First Quarter 2011 Results
Metropolitan National Bank Announces First Quarter 2011 Results
LITTLE ROCK, Ark. (April 29, 2011)
– Metropolitan National Bank today announced its financial results for the quarter ending March 31, 2011.
For the first quarter of 2011, the bank posted a loss of $4.05 million compared to a loss of $2.61 million for the first quarter of 2010. “Our loss in the first quarter included a one-time earnings charge for deferred taxes of $1.6 million,” said Lunsford W. Bridges, President and CEO of Metropolitan National Bank. At the end of the first quarter of 2011, Metropolitan’s Tier 1 Capital Ratio was 5.11% and its Risk Based Ratio was 8.34%.
“We are pleased with the progress we have achieved over the past 18 months in effectively managing our non-performing assets. As a result, we believe with an improving real estate market and economy that Metropolitan can look forward to stable performance for the rest of 2011, ” said President and CEO, Lunsford W. Bridges.
About Metropolitan National Bank
Metropolitan National Bank is one of Arkansas’ largest banks, offering a comprehensive line of banking, mortgage and wealth management services for individuals, businesses and the public sector. Founded in 1970, the bank currently has assets of $1.21 billion. Additional information about Metropolitan National Bank can be found at metbank.com.