A consortium of Mexican investors led by former Banco Popular executive Roberto Herencia has completed its recapitalization of Metropolitan Bank Group in Chicago, Crain’s Chicago Business reported.
The group announced late Friday that it had completed the $207 million investment in the $2.5 million-asset company, the publication reported. Herencia’s group had previously agreed to also pay $26 million for the $78 million in preferred shares that the Treasury Department bought from Metropolitan in 2009 as part of the Troubled Asset Relief Program.
“We know we are leaving [the bank] in experienced hands, and look forward to seeing many successes in the future,” former owners Peter and Paula Fasseas wrote in an internal email send our Friday and obtained by Crain’s.
Metropolitan has five banks around Chicago: Oswego Community Bank in Oswego, Plaza Bank in Norridge, Archer Bank in Chicago, Metrobank in Berwyn and North Community Bank in Chicago. The company is operating under an enforcement action with the Fed.