Middle market bank reports strong growth in 2005."Metropolitan National Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. [Metbank] had strong earnings, good return on equity and a 30% increase in assets in 2005," according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Mark R. DeFazio, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . The bank, which focuses on commercial real estate and middle market lending and which opened its first branch on Park Avenue in 2004 after six years of operations, had assets at year end of approximately $375 million compared with $289 million at the end of 2004. DeFazio also announced that Metbank will open two additional branches in the first half of 2006. One will be located at 16 West 46th Street at Fifth Avenue and the other will be at 1359 Broadway Broadway, famous thoroughfare in New York City. It extends from Bowling Green near the foot of Manhattan island N to 262d St. in the Bronx. Throughout its length Broadway is chiefly a commercial street. at 38th Street. "And, our goal is to enter into lease negotiations for two additional branches in the third and fourth quarters of '06. These would open for business in 2007," he said. Metbank had a successful capital raise in 2005, DeFazio reported, "and we issued our first placement of debt securities through Bear Stearns--$10 million in Trust Preferred Securities. The fact that we qualified for the Trust Preferred placement is important because it proves the quality of our financial position." Metbank is perhaps the only institution of its kind with a focus on the check cashing business. Its CashZone subsidiary operates 15 Financial Service Centers in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . In 2005 the bank became the first in the Northeast to issue Visa Debit   The old Visa and Delta logos. Card through CashZone to check cashing clients. "Unlike unbranded debit cards debit card, card that allows the cost of goods or services that are purchased to be deducted directly from the purchaser's checking account. They can also be used at automated teller machines for withdrawing cash from the user's checking account. issued by other check cashers that work with a PIN only, CashZone's Visa Debit Card allows for Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the and signature-based transactions at restaurants, for example," DeFazio pointed out. The new card is being rolled out at all of CashZone's locations, which serve nearly 100,000 unique check cashing clients each year. The card has been described as a "virtual" checking account and "has the potential of demonstrating to regulators, other banks and the marketplace that you can provide mainstream banking services to what has been labeled the un-banked population. They are un-banked for one reason and one reason only: because no one has chosen to bank them until now," DeFazio said. Metbank entered the one-to-four family mortgage loan business in August 2004 when it created its Metbank Mortgage division and reported that in 2005 the division closed $123 million in residential mortgage loans. In the 18 months since the unit was established it has seen a 15% per month growth in the pace of loan applications. |
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