How It All Began: The Birth of a Bank with a Vision
In the late 1990s, I was thriving as a senior lender at Israel Discount Bank. When the opportunity to lead a de novo bank arose, I wasn’t sure if I was ready for the challenge. However, with the unwavering support of my professional network and family, I decided to take the leap, a decision that would shape not only my future but also the future of Metropolitan Commercial Bank in ways I could never have imagined.
Metropolitan National Bank opened its doors in June 1999, starting from humble beginnings. Our first office was a sublet space at Two Park Ave. in New York City. In just 800 square feet, a small but determined team of three managed $8 million in assets. From the very beginning, our focus was clear: to provide personalized service to high-net-worth individuals with a global perspective. Our commitment quickly paid off, and after just one year of operations, we were profitable and had significantly grown our assets.
The Early Years: Building a Foundation
In May 2003, we relocated to the fourth floor of 99 Park Ave., occupying approximately 15,500 square feet. This move marked the beginning of our expansion. In 2005, we opened our first full-service Banking Center on the ground floor of 99 Park Ave., setting the stage for future growth. By 2019, we had established five more full-service Banking Centers: three in Manhattan, one in Boro Park, Brooklyn and one in Great Neck on Long Island, all designed with a distinctive style that reflected our brand.
During these formative years, we achieved several key milestones:
• Acquisition and Expansion: We acquired, expanded and eventually sold CashZone, an ATM check cashing business, further broadening our digital banking experience.
• Rebranding: We rebranded as Metropolitan Commercial Bank, becoming a statechartered bank and embracing our new identity as “The Entrepreneurial Bank.”
• Growth: By March 31, 2016, we had surpassed $1 billion in assets, a significant milestone in our journey.
• Going Public: On November 8, 2017, we became a public company, listing on the New York Stock Exchange under the ticker MCB.
• Ongoing Success: By December 31, 2019, our assets had grown to $3.36 billion, reflecting the strength and stability of our Bank.
Addressing the Need for Space: Strategic Growth and Modernization
In 2020, as part of our strategic plan, we expanded our headquarters at 99 Park Ave. by moving from our traditional fourth-floor banking offices to a modern, digitally equipped space spanning 50,000 square feet on the 12th and 13th floors.
Looking ahead, our commitment to growth continues with the planned renovation of the 11th floor in 2024, ensuring that our headquarters remains at the forefront of modern banking.
Re-imagining: Modern Banking Centers
• Garment District and Times Square Banking Center: In 2022, we relocated our Garment District Banking Center to a prime location at West 40th Street and Broadway. The new space offers greater convenience and reflects our commitment to creating modern banking environments.
• Boro Park Banking Center: On July 14, 2022, we acquired a 10,000-square-foot commercial building directly across from our existing Banking Center on 13th Avenue in Boro Park and developed a spectacular new Banking Center at 5102 13th Ave. The new facility exemplifies our dedication to providing top-tier modern banking services in every community we serve.
• Park Avenue Banking Center: In September 2024, we began renovating our Park Avenue Banking Center, with completion scheduled for Spring 2025.
Commitment to Community: A Legacy of Service
At Metropolitan Commercial Bank, our success is measured not just by our financial achievements but by the impact we have on the communities we serve. Over the past 25 years, we’ve dedicated countless hours and resources to various local, national and international organizations that do good. We are proud of the difference we’ve made, and we remain committed to giving back.
Recognition and Rewards: Hard Work Pays Off
Our team’s dedication to our clients and communities has not gone unnoticed. Over the years, we have received numerous accolades that reflect our commitment to excellence:
• Fortune’s 100 Fastest-Growing Companies (2021): Recognized for our rapid and sustainable growth. • Top 50 Community Bank (S&P Global, 2021): Highlighting our performance among community banks.
• Piper Sandler Sm-All Stars (Class of 2022): An elite group recognized for outstanding financial performance.
• S&P Global Market Intelligence Rankings (2022): Ranked ninth among community banks with assets between $3 billion and $10 billion, and eighth in the Northeast region.
• ICBA Top Ten Loan Producers (2023- 2024): Recognized for our success in loan production across various categories.
• Newsweek’s Best Regional Banks (2024): A testament to our continued excellence in banking.
Additionally, in 2024, we proudly became the only middle-market commercial bank headquartered in New York City.
Looking Forward: The Future of Modern Banking
Metropolitan Commercial Bank is embarking on a comprehensive, enterprise-wide technology upgrade, described as “Modern Banking in Motion,” through 2025. This initiative is designed to modernize banking capabilities, elevate user experience and enhance security.
Key Initiatives:
• Revamped Website: Launched in September 2024, featuring easier navigation and a fresh design.
• New Digital Services: Simplified online account opening and new platforms for consumer and commercial clients.
• Upgraded Payments Platform: Faster, easier money transfers.
• Enhanced Security: Advanced fraud protection and risk management tools.
Thank You All
On August 29, 2024, I had the honor of ringing the Opening Bell at the New York Stock Exchange to commemorate our Quarter Century Anniversary, surrounded by colleagues, trustees, family and friends. This momentous occasion marked not just a milestone in our history but a commitment to the road ahead.
With our strong foundation, dedicated team, and unwavering focus on innovation, Metropolitan Commercial Bank is poised to lead the next chapter of modern banking. Fortes Fortuna Adiuvat — fortune favors the bold. We are ready to embrace whatever the future holds.