proactively preparing for substantially reduced earnings in the foreseeable future. USMB is expecting to fund approximately $70 million in PPL loans and has already started working on loan modifications for our borrowers. We have implemented the Bank’s Pandemic Contingency Plan with staff working remotely if possible and practicing social distancing through telecommunication meetings and rotating staff through shelter at home practices. Capital and Liquidity remain strong and USMB is well positioned to manage through the Pandemic.”
US Metro Bank is a California chartered, full service commercial nonmember bank headquartered in Garden Grove, California with six branch offices in California - Garden Grove, Anaheim, Buena Park (Fullerton Branch), Koreatown/Los Angeles, Fashion District/Los Angeles, Torrance and with one remaining loan production office in Dallas. The Bank opened for business on September 15, 2006, and offers deposit and loan products (including commercial real estate, commercial and industrial and SBA loans), as well as related banking services to its targeted client base of executives, professionals, and small to medium-sized businesses, generally in the Southern California area. This release contains forward-looking statements, including our expectations with respect to future events that are subject to various risks and uncertainties. Factors that could cause actual results to differ materially from management's projections, forecasts, estimates and expectations include: fluctuation in market rates of interest and loan and deposit pricing, adverse changes in the overall national economy as well as adverse economic conditions in our specific market areas, maintenance and development of well-established and valued client relationships and referral source relationships, and acquisition or loss of key production personnel. Other risks that can affect the Bank are detailed from time to time in our annual reports. We caution readers that the list of factors above is not exclusive. The forward-looking statements are made as of the date of this release, and we may not undertake steps to update the forward-looking statements to reflect the impact of any circumstances or events that arise after the date the forward-looking statements are made. In addition, our past results of operations are not necessarily indicative of future performance. US METRO BANK (only)

US Metro Bancorp : Announces First Quarter 2020 Financial Results

Janney Montgomery Scott, LLC served as sole placement agent for the private offering, and Sheppard Mullin, Richter, & Hampton LLP served as the Company’s legal counsel. Godfrey & Kahn SC provided legal counsel to the placement agent in connection with the offering. US Metro Bancorp (OTC Pink: USMT), the holding company for US Metro Bank,
announced that it has completed a private placement of $10 million in aggregate principal amount of subordinated notes to certain qualified institutional and other accredited investors. The Company intends to use the net proceeds of the notes offering to support organic growth, to fund future acquisitions and for general corporate purposes, including investments in its banking subsidiary. The notes will initially bear interest at a rate of 5.25% per annum from and including March 31, 2020, to but excluding March 31, 2025, with interest during this period payable semi-annually in arrears. From and including March 31, 2025 to but excluding the maturity date or earlier redemption date, the interest rate will reset quarterly to an annual floating rate equal to the three-month LIBOR, or an alternative rate determined in accordance with the terms of the notes if the three-month LIBOR cannot be determined, plus 4.68%, with interest during this period payable quarterly in arrears. US Metro may redeem the notes, in whole or in part, on or after March 31, 2025 or, in whole but not in part, under certain limited circumstances set forth in the notes. The notes are not subject to redemption at the option of the holders. The notes are structured to qualify as tier 2 capital for regulatory capital purposes. US Metro Bancorp is the bank holding company for US Metro Bank, a California chartered, full service commercial nonmember bank headquartered in Garden Grove, California with six branch offices in California – Garden Grove, Anaheim, Buena Park (Fullerton Branch), Koreatown/Los Angeles, Fashion District/Los Angeles, Torrance and loan production offices in Dallas, Seattle, New York City and Atlanta. The Sheppard Mullin team included partners David Gershon (Picture) and Jordan Hamburger.

