HOUSTON, Nov. 25, 2009 (GLOBE NEWSWIRE) -- MetroBank, N.A., a subsidiary of MetroCorp Bancshares, Inc. (Nasdaq:MCBI) today announced that it has filed an amended Call Report for the third quarter of 2009.
On Friday, November 20, 2009, MetroBank, N.A. filed an amended Call Report for the third quarter of 2009 to correct errors on Schedule RC-N - Past Due and Nonaccrual Loans, Leases, and Other Assets.
"The original Call Report had overstated and reported much higher loan delinquencies than actual. The discrepancy which was caused by a compilation error was discovered during a routine audit. The amendment reported a much lower amount of past due loans as compared to the original Call Report," stated George M. Lee, President and CEO of MetroCorp.
Details of corrected past due amounts can be found on the amended Call Report on the FDIC website at www.fdic.gov. The corresponding changes on the consolidated report for MetroCorp Bancshares, Inc. were also amended and corrected on Schedule HC-N of the FR Y9-C Report, but as of press release date the amended FR Y9-C Report has not been posted on the www.ffiec.gov website. Please allow a few days for the website to update or contact the Company if there are any questions.
MetroCorp Bancshares, Inc., provides a full range of commercial and consumer banking services through its wholly owned subsidiaries, MetroBank, N.A. and Metro United Bank. The Company has thirteen full-service banking locations in the greater Houston and Dallas, Texas metropolitan areas, and six full service banking locations in the greater San Diego, Los Angeles and San Francisco, California metropolitan areas. As of September 30, 2009, the Company had consolidated assets of $1.6 billion. For more information, visit the Company's web site at www.metrobank-na.com.
The MetroCorp Bancshares Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=2894
The statements contained in this release that are not historical facts may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe the Company's future plans, projections, strategies and expectations, are based on assumptions and involve a number of risks and uncertainties, many of which are beyond the Company's control. Important factors that could cause actual results to differ materially from the results anticipated or projected include, but are not limited to, the following: (1) general business and economic conditions in the markets the Company serves may be less favorable than expected which could decrease the demand for loan, deposit and other financial services and increase loan delinquencies and defaults; (2) changes in the interest rate environment which could reduce the Company's net interest margin; (3) the failure of or changes in management's assumptions regarding the adequacy of the allowance for loan losses; (4) legislative or regulatory developments including changes in laws concerning taxes, banking, securities, insurance and other aspects of the financial securities industry; (5) changes in the availability of funds which could increase costs or decrease liquidity; (6) the effects of competition from other financial institutions operating in the Company's market area and elsewhere, including institutions operating locally, regionally, nationally and internationally, together with such competitors offering banking products and services by mail, telephone, computer and the Internet; (7) changes in accounting principles, policies or guidelines; (8) a deterioration or downgrade in the credit quality and credit agency ratings of the securities in the Company's securities portfolio; (9) the incurrence and possible impairment of goodwill associated with an acquisition; and (10) the Company's ability to adapt successfully to technological changes to meet customers' needs and developments in the marketplace. All written or oral forward-looking statements are expressly qualified in their entirety by these cautionary statements. These and other risks and factors are further described from time to time in the Company's 2008 annual report on Form 10-K and other reports and other documents filed with the Securities and Exchange Commission.