Metropolitan Bank Shares Rebound on Liquidity Update

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 [e-mail]; @sabelaojeaguix

(END) Dow Jones Newswires

March 30, 2023 17:28 ET (21:28 GMT)

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