Us Metro Bancorp’s $10 Million Private Placement

0
Message :
*Required fields
US Metro Bancorp (OTC Pink: USMT) (the “Company”), the holding company for US Metro Bank, today announced that it has completed a private placement of $10 million in aggregate principal amount of subordinated notes to certain qualified institutional and other accredited investors. The Company intends to use the net proceeds of the notes offering to support organic growth, to fund future acquisitions and for general corporate purposes, including investments in its banking subsidiary. The notes will initially bear interest at a rate of 5.25% per annum from and including March 31, 2020, to but excluding March 31, 2025, with interest during this period payable semi-annually in arrears. From and including March 31, 2025 to but excluding the maturity date or earlier redemption date, the interest rate will reset quarterly to an annual floating rate equal to the three-month LIBOR, or an alternative rate determined in accordance with the terms of the notes if the three-month LIBOR cannot be determined, plus 4.68%, with interest during this period payable quarterly in arrears. US Metro may redeem the notes, in whole or in part, on or after March 31, 2025 or, in whole but not in part, under certain limited circumstances set forth in the notes. The notes are not subject to redemption at the option of the holders. The notes are structured to qualify as tier 2 capital for regulatory capital purposes. Janney Montgomery Scott, LLC served as sole placement agent for the private offering, and Sheppard Mullin, Richter, & Hampton LLP served as the Company’s legal counsel. Godfrey & Kahn SC provided legal counsel to the placement agent in connection with the offering. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities. The notes offered and sold in the private placement have not been registered under the Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States absent registration, or an applicable exemption from registration under the Securities Act and applicable state securities laws. About US Metro Bancorp
US Metro Bancorp is the bank holding company for US Metro Bank, a California chartered, full service commercial nonmember bank headquartered in Garden Grove, California with six branch offices in California - Garden Grove, Anaheim, Buena Park (Fullerton Branch), Koreatown/Los Angeles, Fashion District/Los Angeles, Torrance and loan production offices in Dallas, Seattle, New York City and Atlanta. The Bank opened for business on September 15, 2006, and offers deposit and loan products (including commercial real estate, commercial and industrial and SBA loans), as well as related banking services to its targeted client base of executives, professionals, and small to medium-sized businesses, generally in the Southern California area. To learn more about the Company and its subsidiary bank, please visit our website at www.usmetrobank.com
Forward-Looking Statements
This release may contain forward-looking statements, including our expectations with respect to future events that are subject to various risks and uncertainties. Factors that could cause actual results to differ materially from management's projections, forecasts, estimates and expectations include: fluctuation in market rates of interest and loan and deposit pricing, adverse changes in the overall national economy as well as adverse economic conditions in our specific market areas, maintenance and development of well-established and valued client relationships and referral source relationships, and acquisition or loss of key production personnel. We caution readers that the list of factors above is not exclusive. The forward-looking statements are made as of the date of this release, and we may not undertake steps to update the forward-looking statements to reflect the impact of any circumstances or events that arise after the date the forward-looking statements are made. In addition, our past results of operations are not necessarily indicative of future performance. View source version on businesswire.com: https://www.businesswire.com/news/home/20200331005912/en/
© Business Wire 2020

US Metro Bancorp : Announces Subordinated Notes Offering

March 31, 2020 09:26 PM Eastern Daylight Time
GARDEN GROVE, Calif.--( BUSINESS WIRE )--US Metro Bancorp (OTC Pink: USMT) (the “Company”), the holding company for US Metro Bank, today announced that it has completed a private placement of $10 million in aggregate principal amount of subordinated notes to certain qualified institutional and other accredited investors. The Company intends to use the net proceeds of the notes offering to support organic growth, to fund future acquisitions and for general corporate purposes, including investments in its banking subsidiary. The notes will initially bear interest at a rate of 5.25% per annum from and including March 31, 2020, to but excluding March 31, 2025, with interest during this period payable semi-annually in arrears. From and including March 31, 2025 to but excluding the maturity date or earlier redemption date, the interest rate will reset quarterly to an annual floating rate equal to the three-month LIBOR, or an alternative rate determined in accordance with the terms of the notes if the three-month LIBOR cannot be determined, plus 4.68%, with interest during this period payable quarterly in arrears. US Metro may redeem the notes, in whole or in part, on or after March 31, 2025 or, in whole but not in part, under certain limited circumstances set forth in the notes. The notes are not subject to redemption at the option of the holders. The notes are structured to qualify as tier 2 capital for regulatory capital purposes. Janney Montgomery Scott, LLC served as sole placement agent for the private offering, and Sheppard Mullin, Richter, & Hampton LLP served as the Company’s legal counsel. Godfrey & Kahn SC provided legal counsel to the placement agent in connection with the offering. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities. The notes offered and sold in the private placement have not been registered under the Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States absent registration, or an applicable exemption from registration under the Securities Act and applicable state securities laws. About US Metro Bancorp
US Metro Bancorp is the bank holding company for US Metro Bank, a California chartered, full service commercial nonmember bank headquartered in Garden Grove, California with six branch offices in California - Garden Grove, Anaheim, Buena Park (Fullerton Branch), Koreatown/Los Angeles, Fashion District/Los Angeles, Torrance and loan production offices in Dallas, Seattle, New York City and Atlanta. The Bank opened for business on September 15, 2006, and offers deposit and loan products (including commercial real estate, commercial and industrial and SBA loans), as well as related banking services to its targeted client base of executives, professionals, and small to medium-sized businesses, generally in the Southern California area. To learn more about the Company and its subsidiary bank, please visit our website at www.usmetrobank.com
Forward-Looking Statements
This release may contain forward-looking statements, including our expectations with respect to future events that are subject to various risks and uncertainties. Factors that could cause actual results to differ materially from management's projections, forecasts, estimates and expectations include: fluctuation in market rates of interest and loan and deposit pricing, adverse changes in the overall national economy as well as adverse economic conditions in our specific market areas, maintenance and development of well-established and valued client relationships and referral source relationships, and acquisition or loss of key production personnel. We caution readers that the list of factors above is not exclusive. The forward-looking statements are made as of the date of this release, and we may not undertake steps to update the forward-looking statements to reflect the impact of any circumstances or events that arise after the date the forward-looking statements are made. In addition, our past results of operations are not necessarily indicative of future performance.

