Metropolitan Bank slides after $179 million share sale

Metropolitan Bank Holding

26/02/2026 19:31

Updates

** New York-based community lender Metropolitan Bank's MCB.N shares fall as much as 9.4%, last down 8.9% at $85.50

** Stock on track for second-largest daily fall in a year, should losses hold

** MCB sells 2.1 million shares at $85 apiece in public offering to raise $178.5 million

** Offering priced at 9.4% discount to last close

** MCB CEO Mark DeFazio had indicated interest in purchasing $0.5 million worth of shares in offering, according to prospectus

** UBS Investment Bank and Hovde Group were joint book-running managers for offer

** "We continue to view Metropolitan as one of the few growth-oriented stories in the banking industry. We believe the additional capital gives MCB some extra dry-powder to support accelerated growth" - Piper Sandler

** MCB had 10.1 million outstanding shares as of February 13, per prospectus

** As of last close, MCB stock down 22.9% YTD

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))