Friday, July 5, 2013

Metropolitan National Bank bought by Texas investor

Posted By on Fri, Jul 5, 2013 at 4:41 PM

Screen_Shot_2013-07-05_at_4.47.06_PM.png
Lots more to be known in the days ahead, but here's the news release from Metropolitan National Bank on the purchase of the Little Rock institution, which has been struggling to regain its footing in recent years. The buyer of control of the holding company that owns the bank is a Texas private equity firm and the announcement says existing management will remain intact:

Talk Business said the Texas investment fund will pay $16 million for controlling stock and make an unspecified capital investment. A bank spokesman said the stock purchase price is reflected in a bankruptcy filing mentioned below. The release:

Lunsford W. Bridges, President and CEO of Metropolitan National Bank, announced today that the bank’s holding company, Rogers Bancshares, has signed a definitive agreement with Ford Financial Fund II, L.P., to purchase and recapitalize the bank. The transaction will significantly strengthen the bank’s balance sheet and restore its compliance with regulatory capital requirements.

Ford Financial Fund II, L.P., a Dallas, Texas-based private equity firm specializing in financial services companies and co-managed by Gerald J. Ford and Carl B. Webb, will make the investment through its wholly owned subsidiary, LR Acquisition Company, LLC. As one of the most experienced teams of bank investors and operators in the United States with demonstrated success since 1975, Ford Financial Fund II has raised $750 million to invest in U.S. banks; their first investment will be used to recapitalize Metropolitan National Bank. [Gerald Forbes is a billionaire on the Forbes 400 list of wealthiest Americans. This particular investment vehicle was established this year.]

“We have been working diligently for several years to secure a strategic partner with a shared vision and commitment to move forward Metropolitan’s unique brand of Nearby & Neighborly banking,” said Bridges. “The capital investment will be the final step in achieving full compliance with the regulatory order we’ve been operating under since May 2008, and will provide substantial capital to facilitate lending and business development in the communities we serve. Ford Financial Fund II is an ideal fit and the best choice for the bank’s customers, employees and for continued growth and progress in the state.”

“We were attracted to Metropolitan based on the strength of their leadership team and brand,” said Gerald J. Ford, Co-Managing Member of Ford Financial Fund II. “We are career bankers and recognize quality banking. Metropolitan is an outstanding community bank with a solid footprint and reputation in Arkansas. Our combined resources and expertise will result in long-term success and growth.”

Carl B. Webb, Co-Managing Member of Ford Financial Fund II, said “With our investment, Metropolitan will continue as one of the leading community banks in Arkansas, with the capacity to offer a full selection of products and services that are competitive with those at much larger financial institutions, while providing an extraordinary level of customer service. The leadership team, employees and brand are strong, and will remain intact.”

Mr. Ford and Mr. Webb expect to become members of the Metropolitan board of directors when the transaction is finalized.

To facilitate the purchase and recapitalization of the bank, Rogers Bancshares will voluntarily file a petition in the U.S. Bankruptcy Court under Chapter 11 of the Bankruptcy Code.

Consistent with the Court’s procedure under Section 363 of the Code, the Court will supervise a competitive bidding process for the purchase of the Bank’s common stock.

The Chapter 11 filing affects only the holding company and does not affect Metropolitan.

“It is important for our customers, employees and the community to know that Metropolitan National Bank, which operates separately from the holding company, is not a part of the Chapter 11 process,” Bridges said. “It will be business as usual at the bank and all customer deposits remain safe and insured to the fullest extent possible by the FDIC. We deeply appreciate the support of our customers and employees while we have taken time to identify the very best partner to take Metropolitan into the future.”

The holding company’s financial advisor is Keefe, Bruyette & Woods. Fenimore, Kay, Harrison & Ford, Bracewell & Giuliani, and Williams & Anderson serve as the holding company’s legal advisors. Ford’s legal advisor is Wachtell, Lipton, Rosen & Katz.

