Metropolitan Bank Shareholders Unlikely to Get Any Cash

by Gwen Moritz  on Monday, Jul. 15, 2013 12:00 am  

Susie Smith

Some industry observers have suggested that the unpaid TARP dividends should be listed as unsecured debts. To that Smith said, “I think everyone is waiting for further instructions.”

The Other Rogers Bank

The family of Doyle Rogers, who died in February at age 94, also has a 26 percent ownership interest in Citizens Bancshares of Batesville Inc., the holding company for Citizens Bank. Neither Citizens Bancshares nor Citizens Bank is caught up in the bankruptcy of Rogers Bancshares Inc. or the sale of Metropolitan National Bank.

Citizens Bank is also in far better financial condition than Metropolitan. With $544 million in assets — barely half Metropolitan’s size — Citizens Bank had equity capital of $58.6 million as of March 31, just $7 million less than Metropolitan.

Citizens Bank, led for the past three years by President and CEO John Dews, earned $5.6 million last year and had net income of $1.14 million in the first quarter of this year.

Unlike Met Bank, Citizens Bank has continued to pay cash dividends — including $1.77 million in 2012 and $2.84 million in the first quarter of 2013 alone.



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