Metropolitan Bank Holding Corp (MCB) Prices 2M Share Offering at $75/sh

September 16, 2021 5:38 AM EDT

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Metropolitan Bank Holding Corp. (NYSE: MCB) the holding company for Metropolitan Commercial Bank (the “Bank”), today announced the pricing of an underwritten public offering of 2,000,000 shares of its common stock at a price of $75.00 per share. The Company also granted the underwriters a 30-day option to purchase up to an additional 300,000 shares of common stock.

The aggregate gross proceeds of the offering will be approximately $150.0 million before discounts and expenses. Assuming full exercise by the underwriters of their option to purchase additional shares, the aggregate gross proceeds of the offering would be approximately $172.5 million before discounts and expenses. The Company plans to use the net proceeds from the offering for general corporate purposes, which may include funding the repayment or redemption of outstanding debt, share repurchases, investments in the Bank, as regulatory capital or otherwise, ongoing operations, interest and dividend payments and possible acquisitions of businesses or assets. The offering is expected to close on September 20, 2021, subject to customary closing conditions.

J.P. Morgan and Keefe, Bruyette & Woods, A Stifel Company, are acting as joint book-running managers.

Metropolitan Bank Holding Corp. has filed with the Securities and Exchange Commission (the “SEC”) a shelf registration statement (including a prospectus) on Form S-3 (File No. 333-254197) and a preliminary prospectus supplement for the offering to which this press release relates. Before you invest, you should read the preliminary prospectus supplement and the accompanying prospectus, including the information incorporated by reference therein, and the other documents we have filed and will file with the SEC for more complete information about the Company and this offering. The proposed offering is being made only by means of an effective shelf registration statement, including a preliminary prospectus supplement and final prospectus supplement, copies of which may be obtained, when available, for free by visiting EDGAR on the SEC website at www.sec.gov. Additionally, copies may be obtained from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by calling (866) 803-9204; or from Keefe, Bruyette & Woods, Inc., Attention: Equity Capital Markets, 787 Seventh Avenue, 4th Floor, New York, NY 10019 or by calling toll-free at (800) 966-1559.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.



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