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MCB on NYSE

Metropolitan Bank Holding Corp.

In its 2026 annual report the company says: “The Company is a bank holding company headquartered in New York, New York and registered under the BHC Act. Through its wholly owned bank subsidiary, Metropolitan Commercial Bank, a New York state-chartered commercial bank, the Company provides a broad range of business, commercial and retail banking products and services to small businesses, middle-market enterprises, public entities and individuals primarily in the New York metropolitan area.”4 Its shares trade on NYSE under the symbol MCB.2

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Last updated Oct 21, 2026.

Overview

Compare with Business First Bancshares, Inc., First Internet Bank of Indiana or CITIZENS FINANCIAL SERVICES INC, or pick any stock.

  • TickerMCB on NYSE2
  • IndustryState Commercial Banks2
  • HeadquartersRidgeland, United States2
  • Incorporated inNY3
  • Business address99 Park Avenue, New York, Ny 100163
  • Filer categoryAccelerated filer3
  • LEI549300N658TLIZB8CF432
  • StatusInactive2
  • LEI statusRetired2
  • Registered address201 South Jackson Street, 39059 Crystal Springs, United States2

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The Company is a bank holding company headquartered in New York, New York and registered under the BHC Act. Through its wholly owned bank subsidiary, Metropolitan Commercial Bank, a New York state-chartered commercial bank, the Company provides a broad range of business, commercial and retail banking products and services to small businesses, middle-market enterprises, public entities and individuals primarily in the New York metropolitan area. The Company’s founding members, including its Chief Executive Officer, Mark DeFazio, recognized a need in the New York metropolitan area for a solutions-oriented, commercial banking franchise focused on building relationships with middle market companies and real estate entrepreneurs whose financial needs are often overlooked by larger financial institutions. The Bank was established in 1999 with the goal of helping these under-served clients buil…4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

643.2%Net margin5
-53.8%Revenue growth, 20255
9.6%Return on equity5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Deposit Account brought in 76% of the revenue Metropolitan Bank Holding Corp. broke down this way in fiscal 2025.

  1. Deposit Account$8.4M576%up 1% from 2024
  2. Financial Service, Other$2.7M524%up 15% from 2024
Products and services by year
Products and services202320242025
Deposit Account$6.1M$8.3M$8.4M
Financial Service, Other$2.8M$2.3M$2.7M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Income tax30¢$30.4M
  • Profit70¢$71.1M

Out of $11.1M in revenue.5

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid4¢$3.1M
  • Share buybacks83¢$73.5M
  • Kept or used elsewhere14¢$12.1M

Out of $88.7M of cash from operations.5

Financial statements

Revenue6785$11.1M in 2025−19% since 2020
0$10.0M$20.0M$30.0M2020: $13.7M$13.7M20202021: $23.1M$23.1M2021+69%2022: $26.9M$26.9M2022+16%2023: $27.9M$27.9M2023+4%2024: $23.9M$23.9M2024−14%2025: $11.1M$11.1M2025−54%
Net income96785$71.1M in 2025+136% since 2019
0$20.0M$40.0M$60.0M$80.0M2019: $30.1M$30.1M20192020: $39.5M$39.5M2020+31%2021: $60.6M$60.6M2021+53%2022: $59.4M$59.4M2022−2%2023: $77.3M$77.3M2023+30%2024: $66.7M$66.7M2024−14%2025: $71.1M$71.1M2025+7%

Every line of the income statement as filed: the last 3 fiscal years, latest first.5

