HARRISBURG, Pa.--(BUSINESS WIRE)--Oct. 23, 2012--
Metro Bank today announced that the Federal Deposit Insurance
Corporation (FDIC) has terminated the Consent Order it issued to the
bank on April 29, 2010.
The FDIC Consent Order was associated with certain alleged deficiencies
in the bank’s Anti-Money Laundering and Bank Secrecy Act (AML/BSA)
program that arose out of regulatory examinations conducted in 2009 and
2010. A similar order by the Pennsylvania Department of Banking
terminated effective April 12, 2012.
“Termination of the orders affirms that Metro Bank complies with or
exceeds all regulatory requirements and expectations,” said Metro Bank
Chairman, President and CEO Gary L. Nalbandian. “Many of our team
members have worked countless hours to ensure we have a first-class
AML/BSA program. As we continue to grow the bank and expand our
footprint, maintaining a strong compliance culture will remain a top
About Metro Bank
Metro Bank, subsidiary of Metro Bancorp Inc. (NASDAQ: METR), is a
financial services retailer with 33 stores in the counties of Berks,
Cumberland, Dauphin, Lancaster, Lebanon and York. Headquartered in
Harrisburg, Metro Bank opened its first location in Camp Hill, Pa. in
1985, pioneering industry-changing conveniences in Central Pennsylvania
including seven-day branch banking, free personal checking, free
coin-counting machines and use of a prototype store design. Additional
services include free instant-issue Visa debit cards, free online
banking and 24/7 live customer service. The bank also offers commercial
banking services including term loans, commercial mortgages, lines of
credit and cash management services. For more information about Metro
Bank, visit mymetrobank.com.
FORWARD LOOKING STATEMENTS
This news release contains forward-looking statements concerning future
events. Actual results could differ materially due to the following
risks and uncertainties -- deteriorating economic conditions; increased
competition; interest rate movements; market volatility in the
securities markets; legislative or regulatory developments;
merger-related synergies, savings and integration issues; technological
changes; and other risks and uncertainties discussed in the company's
reports filed from time to time with the Securities and Exchange
Commission. The Company cautions readers not to place undue reliance on
these statements. The Company undertakes no obligation to publicly
release or update any of these statements.
Source: Metro Bancorp Inc.
Metro Bancorp Inc.
Jason S. Kirsch, APR