About Metropolitan National Bank

Metropolitan National Bank is one of Arkansas’ largest banks, offering a comprehensive line of banking, mortgage and wealth management services for individuals, businesses and the public sector. Founded in 1970, the bank currently has assets of $1 billion. Additional information about Metropolitan National Bank can be found at metbank.com.

Tags: , , , ,

From the ArkTimes store

Favorite

Speaking of...

  • Chinese pet treat company to open $5 million facility in Danville

    April 17, 2017
    The Arkansas Economic Development Commission (AEDC) announced today that a Chinese company will invest $5 million to locate a new pet-treat facility in Danville. The company, Pet Won Pet Products, will create 70 new jobs at the 28,887-square-foot facility, according to ADEC. The facility was formerly home to Petit Jean Poultry. /more/
  • NWA Worker's Justice Center: Fort Smith Sen. Jake Files' construction company avoiding $10,000 payment to subcontractor

    February 7, 2017
    The Northwest Arkansas Worker's Justice Center, which is representing a subcontractor from Northwest Arkansas, claims that Arkansas Sen. Jake Files (R- Fort Smith) owes the subcontractor they represent almost $10,000 for roofing work done for Files' construction company, FFH Construction. After many attempts to reach Files, they say, he still hasn't paid. /more/
  • Car crashes through Argenta Bead Co., causes thousands in damage

    December 5, 2016
    A wayward Mercedes-Benz careened off Main Street in North Little Rock following a traffic accident Saturday night, with the car smashing through a window and destroying a door at Argenta Bead Co. The impact knocked over shelves and scattered what the owner of the business called "thousands and thousands and thousands" of beads and charms, including several expensive and rare antique glass beads — across the store. /more/
  • Gov. Hutchinson and business leaders: medijuana could cause uncertainty, dangerous working conditions on the job.

    September 28, 2016
    At a press conference this morning at the State Chamber of Commerce, Gov. Asa Hutchinson continued voicing his opposition to the two ballot initiatives that could bring medical marijuana to the state. Hutchinson was backed by Lt. Gov. Tim Griffin and several prominent Arkansas businessmen, who said they were worried marijuana use by their employees — along with a clause that would keep them from discriminating against those prescribed marijuana for illnesses — would cause safety concerns for their workforce and drive up insurance costs. /more/
  • Glatfelter to open $80 million paper plant in Fort Smith

    March 1, 2016
    Glatfelter, a Pennsylvania-based international manufacturer of specialty papers, will open a new manufacturing facility in Fort Smith, the company announced today. The company stated that it would create up to 84 high-skilled manufacturing jobs at the $80-million plant. /more/
  • Social entrepreneur writes about racism and lack of high-speed Internet in Dumas

    February 5, 2016
    Leila Janah, the CEO of a buzzy nonprofit that helps poor people find tech jobs, has a post on Medium about her experience with systemic racism and the lack of access to high-speed broadband in Dumas. The nonprofit she founded and heads as CEO, Samasource, hires low-income people around the world to perform digital tasks for companies like Google, Walmart and Getty Images. /more/
  • Womack gets plucked by 'Last Week Tonight with John Oliver'

    May 18, 2015
    HBO's "Last Week Tonight with John Oliver, which premiered last April, has consistently shown itself to be a Daily Show-level contender for the humor-news crown. Up for discussion on the show last night: the myriad ways major poultry producers exploit chicken farmers. Also featured in the video: Arkansas Republican Rep. Steve Womack, who gets plucked and roasted for placing a rider on the agriculture appropriations bill that forbids the USDA from enforcing already-written protections for the nation's poultry farmers. /more/
  • $4 billion tech company calls it quits in Indiana over anti-LGBT 'Religious Freedom' bill.