Period ending2025-12-312024-12-312023-12-31
Loans, including fees$480.5M$429.7M$345.0M
Securities$23.6M$21.4M$18.5M
Overnight deposits$9.3M$15.0M$9.3M
Other interest and dividends$1.8M$2.2M$2.5M
Total interest income$515.3M$468.4M$375.4M
Deposits$198.8M$198.0M$128.7M
Borrowed funds$11.9M$15.8M$22.4M
Trust preferred securities$1.3M$1.5M$1.5M
Total interest expense$212.0M$215.3M$152.6M
Net interest income$303.2M$253.1M$222.8M
Provision for credit losses$37.6M$6.3M$12.3M
Net interest income after provision for credit losses$265.6M$246.8M$210.6M
Non-interest income$11.1M$23.9M$27.9M
Other income$3.5M$2.2M$2.8M
Total non-interest income$11.9M$23.8M$27.9M
Compensation and benefits$84.0M$77.9M$67.0M
Bank premises and equipment$10.3M$9.7M$9.3M
Professional fees$14.9M$21.3M$18.1M
Technology costs$17.1M$11.0M$4.9M
Deposit related program fees$24.0M$16.8M$13.1M
FDIC assessments$9.5M$11.8M$9.1M
Regulatory settlement reserve$9.5M-$5.5M
Other expenses$16.0M$15.6M$15.6M
Total non-interest expense$176.0M$173.6M$131.5M
Net income before income tax expense$101.5M$97.1M$106.9M
Income tax expense$30.4M$30.4M$29.6M
Net income$71.1M$66.7M$77.3M
Basic earnings (in dollars per share)$6.71$5.97$6.95
Diluted earnings (in dollars per share)$6.62$5.93$6.91

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Corporate structure

Metropolitan Bank Holding Corp. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Metropolitan Bank Holding Corp.

  • Wellington Management Company Filed SCHEDULE 13G/A on Metropolitan Bank Holding Corp., latest Aug 13, 2026 (3 filings since Feb 10, 2026)
  • BlackRock Filed SCHEDULE 13G/A on Metropolitan Bank Holding Corp., latest Jul 29, 2026 (7 filings since Feb 3, 2022)
  • Adage Capital Management, L.P. Filed SCHEDULE 13G/A on Metropolitan Bank Holding Corp., latest May 13, 2026 (2 filings since Feb 12, 2026)
  • VANGUARD GROUP INC Filed SCHEDULE 13G/A on Metropolitan Bank Holding Corp., latest Mar 27, 2026 (3 filings since Feb 9, 2023)
  • FMR LLC Filed SCHEDULE 13G/A on Metropolitan Bank Holding Corp., latest Feb 5, 2026 (7 filings since Feb 9, 2023)
  • BASSWOOD CAPITAL MANAGEMENT, L.L.C. Filed SCHEDULE 13G/A on Metropolitan Bank Holding Corp., latest Feb 12, 2025 (2 filings since Nov 14, 2024)
  • Macquarie Group Filed SC 13G/A on Metropolitan Bank Holding Corp., latest Feb 14, 2024 (2 filings since Feb 14, 2023)
  • T. Rowe Price Investment Management, Inc. Filed SC 13G on Metropolitan Bank Holding Corp., latest Feb 14, 2024 (2 filings since Feb 14, 2023)
  • PATRIOT FINANCIAL PARTNERS III, L.P. Filed SC 13D/A on Metropolitan Bank Holding Corp., latest Sep 19, 2023 (3 filings since Aug 18, 2023)
  • EJF Capital LP Filed SC 13G/A on Metropolitan Bank Holding Corp., latest Feb 11, 2022
  • ENDICOTT MANAGEMENT CO Filed SC 13D/A on Metropolitan Bank Holding Corp., latest Nov 5, 2021
  • Metropolitan Bank Holding Corp. Ridgeland, Mississippi, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Metropolitan Bank Holding Corp. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$57.7M5 Dec 31, 2025$53.4M5 Dec 31, 2024+8.1%
Accumulated depreciation$19.4M5 Dec 31, 2025$18.4M5 Dec 31, 2024+5.2%
Property and equipment, net$38.3M5 Dec 31, 2025$35.0M5 Dec 31, 2024+9.7%
Operating-lease assets (leased space)$45.0M5 Dec 31, 2025$47.6M5 Dec 31, 2024−5.5%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$393.6M5 Dec 31, 2025$200.3M5 Dec 31, 2024+96.5%
Equity securities at fair value$5.6M5 Dec 31, 2025$5.1M5 Dec 31, 2024+9.8%
Loans, net of allowance$6.7B5 Dec 31, 2025$6.0B5 Dec 31, 2024+12.4%
Deposits held (banks)$7.4B5 Dec 31, 2025$6.0B5 Dec 31, 2024+23.3%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$9.7M5 Dec 31, 2025$9.7M5 Dec 31, 20240%

Properties, in its own words

The Company’s headquarters are located at 99 Park Avenue, New York, New York. The Company has seven banking centers – four are in Manhattan, New York, one is in Brooklyn, New York, one is in Lakewood, New Jersey and one is in Long Island, New York. As of December 31, 2025, each of the Company’s offices and banking centers are leased, except for its Brooklyn banking center located at 5102 13th Avenue, Brooklyn, which the Company owns. We also lease a property in Miami, Florida that is utilized as a loan production office. Additionally, we have entered into a lease on a property in West Palm Beach, Florida that we plan to open as a banking center in the second quarter of 2026. All the leases on these properties expire at various dates through 2041.

