Banking, finance, and taxes
MetroCorp Bancshares Files To Raise Cash (MCBI)
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MetroCorp 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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