MetroCorp Bancshares

MetroCorp Bancshares, Inc.
Public
Traded as NASDAQ: MCBI
Industry Finance and Insurance
Founded Houston, Texas, United States
Headquarters Texas
California
Key people
 Mr. George M. Lee, CEO
Mr. David Choi, CFO
Products Banking
Revenue $58.43 million USD
Number of employees
 315
Website www.metrobank-na.com
www.metrounitedbank.com

MetroCorp Bancshares, Inc. (MetroCorp, Nasdaq: MCBI) was an American banking corporation headquartered in Chinatown and in Greater Sharpstown in Houston, Texas.[1][2][3][4]

MetroCorp, first incorporated in 1998, was an overseas Chinese bank holding company for two overseas Chinese banks in the United States: MetroBank National Association (MetroBank, Chinese: T: 首都銀行, S: 首都银行, P: Shǒudū Yínháng) and Metro United Bank. The company is one of the few overseas Chinese banks / financial institutions that are publicly held. MetroBank operates banks in Greater Houston and the Dallas-Fort Worth Area in Texas.[5][6] MetroBank has its headquarters in its parent company's offices.[2] As of 2007 MetroBank is one of four overseas Chinese banks with its headquarters in Houston, and it is the only Houston-based overseas Chinese bank that is publicly traded.[7] The other MetroCorp subsidiary, Metro United Bank, operates in California.[8] Metro United had its headquarters in the City of Industry.[9]

In 2014 East West Bank acquired MetroBank for $268 million in cash and stock,[10] and MetroBank branches were to be rebranded in 2014.[11]

History

In September 2009 MetroBank had 10 Greater Houston branches and 3 Dallas-Fort Worth branches, with assets of $1.2 billion. Metro United had assets of $426.8 million. During that year, the Office of the Comptroller of the Currency asked MetroBank to revise its balance sheet. MetroBank signed a formal agreement with the office to do this within 90 days.[8] In 2010 MetroBank signed an agreement with Bank of China-Shanghai so that MetroBank could offer services involving the renminbi, the currency of the People's Republic of China.[12]

MetroBank

The first of the two, MetroBank (also known as Metro Bank), headquartered in Houston, Texas, with branch offices in Bellaire, Texas, Sugar Land, Texas, Dallas, Texas, Plano, Texas, Richardson, Texas and other communities throughout the Greater Houston, this bank was the original one for the company..

Like its competitor Southwestern National Bank, the location of in the bank in the south reflects one of the newest trends of Chinese American and Asian American population diffusion into the area other than the traditional regions settled by Asian Americans such as the western United States and northeastern United States. The rapid expansion of this bank in comparison to other overseas Chinese banks in the traditional regions where most Chinese American / immigrant and Asian American / immigrant was due to the booming economy of the late 1990s in the regions of Telecom Corridor (Silicon Prairie) and Silicon Hills, which attracted a significant amount of Chinese / Asian scientists and engineers. As of 2006, the asset of the bank is $976.384 million USD according to Federal Deposit Insurance Corporation.

Metro United Bank

Although the establishment of its original bank marked the new residential trend of Chinese Americans and Asian Americans, a significant majority of them still reside in the traditional regions of the western coast of the United States. The huge market was simply too big to ignore for the company and it thus begun its expansion into California, the state with most Chinese American and Asian American population.

On October 5, 2005, the company purchased First United Bank, and its locations in San Diego, California and Los Angeles, renamed it as the Metro United Bank (T: 第一銀行, S: 第一银行, P: Dìyī Yínháng), thus completed its expansion by venturing into the traditional region where most Chinese Americans reside. As of 2006, the asset of the bank is $ 249.577 million USD according to Federal Deposit Insurance Corporation.

See also

References

  1. ↑ "Contact the Board." MetroBank. Retrieved on December 27, 2010. "Corporate Secretary MetroCorp Bancshares, Inc. 9600 Bellaire Blvd. Suite 252 Houston, TX 77036 United States ."
  2. 1 2 "Contact Us." MetroBank. Retrieved on December 27, 2010. "MetroBank, N.A. 9600 Bellaire Blvd., Suite 252 Houston, Texas 77036"
  3. ↑ "Map Major Roads." Greater Sharpstown Management District. Retrieved on August 15, 2009.
  4. ↑ Rodriguez, Lori. "Opinions vary over naming the growing Asian community on Houston's southwest side." (Archive). Alternate version without Chinatown map: "DIVERSITY DEBATE / Chinatown outgrowing name / Opinions vary over naming the growing Asian community on Houston's southwest side." Houston Chronicle. Wednesday May 9, 2007. A1.
  5. ↑ "MetroCorp Bancshares Inc. (Nasdaq:MCBI), a Texas corporation, which through its subsidiary, MetroBank, NA, provides community banking services in Houston[...]"
  6. ↑ "Branch Locations." MetroBank. Retrieved on December 27, 2010.
  7. ↑ Moreno, Jenalia. "Houston's 'Chinatown' near Beltway 8 sparks banking boom." Houston Chronicle. Sunday February 18, 2007. Retrieved on October 16, 2011.
  8. 1 2 Barr, Greg. "MetroBank comes under watch of industry regulators." Houston Business Journal. Sunday September 27, 2009. Last modified on Thursday September 24, 2009. Retrieved on December 27, 2010.
  9. ↑ "About Us." (Archive) Metro United Bank. Retrieved on December 27, 2010. "Metro United Bank is headquartered in Rowland Heights and was established to meet the diverse financial needs of customers throughout Southern and Northern California."
  10. ↑ "California bank boosts Texas footprint with MetroCorp deal." Houston Business Journal. January 23, 2014. Retrieved on April 29, 2016.
  11. ↑ "Sign of the times: MetroBank to make the switch to East West Bank." Houston Business Journal. May 6, 2014. Retrieved on April 29, 2016.
  12. ↑ Wooten, Casey. "MetroBank inks settlements deal with Shanghai bank." Houston Business Journal. Monday June 21, 2010. Retrieved on December 27, 2010.
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