Metropolitan National Bank Posts Q2 Profit

Metropolitan National Bank cleared a $1.28 million second quarter profit, a big improvement from its $423,000 net loss one year ago. The Little Rock-based privately held financial institution is undergoing a somewhat convoluted ownership change in the wake of former major shareholder Doyle Rogers’ death and a regulatory consent order to shore up its capital ratios.

“It is very rewarding that Metropolitan has posted profits in three consecutive quarters. Our ratios continue to show great improvement and I am confident these positive trends will continue,” said Lunsford Bridges, President and CEO of Metropolitan National Bank.

For the first six months of 2013, Metropolitan National Bank’s total net income was $1.9 million.

At the end of the second quarter, the bank said its Tier 1 Capital Ratio stood at 6.46% and the Risk Based Capital Ratio was 11.13%. Both ratios are improved from June 30, 2012 where the Tier 1 Capital Ratio was 6.13% and the Risk Based Capital Ratio was 9.72%.

In early July, Metropolitan announced it would be acquired by a company owned by Dallas-based billionaire banker Gerald J. Ford.

Ford Financial Fund II, a private equity fund led by Ford and his partner, Carl Webb, has created Little Rock Acquisition LLC. That entity will purchase all of Rogers Bancshares’ stock in Metropolitan National Bank for roughly $16 million and recapitalize the financial institution at the conclusion of a bankruptcy process for Rogers Bancshares.

“The outpouring of support for our bank, employees and customers since the announcement of our proposed partnership with Ford Financial Fund II has been tremendous,” Bridges said.