US Metro Bancorp Announces Subordinated Notes Offering

Publié le
GARDEN GROVE, Calif.–(BUSINESS WIRE)–US Metro Bancorp (OTC Pink: USMT) (the “Company”), the holding company for US Metro Bank, today announced that it has completed a private placement of $10 million in aggregate principal amount of subordinated notes to certain qualified institutional and other accredited investors. The Company intends to use the net proceeds of the notes offering to support organic growth, to fund future acquisitions and for general corporate purposes, including investments in its banking subsidiary. The notes will initially bear interest at a rate of 5.25% per annum from and including March 31, 2020, to but excluding March 31, 2025, with interest during this period payable semi-annually in arrears. From and including March 31, 2025 to but excluding the maturity date or earlier redemption date, the interest rate will reset quarterly to an annual floating rate equal to the three-month LIBOR, or an alternative rate determined in accordance with the terms of the notes if the three-month LIBOR cannot be determined, plus 4.68%, with interest during this period payable quarterly in arrears. US Metro may redeem the notes, in whole or in part, on or after March 31, 2025 or, in whole but not in part, under certain limited circumstances set forth in the notes. The notes are not subject to redemption at the option of the holders. The notes are structured to qualify as tier 2 capital for regulatory capital purposes. Janney Montgomery Scott, LLC served as sole placement agent for the private offering, and Sheppard Mullin, Richter, & Hampton LLP served as the Company’s legal counsel. Godfrey & Kahn SC provided legal counsel to the placement agent in connection with the offering. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities. The notes offered and sold in the private placement have not been registered under the Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States absent registration, or an applicable exemption from registration under the Securities Act and applicable state securities laws. About US Metro Bancorp
US Metro Bancorp is the bank holding company for US Metro Bank, a California chartered, full service commercial nonmember bank headquartered in Garden Grove, California with six branch offices in California – Garden Grove, Anaheim, Buena Park (Fullerton Branch), Koreatown/Los Angeles, Fashion District/Los Angeles, Torrance and loan production offices in Dallas, Seattle, New York City and Atlanta. The Bank opened for business on September 15, 2006, and offers deposit and loan products (including commercial real estate, commercial and industrial and SBA loans), as well as related banking services to its targeted client base of executives, professionals, and small to medium-sized businesses, generally in the Southern California area. To learn more about the Company and its subsidiary bank, please visit our website at www.usmetrobank.com
Forward-Looking Statements
This release may contain forward-looking statements, including our expectations with respect to future events that are subject to various risks and uncertainties. Factors that could cause actual results to differ materially from management’s projections, forecasts, estimates and expectations include: fluctuation in market rates of interest and loan and deposit pricing, adverse changes in the overall national economy as well as adverse economic conditions in our specific market areas, maintenance and development of well-established and valued client relationships and referral source relationships, and acquisition or loss of key production personnel. We caution readers that the list of factors above is not exclusive. The forward-looking statements are made as of the date of this release, and we may not undertake steps to update the forward-looking statements to reflect the impact of any circumstances or events that arise after the date the forward-looking statements are made. In addition, our past results of operations are not necessarily indicative of future performance. Contacts

Merger

Metro Bancorp operates as the bank holding company for Metro Bank that offers retail and commercial banking services for consumers, and small and mid-sized companies in PEnnsylvania.

Date	2/16/2016
Round	Merger
Amount
Investors	F.N.B.
Valuation
Revenue	0 FY undefined
Sources	1

First funding	2/16/2016
Last Funding	2/16/2016
Investor	F.N.B.
Rounds	1 Merger
Board Seats
Type	Holding Company
Location	Pennsylvania

Wells Fargo Success Story

3M Success Story

Platform Overview

Metro Bancorp

Investors Count

Metro Bancorp Funding, Metro Bancorp Valuation & Metro Bancorp Revenue

Metro Bancorp Investors

Discover the right solution for your team