Metro Bancorp (METR) in Harrisburg, Pa., is facing pressure from an investor to sell itself.

Basswood Capital Management, which controls nearly 10% of the $2.9 billion-asset company's stock, is pushing Metro's board to hire an investment bank. "We strongly believe the best course for shareholders, employees, and the communities is for [Metro] to begin a process that leads to a sale of the company to a larger bank," Basswood's Matthew Lindenbaum wrote in a June 3 letter.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.