    March 26, 2015
    Take heed, Arkansas: the same day Gov. Mike Pence of Indiana announced he would sign the state's "Religious Freedom Restoration Act" — an anti-LGBT bill with disturbing similarities to Rep. Bob Ballinger's HB 1228 — a $4 billion tech company announced they're pulling up stakes there rather than "require our customers/employees to travel to Indiana to face discrimination." Ouch. /more/
  • Lindsey's Resort on Little Red River to close after 50 years

    March 23, 2015
    A note on the website of Lindsey's Resort, the popular trout-fishing destination on the Little Red River at Heber Springs, says the resort will be forced to close due to a bank foreclosure. /more/
  • Tysons give $5 million for UA agriculture research

    March 2, 2015
    The Tyson family and Tyson Foods have made a $5 million gift to toward the Don Tyson Center for Agricultural Sciences, a $16.3 million project of the University of Arkansas System Division of Agriculture. /more/
  • More »

Comments (5)

Showing 1-5 of 5

Add a comment

 
Subscribe to this thread:
Showing 1-5 of 5

Add a comment

More by Max Brantley

  • UPDATE: Fourth death confirmed in Polk County; suspect identified

    UPDATE: The body of Reilly Scarborough has been found, bringing to four the number of family homicides in Polk County. The nine-year-old was found in woods west of Hatfield. A suspect is in custody.
    • Apr 29, 2017
  • The Saturday open line

    An open line for a Saturday not yet as rainy as predicted, at least everywhere.
    • Apr 29, 2017
  • Baker Kurrus: Opposes Little Rock School District tax proposal

    Baker Kurrus has written a monumental essay explaining why he opposes the proposal in the May 9 special , the Little Rock lawyer and businessman who long served on the Little Rock School Board and spent a year as its superintendent after the state takeover before being fired by Education Commissioner
    • Apr 29, 2017
  • More »

Readers also liked…

  • Transgender electrician may sue employer over her firing

    Federal Judge Susan Webber Wright has ruled that Patricia Dawson, a transgender woman, may pursue her lawsuit that she was wrongfully fired by her employer, H & H Electric, because of her sex.
    • Sep 16, 2015
  • Democrats name new House minority leader

    Rep. Michael John Gray of Augusta has been elected leader of the House Democratic Caucus, the minority party. He succeeds Rep. Eddie Armstrong of North Little Rock. He's a farmer and small business owner.
    • Sep 25, 2015
  • Jason Rapert vs. Wikipedia

    Sen. Jason Rapert against the world: Wikipedia edition.
    • Jan 23, 2016

Most Shared

  • Workers stiffed

    How is it going with the great experiment to make the Republican Party the champion of the sons and daughters of toil instead of the oligarchs of wealth and business?
  • Former state board of education chair Sam Ledbetter weighs in on Little Rock millage vote

    Ledbetter, the former state Board of Education chair who cast the decisive vote in 2015 to take over the LRSD, writes that Education Commissioner Johnny Key "has shown time and again that he is out of touch with our community and the needs of the district." However, Ledbetter supports the May 9 vote as a positive for the district's students and staff.
  • O'Reilly's fall

    Whom the gods would destroy, they first make TV stars.

Visit Arkansas

Fishing the Diamond Lakes of Arkansas

Fishing the Diamond Lakes of Arkansas

Arkansas angler and fishing expert Billy Murray shares his extensive knowledge of the Diamond Lakes of Arkansas

Most Viewed

Most Recent Comments

  • Re: The Saturday open line

    • nvr, Trump is turning into the real SNOWFLAKE.

    • on April 29, 2017
  • Re: Before the flood

    • India Fest tomorrow at LR River Market Pavilion & Amphitheater, hopefully without too much rain…

    • on April 29, 2017
  • Re: The Saturday open line

    • STEPHEN SMITH THIS DATE IN ARKANSAS HISTORY 29-Apr 1888 Union Labor Party holds first state…

    • on April 29, 2017

Blogroll

Slideshows

 

© 2017 Arkansas Times | 201 East Markham, Suite 200, Little Rock, AR 72201
Powered by Foundation