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Metro Bank history
Metro Bank company history timeline
His tenure at the head of that bank ended controversially in 2007, however, after US regulators intervened with its governance amid allegations Mr Hill had a conflict of interest by mixing the bank’s business with companies involving directors and family members.
Arriving on the scene soon after the 2008 financial crisis, many onlookers were sceptical about Metro Bank’s chances – especially given its strategy of expanding a network of bank branches at a time when most other high street lenders were looking at closures as a way to cut costs.
Metro Bank was granted its licence by the Financial Services Authority on 5 March 2010, the first high-street bank to be granted such a licence for over 150 years.
It planned to open between 200 and 250 branches in Greater London within ten years of starting up. Its first branch opened on 29 July 2010 in Holborn, central London.
In 2012, the bank raised an additional $200 million in funding from investors including Fidelity, Steven A. Cohen of hedge fund SAC Capital Advisors, and New York real estate investors the LeFraks and David and Simon Reubens.
Metro Bank increased its account holders by 50% in the first half of 2013 for a total of 200,000 customer accounts, including 15,000 business accounts.
At least until late last month, when Metro Bank released a preview of its financial results for the year ending December 2018.
In January 2019, Metro Bank admitted classifying a portfolio of commercial loans for capital purposes incorrectly, thereby failing to hold sufficient capital to meet regulatory requirements; the error applied to around 10% of its loan book.
Additionally, large depositors began withdrawing funds: Metro Bank admitted that there had been a 4% drop in its deposits in the first quarter of 2019 because of "adverse sentiment".
The strategy of expanding its branch network is one it appears to be sticking with – there are a further seven locations in either advanced planning stages or already under construction, and plans to have 100 branches up and running by 2020.
Metro Bank increased its account holders by 50% in the first half of 2013 for a total of 200,000 customer accounts, including 15,000 business accounts. It was aiming to have 200 UK branches open by 2020.
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Metro Bank competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Marine Federal Credit Union | - | $3.0M | 50 | 2 |
| Navigant Credit Union | 1915 | $64.9M | 118 | 24 |
| Pioneer Bank | 1909 | $10.5M | 52 | 39 |
| BancorpSouth | 1876 | $775.0M | 4,693 | - |
| United Federal Credit Union | 1949 | $170.0M | 380 | - |
| United Heritage Credit Union | 1957 | $23.0M | 210 | 9 |
| Greater Kentucky Credit Union | 1953 | $5.0M | 30 | - |
| Bank of the Ozarks | 1903 | $37.1B | 2,315 | 232 |
| First Mid Bank & Trust | 1865 | $6 | 1,000 | 89 |
| Whitaker Bank | 1978 | $24.0M | 4 | 21 |
Metro Bank history FAQs
Zippia gives an in-depth look into the details of Metro Bank, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Metro Bank. The employee data is based on information from people who have self-reported their past or current employments at Metro Bank. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. None of the information on this page has been provided or approved by Metro Bank. The data presented on this page does not represent the view of Metro Bank and its employees or that of Zippia.
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