The Company believes that current facilities at its offices and branches are adequate to meet its present and foreseeable needs.

Item 2 of the 10-K filed Feb 20, 2026.4

Leadership

Who has led Metropolitan Bank Holding Corp., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Mark R. Defazio2017–now

President

  1. Mark R. Defazio2017–now

Chief financial officer

  1. Sangeeta Kishore2017
  2. Anthony J. Fabiano2018–2020
  3. Greg Sigrist2020–2023
  4. Daniel F. Dougherty2023–now

Chief operating officer

  1. Gerard A. Perri2017–2020
  2. Dixiana M. Berrios2020–now
20202025
Board members and other officers (24)

Timeline

  1. Jul 21, 20268-K Results of operations; Regulation FD disclosure43
  2. Jul 20, 20268-K Other events44
  3. Jun 22, 20268-K Other events45
  4. Jun 8, 20268-K Executive or director change46
  5. Apr 29, 20268-K Shareholder vote47
  6. Apr 21, 20268-K Results of operations; Regulation FD disclosure48
  7. Apr 20, 20268-K Other events49
  8. Mar 16, 20268-K Other events50
  9. Mar 2, 20268-K Regulation FD disclosure51
  10. Feb 26, 20268-K Entered a material agreement; Regulation FD disclosure52
  11. Feb 25, 20268-K Other events53
  12. Feb 25, 20268-K Regulation FD disclosure54
  13. Nov 7, 2017New chief executive Mark R. Defazio becomes CEO13

Calendar

Coming up

  1. Oct 20, 2026 · After the closeReports results for the quarter ending Sep/202655

When it reported results

  1. Jul 21, 2026Reported quarterly or annual results43
  2. Apr 21, 2026Reported quarterly or annual results48
  3. Jan 20, 2026Reported quarterly or annual results56
  4. Oct 23, 2025Reported quarterly or annual results57
  5. Jul 17, 2025Reported quarterly or annual results58
  6. Apr 21, 2025Reported quarterly or annual results59
  7. Jan 23, 2025Reported quarterly or annual results60
  8. Oct 17, 2024Reported quarterly or annual results61

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

387 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 48 major events, 224 insider forms, 33 large holders, 62 other. The latest 20:

  1. Sep 18, 20264 EDGAR
  2. Sep 17, 2026144 EDGAR
  3. Aug 13, 2026SCHEDULE 13G/A EDGAR
  4. Aug 12, 20264 EDGAR
  5. Aug 10, 2026144 EDGAR
  6. Jul 31, 202610-Q EDGAR
  7. Jul 29, 2026SCHEDULE 13G/A EDGAR
  8. Jul 27, 20264 EDGAR
  9. Jul 21, 20268-K EDGAR
  10. Jul 20, 20268-K EDGAR
  11. Jul 2, 20264 EDGAR
  12. Jun 29, 20264 EDGAR
  13. Jun 26, 2026144 EDGAR
  14. Jun 22, 20268-K EDGAR
  15. Jun 17, 202611-K EDGAR
  16. Jun 15, 20264 EDGAR
  17. Jun 12, 2026144 EDGAR
  18. Jun 8, 2026144 EDGAR
  19. Jun 8, 20268-K EDGAR
  20. Jun 5, 20264 EDGAR

