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Banking, finance, and taxes

MetroCorp Bancshares Files To Raise Cash (MCBI)

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By Douglas A. McIntyre Updated Published
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Broken_merger_torn_moneyMetroCorp Bancshares, Inc. (NASDAQ: MCBI) has filed a mixed shelf securities offering that will allow the company to sell up to $100 million in securities.  The securities are listed as any combination of debt securities, preferred stock, depositary shares, common stock, warrants, and units.

This is a Texas-based bank holding company with approximately $1.6billion in consolidated assets as of June 30, 2008. The companyoperates as MetroBank in Texas and Metro United in California via 13full service banking locations in the greater Houston and Dallasmetropolitan areas and 6 full service banking locations in the greaterSan Diego, Los Angeles and San Francisco metropolitan areas.

The use of proceeds are for general corporate purposes, but it lookslike much may be used for shoring up operations and for funding newactivities.

Its market cap today is $127 million and no underwriters were listed.

Jon C. Ogg
October 22, 2008

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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