by Gwen Moritz
Posted 8/1/2013 10:47 am
Updated 1 year ago
Metropolitan National Bank, which is being sold through bankruptcy court, reported net income of $1.28 million in the second quarter of 2013, a call report filed with federal regulators shows.
The quarterly profit brought the Little Rock bank's net income for the first half of the year to $1.9 million. The bank also operated in the black in the last quarter of 2012.
"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," CEO Lunsford W. Bridges said in a news release.
At the end of the second quarter, Metropolitan’s Tier 1 capital Ratio stood at 6.46 percent and the risk-based capital ratio was 11.13 percent, improved from both the end of the first quarter and from a year earlier.
Total assets dropped to $991.4 million as of June 30, down by $34 million from March 31.
Rogers Bancshares Inc., the holding company for Metropolitan National Bank, filed for Chapter 11 bankruptcy protection on July 5 to facilitate the proposed sale of the bank to a Dallas equity investment fund, Ford Financial Fund II.
The Ford fund has proposed paying $16 million in cash and spending another $74.2 million to recapitalize the bank, which has not been able to reach the capital requirements — 8 percent Tier 1 and 12 percent risk-based — ordered by federal regulators in 2008.