The 387 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

83 open-market trades by officers, directors and large owners since October 2021: 25 buys and 58 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 17, 2026Fredston Dale CDirectorSale2,000$89.09$178.2KForm 4
Aug 10, 2026PATENT ROBERT CDirectorSale10,000$92.29$922.9KForm 4
Jul 23, 2026Dougherty Daniel FEVP & Chief Financial OfficerBuy1,000$89.98$90.0KForm 4
Jul 1, 2026Rosenberg NickExecutive Vice PresidentSale1,807$100.43$181.5KForm 4
Jun 30, 2026Rosenberg NickExecutive Vice PresidentSale90$100.03$9.0KForm 4
Jun 29, 2026Rosenberg NickExecutive Vice PresidentSale90$100.06$9.0KForm 4
Jun 26, 2026Rosenberg NickExecutive Vice PresidentSale263$100.01$26.3KForm 4
Jun 12, 2026PATENT ROBERT CDirectorSale10,000$96.41$964.1KForm 4
Jun 4, 2026PATENT ROBERT CDirectorSale5,000$90.21$451.1KForm 4
May 29, 2026GUTMAN HARVEYDirectorSale3,000$89.58$268.7KForm 4
Mar 10, 2026Dougherty Daniel FEVP & Chief Financial OfficerBuy1,000$79.95$80.0KForm 4
Jan 23, 2026PATENT ROBERT CDirectorSale4,445$92.29$410.2KForm 4
Jan 22, 2026PATENT ROBERT CDirectorSale10,000$95.00$950.0KForm 4
Jan 21, 2026Rosenberg NickExecutive Vice PresidentSale1,250$90.21$112.8KForm 4
Dec 10, 2025Rosenberg NickExecutive Vice PresidentSale625$80.41$50.3KForm 4
Oct 30, 2025FABIANO ANTHONY JDirectorBuy147$67.87$10.0KForm 4
Oct 27, 2025Dougherty Daniel FEVP & Chief Financial OfficerBuy1,000$71.66$71.7KForm 4
Oct 27, 2025Erikson Frederik FEVP & General CounselBuy20$68.65$1.4KForm 4
Oct 20, 2025Lublin ScottEVP and Chief Lending OfficerSale5,000$74.36$371.8KForm 4
Oct 17, 2025Rosenberg NickExecutive Vice PresidentSale625$72.47$45.3KForm 4

All 83 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Mark R. DeFazioPresident and CEO$1.0M$4.8M73
2025Scott LublinEVP and Chief Lending Officer$531.4K$2.1M73
2025Daniel DoughertyEVP and Chief Financial Officer$500.0K$1.0M73
2025Nick RosenbergEVP and Head of Global Payments$450.9K$919.4K73
2025Laura CapraEVP and Head of Retail Banking$427.9K$902.1K73
2024Mark R. DeFazioPresident and CEO$1.0M$5.6M73
2024Scott LublinEVP and Chief Lending Officer$511.0K$2.1M73
2024Laura CapraEVP and Head of Retail Banking$407.5K$880.2K73
2024Nick RosenbergEVP and Head of Global Payments$433.6K$878.5K73
2024Daniel DoughertyEVP and Chief Financial Officer$400.0K$761.0K73
2023Mark R. DeFazioPresident and CEO$980.0K$3.0M73
2023Scott LublinEVP and Chief Lending Officer$491.3K$1.2M73
2023Nick RosenbergEVP and Head of Global Payments$416.9K$945.0K73
2023Laura CapraEVP and Head of Retail Banking$388.1K$886.8K73
2023Daniel DoughertyEVP and Chief Financial Officer$400.0K$586.5K73

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.1,209,119$119.4M0.0%+188,081
Wellington Management Group Llp1,022,383$101.0M0.0%−180,708
Patriot Financial Partners GP II, L.P.664,884$65.7M16.8%−100,000
Adage Capital Partners Gp, L.l.c.525,415$51.9M0.1%−59,218
Vanguard Capital Management LLC512,527$50.6M0.0%+10,968
Dimensional Fund Advisors LP472,599$46.7M0.0%+12,808
State Street Corp469,133$46.3M0.0%+85,577
American Century Companies Inc354,845$35.0M0.0%+23,406
Geode Capital Management, LLC308,061$30.4M0.0%+45,573
Citadel Advisors LLC302,632$29.9M0.0%−74,623
Millennium Management LLC245,548$24.3M0.0%−78,341
Two Sigma Investments, LP219,861$21.7M0.0%+123,242
Kennedy Capital Management LLC212,244$21.0M0.4%−5,648
Basswood Capital Management, L.l.c.210,367$20.8M0.9%No change
Bank of New York Mellon Corp195,372$19.3M0.0%+1,742
Nuveen, LLC193,293$19.1M0.0%+43,109
UBS Group AG181,980$18.0M0.0%−157,030
Morgan Stanley168,591$16.7M0.0%+17,936
D. E. Shaw & Co., Inc.162,686$16.1M0.0%+45,243
Qube Research & Technologies Ltd158,921$15.7M0.0%+66,525
Alliancebernstein L.P.176,623$14.7M0.0%−595
Banc Funds Co LLC147,221$14.5M2.4%+5,000
Russell Investments Group, Ltd.128,465$12.7M0.0%+4,331
Vanguard Portfolio Management LLC124,836$12.3M0.0%+23,292
Aqr Capital Management LLC114,491$11.3M0.0%+53,504

