Metropolitan Bank Holding in New York has filed plans for an initial public offering to fuel loan growth.
The holding company for the $1.6 billion-asset Metropolitan Commercial Bank did not disclose how many shares it plans to sell or a proposed offering price. Metropolitan plans to use the proceeds to support loan growth and to raise its legal lending limit in order to make bigger loans.
Metropolitan will launch its IPO “as soon as practicable” after its registration statement becomes effective, according to a regulatory filing. Metropolitan will list its shares on the New York Stock Exchange under the symbol MCB.
Metropolitan, which began operations in 1999, makes primarily commercial real estate and commercial-and-industrial loans in the New York metropolitan region. Since the end of 2014, its portfolio has more than doubled in size, to $1.27 billion at the end of the second quarter.
JPMorgan Chase and Keefe, Bruyette & Woods are financial advisers on the IPO. Luse Gorman is legal counsel.