MetroBank News
President's Message
from Charles E. Brier
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You should be aware that MetroBank has never participated in any of the sub-prime lending which is causing much distress in the economy. Additionally, the bank has no exotic, volatile investments that required other institutions to take substantial market write-downs; 100% of the bank’s investment portfolio is in U.S. Government-backed securities with no risk as to principal or interest.
Early in 2007 we were able to prepay our first trust preferred security and issue a new trust preferred security for $10 million at a substantially lower rate. The initial cost of doing this transaction was a write-off of the unamortized cost of $167,000.00 in 2007; however, annually, going forward, we will have a savings of approximately $120,000.00. Along with this savings, we were able to partially offset the impact of future falling interest rates through the purchase of an interest-rate floor derivative. This product will be used as an insurance policy as rates continue to decline in 2008.
2007 was a year of opportunity for us. We were able to attract several key additions to our team. We added the following officers in key positions: David DiMuro, Senior Vice President, Lending, Tom Confer, Senior Vice President, Real Estate Lending, Stephen Armaly, Vice President, Branch Manager – Kings Bay Branch, Benito Carmona, Vice President, Lending, Anne Cook, Assistant Vice President, Assistant to Branch Manager – Kings Bay Branch, Theresa Hilson, Assistant Vice President, Branch Operations Manager – Kings Bay Branch, Nery Sanchez, Assistant Vice President, Loan Officer, and Assistant Vice President and Senior Credit Analyst Harry Johnson.
Additionally, we are pleased to announce the promotion of three seasoned employees Cindy Lau-Evans to Senior Vice President, Human Resources Director, Jose Martin to Vice President, Alternative Delivery Systems Manager, and Barbara Mirino, to Vice President, Branch Operations Manager – Gables Waterway Branch. Congratulations to all of them for performing their duties so well.
Technology continues to evolve and we embrace the changes that afford us the opportunity to reach our customers. With our MetroOnline banking, cash management services, and Remote Deposit Capture function, every customer has the ability to access their account information 24-hours a day. We are fortunate that 41% of our customer-base has electronic services when the industry average is approximately 30%.
Customer information and privacy protection continue to be a major impetus behind our technology updates. MetroBank has procedures and programs in place to ensure full compliance with Anti-Money Laundering/Bank Secrecy Act provisions, and as your protection is of the utmost importance to us, we are committed to staying abreast of the regulatory changes in these fields. In keeping with this, we have dedicated the necessary resources for the hardware, software, and maintenance of these areas to ensure your records are safe and that the Bank may remain in complete compliance.
MetroBank has been able to prosper in these uncertain times through the use of careful, sound practices and dedicated, loyal employees. However, our tradition of giving back to the community continues through the sponsoring of a variety of community events and activities. We include among these, an additional meaningful contribution to the University of Miami Sylvester Comprehensive Cancer Center in memory of our beloved former Chairman, Fred Havenick. We also participated in sponsoring the Thanksgiving Food Drive, Holiday Toy Drive, a neighborhood beautification project in conjunction with Neighborhood works, and individual efforts in the Susan B. Komen Race for the Cure event.
Our outlook for fiscal year 2008 is very conservative and we anticipate it to be a very challenging year. We will continue to serve our existing customers and look forward to adding new relationships to our banking family through the premier efforts of every employee. We are dedicated to providing you, our shareholders, customers, friends, neighbors, community, and employees, with quality service for your banking needs.
In spite of the economic turmoil we have endured, our dedication to you, our Shareholders and Customers, was the continued result of our focus on long-term relationships and our flexibility in meeting our customers’ needs.
As always, we thank our shareholders for their trust and confidence while we will strive to reward you with outstanding results. Furthermore, we also thank our customers for their continued support and patronage – it is always our pleasure and privilege to serve you!
And to the MetroBank team… thank you for your efforts – without you, we could not have done it!
