Metropolitan Bank Holding Corporation (MCB) has announced the pricing of an underwritten public offering of 2.1 million shares at $85 per share for gross proceeds of $178.5 million.
The lender has also granted the underwriters a 30-day option to purchase up to an additional 15% of the shares of common stock sold in connection with the offering. If the underwriters exercise their option to purchase additional shares in full, the aggregate gross proceeds of the offering would be around $205.3 million.
The company plans to use the net proceeds from the offering to support its organic growth initiatives, investments in the bank, general corporate purposes, and others.
The offering is expected to close on February 27.
UBS Investment Bank and Hovde Group, LLC are working as joint book-running managers.
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