2023-03-31 11:31:01 ET
- Metropolitan Bank Holding ( NYSE: MCB ) stock shot up 23% in Friday trading, rebounding from a 28% plunge triggered by a short report on Thursday.
- In response to the report, Metropolitan Bank ( MCB ) on Thursday assured that it's well capitalized and has readily accessible secured funding capacity representing 170% of uninsured deposit balances.
- The company also noted that its insured deposits account for 66% of total deposits as of March 29, 2023, up from 60% as of Dec. 31, 2022.
- Metropolitan Bank's ( MCB ) stock has dropped, along with a group of other small regional banks, in the wake of the Signature Bank and Silicon Valley Bank earlier this month. In the past month, MCB tumbled 55% and is down 61% YTD.
- In November, the SA Quant system flagged MCB for a high risk of performing poorly, citing negative EPS revisions and decelerating momentum.
For further details see:
Metropolitan Bank Holding surges 23%, recovering from short report drop