by Gwen Moritz
Posted 10/30/2013 04:37 pm
Updated 1 month ago
Metropolitan National Bank of Little Rock, set to be acquired by Simmons First National Bank of Pine Bluff in December, announced Wednesday a third-quarter profit of $1.59 million.
"We are extremely proud of the progress Metropolitan has made over the past five and a half years; our journey has not been an easy one," CEO Lunsford Bridges said in a news release.
The quarter that ended Sept. 30 was the fourth consecutive profitable quarter for the bank, which found a buyer through a bankruptcy court auction held in September by its holding company, Rogers Bancshares Inc. Metropolitan's earnings for the year to date reached $3.53 million.
The bank's Tier 1 capital ratio reached 6.8 percent as of Sept. 30, up from 6.46 percent on June 30. It's risk-based capital ratio improved to 11.26 percent, up from 11.13 percent three months earlier.
Simmons First National Corp., the publicly traded holding company for Simmons First National Bank, had previously said that the bankruptcy court-approved acquisition of Metropolitan was expected to close around Dec. 1, but a spokesman told Arkansas Business on Wednesday that required regulatory approval is now expected by mid-December 2013.
Before then, on Nov. 1, Simmons First National Bank will absorb a sister bank charter, Simmons First Bank of Northwest Arkansas, the footprint of which has significant overlap with Metropolitan.