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Metropolitan Bank Holding Corp. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARMetropolitan Bank Holding Corp.1
  • CIK0001476034
  • Employer ID (EIN)13-40427244
  • Filer statusAccelerated filer not an emerging growth company; not a smaller reporting company; not a shell company4
  • Incorporated inNew York4
  • Fiscal year endsDecember 311
  • Industry code (SIC)6022 State Commercial Banks1
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance1
  • Business address99 Park Avenue, New York, NY 100161
  • Phone212-659-06001
  • Shares outstanding12,397,778 as of Jul 27, 202611
  • Public float$695.4M as of Jun 30, 20254
  • AuditorCrowe LLP, New York, New York PCAOB ID 173; it also attests to the company’s internal control over financial reporting4
  • On EDGAR sinceNov 6, 20091
  • Filings677 in all: 4 (367), 8-K (92), 144 (33), 3 (31), 10-Q (27), SCHEDULE 13G/A (14), SC 13G/A (13), SC 13G (10)1
    All 39 form types

    10-K (9), DEF 14A (9), CORRESP (6), S-8 (6), 11-K (4), 4/A (4), 424B5 (4), ARS (4), D (4), UPLOAD (4), 3/A (3), 8-K/A (3), DEFA14A (3), EFFECT (3), SC 13D/A (3), POS AM (2), S-1/A (2), S-3ASR (2), SC 13D (2), SCHEDULE 13G (2), 10-K/A (1), 424B4 (1), 8-A12B (1), CERTNYS (1), DRS (1), POSASR (1), PRE 14A (1), S-1 (1), S-1MEF (1), S-3 (1), S-3/A (1)

  • Latest filingsAnnual report (10-K) Feb 20, 2026
    Quarterly report (10-Q) Jul 31, 2026
    Proxy statement (DEF 14A) Mar 20, 2026
    Latest 8-K (8-K) Jul 21, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, $0.01 par valueMCBNew York Stock Exchange

From the cover page of the 10-K filed Feb 20, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks Metropolitan Bank Holding Corp. names in Item 1A of its 10-K filed Feb 20, 2026: 37 risks under these headings, as written.4

