Metropolitan Bank Holding Corp. (“Company”) the publicly traded holding company of Metropolitan Commercial Bank (“MCB” or the “Bank”) is pleased to announce that its board of directors has approved a share repurchase plan with authorization to purchase up to fifty million dollars ($50,000,000) of the common stock of the Company (NYSE: MCB). The purpose of the strategic initiative is to demonstrate the Company’s commitment to delivering total return to its investors. “This move reflects our confidence in the Company’s long-term growth trajectory and the strength of our balance sheet,” said Mark R. DeFazio, President and CEO of MCB and the Company. “I am excited by the energy and focus our team has demonstrated, and in particular in the first few months of this year, and this program will be one of the key drivers of our strategic direction.” The results of the program will be reflected in the Company’s periodic filings.
The Company may repurchase shares of common stock from time to time on the open market or by other means in accordance with applicable securities laws and other restrictions, including, in part, under a Rule 10b5-1 plan. The number of shares to be repurchased and the timing of repurchases, if any, will depend on several factors, including market conditions, prevailing share price, corporate and regulatory requirements, and other considerations. The share repurchase plan has no expiration date, may be discontinued or suspended at any time and does not obligate the Company to acquire any amount of its common stock.
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