MetroBank of Philadelphia, National Association

MetroBank of Philadelphia, National Association
Item# 2875
$6.95

       




Stock Certificate, issued/canceled
1990's
Goes
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Incorporated in 1988, the Metrobank of Philadelphia was located at 1528 Walnut Street (its sole location.)

On March 8, 1996 the bank was closed by federal regulators and its assets were assumed by the Jefferson Bank of Haverford, Pennsylvania. Since opening in 1989, the bank never had a profitable year. Losses stemmed from a high cost of funds and high level of problem loans, due to poor credit underwriting, loan administration weaknesses and heavy emphasis on real estate based lending. Additionally, Metrobank's board of directors lacked banking knowledge which resulted in an inability to make cohesive and timely decisions. Finally, a check-kite scheme in 1995 heavily impacted an already weak capital base and eventually led to a critically undercapitalized position.PA-Pennsylvania Finance and Related Banks and Credit Unions Scandals and Collapses Under $10 Company Logo Featured



All certificates are sold only as collectible pieces, as they are either canceled or obsolete. Certificates carry no value on any of today's financial indexes and no transfer of ownership is implied. Unless otherwise indicated, images are representative of the piece(s) you will receive.