MetroCorp Bancshares (MCBI) in Houston has commenced a public stock offering to raise $40 million of common equity.
The $1.5 billion-asset company said in a press release Thursday that the proceeds could be used to support organic growth or acquisitions, including failed-bank deals. The company said it could also use some of the proceeds to redeem the $45 million of preferred stock held by the Treasury Department.
At March 31, Metro's total risk-based capital ratio was 17.59%.
Hedge fund manager Scott Bessent had been the betting favorite to take the reins at Treasury. Scott Turner, a former congressman and NFL player, will lead the housing agency.
While the risks, benefits and magnitude of artificial intelligence's impact on financial services remain unclear, agencies should keep an open mind toward the technology and avoid reflexive risk aversion in bank supervision, Federal Reserve Gov. Michelle Bowman said.
The Dallas bank's new CEO, Thomas Shafer, served in top roles at a number of banks that were subsequently acquired before he stepped away from the industry in 2022.
In its latest financial stability report, the Federal Reserve warned high equity valuations and low levels of liquidity could leave the financial system vulnerable to shocks.
The Columbus, Ohio-based regional launched Lift Local Business in October 2020 with a $25 million ceiling. Four years and $133 million later, the program is still going strong.
The bank and payment company are using the technology that underpins digital assets to improve interoperability for international transactions, a major point of friction in trade finance.