  • Risks Related to Lending Activities
  • A substantial portion of the Company’s loan portfolio consists of CRE, including multi-family real estate loans, and commercial loans, which have a higher degree of risk than other types of loans.
  • Because the Company intends to continue to increase its commercial loans, its credit risk may increase.
  • If the allowance for credit losses is not sufficient to cover actual loan losses, earnings could decrease.
  • The performance of the Company’s multi-family and mixed-use loans could be adversely impacted by regulation.
  • The Company could be subject to environmental risks and associated costs on its foreclosed real estate assets, which could materially and adversely affect its financial condition and results of operation.
  • Risks Related to Economic Conditions
  • Inflation can have an adverse impact on our business and on our customers.
  • A downturn in economic conditions could cause deterioration in credit quality, which could depress net income and growth.
  • The Company’s business and operations may be adversely affected by weak economic conditions.
  • A substantial majority of the Company’s loans and operations are in New York, and therefore its business is particularly vulnerable to a downturn in the New York City economy.
  • Risks Related to Market Interest Rates
The other 28 risks
  • Changes in monetary policy may adversely affect our net interest income and profitability.
  • Interest rate shifts may reduce net interest income and otherwise negatively impact the Company’s financial condition and results of operations.
  • Changes in the estimated fair value of securities may reduce stockholders’ equity and net income.
  • Risks Related to the Company’s Operations
  • A failure in the Company’s operational and/or information systems or infrastructure, or those of third parties, including cyber-attacks, could impair the Company’s liquidity, disrupt its businesses, result in the unauthorized disclosure of confidential information, damage its reputation, and cause financial losses.
  • The Company faces risks related to its operational, technological and organizational infrastructure.
  • We may undertake initiatives meant to expand our digital capabilities or elect to improve and update our information technology systems. The failure to achieve the goals of any such improvements, updates or initiatives, the inability to maintain anticipated expenses, or delays in executing our plans may materially adversely affect our business, financial condition, or results of operation.
  • The Company is subject to certain operational risks, including, but not limited to, customer or employee fraud and data processing system failures and errors.
  • The Company relies heavily on its executive management team and other key employees and could be adversely affected by the unexpected loss of their services or the need to increase current compensation levels to attract and retain employees.
  • If the Company’s enterprise risk management framework is not effective at mitigating interest rate risk, market risk and strategic risk, the Company could suffer unexpected losses and its results of operations could be materially adversely affected.
  • A lack of liquidity could adversely affect the Company’s financial condition and results of operations.
  • Other Risks Related to the Company’s Business
  • New lines of business or new products and services may subject us to additional risks.
  • The Company is exposed to the risks of natural disasters and global market disruptions.
  • Severe weather events could adversely affect our business and affect client activity level.
  • Global pandemics, or localized epidemics, could adversely affect the Company’s financial condition and results of operations.
  • Risks Related to the Company’s Merchant Services
  • Regulatory scrutiny of non-bank financial service solutions and related technology considerations has recently increased.
  • Changes in card network fees could impact operations.
  • Risks Related to Competitive Matters
  • The Company operates in a highly competitive industry and faces significant competition from other financial institutions and financial services providers, the result of which may decrease growth or profits.
  • Risks Related to Business Strategy
  • The Company may not be able to grow and if it does, it may have difficulty managing that growth.
  • Uncertainty in the development, deployment, use and regulation of AI could subject us to additional risks.
  • Risks Related to Accounting Matters
  • Changes in accounting standards could materially impact the Company’s financial statements.
  • Risks Related to Laws and Regulation and Their Enforcement
  • The Company and the Bank’s business, financial condition, results of operations and future prospects could be adversely affected by the highly regulated environment and the laws and regulations that govern it.
  • Legislative and regulatory actions may increase the Company’s costs and impact its business, governance structure, financial condition or results of operations.
  • Monetary policies and regulations of the FRB could adversely affect the business, financial condition and results of operations of the Company.
  • Non-compliance with the USA PATRIOT Act, BSA, or other laws and regulations could result in fines or sanctions.
  • Risks Related to Ownership of the Company’s Common Stock
  • The market price of the Company’s common stock may be subject to substantial fluctuations, which may make it difficult for you to sell your shares at the volume, prices and times desired.
  • Certain banking laws and the Company’s governing documents may have an anti-takeover effect, and there are substantial regulatory limitations on changes of control of bank holding companies.
  • We may not pay regular future dividends on our common stock and thus shareholders should look to appreciation of our common stock to realize a gain on their investments.
  • Although we have implemented a share repurchase program, we have discretion to not repurchase shares and to amend or suspend the program.

Legal proceedings

There have been investigations by governmental entities concerning a prepaid debit card product program that was offered by the GPG BaaS business. These include investigations involving the Company and the Bank by the Board of Governors of the FRB and certain state authorities, including the NYDFS. During the early stages of the COVID-19 pandemic, third parties used this prepaid debit card product to establish unauthorized accounts and to receive unauthorized government benefits payments, including unemployment insurance benefits payments made pursuant to the Coronavirus Aid, Relief, and Economic Security Act from many states. The Company ceased accepting new accounts from this program manager in July 2020 and exited its relationship with this program manager in August 2020. The Company has cooperated in these investigations.

The opening of Item 3, Legal Proceedings.4

Sources

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  36. 36
  37. 37
  38. 38
  39. 39
  40. 40
  41. 41
  42. 42
  43. 43
  44. 44
    SEC EDGAROther events
  45. 45
    SEC EDGAROther events
  46. 46
  47. 47
  48. 48
  49. 49
    SEC EDGAROther events
  50. 50
    SEC EDGAROther events
  51. 51
  52. 52
  53. 53
    SEC EDGAROther events
  54. 54
  55. 55
  56. 56
  57. 57
  58. 58
  59. 59
  60. 60
  61. 61
  62. 62
  63. 63
  64. 64
  65. 65
  66. 66
  67. 67
  68. 68
  69. 69
  70. 70
  71. 71
  72. 72
  73. 73