This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

MetroBank, N.A. Announces The Agreement With Bank Of China Shanghai To Conduct RMB Trade Settlement

HOUSTON, June 21, 2010 (GLOBE NEWSWIRE) -- MetroBank N.A. announced today that it has signed an official agreement with the Bank of China-Shanghai to conduct Renminbi ("RMB") cross border settlement directly with China on trade related businesses.

George M. Lee, Executive Vice Chairman, President and CEO of MetroCorp Bancshares, Inc., the holding company of MetroBank N.A. stated:

The recent announcement by China's central bank that it will allow a more flexible exchange rate for its currency may be the beginning of a pool of opportunities for U.S. banking institutions with a strong international trade platform. The agreement signed between MetroBank N.A. and Bank of China-Shanghai is the first of its kind in the U.S., which allows MetroBank N.A. of Texas to conduct RMB trade settlement. MetroBank N.A. will be able to offer RMB services including letters of credit, stand-by letters of credit, remittance, collections and other RMB related services for our commercial customers.

The agreement was the result of many months of stringent and cautious due diligence by the officers of both institutions. Needless to say, the fact that MetroBank N.A. is the only Chinese ethnic bank in Texas with a stand alone, dedicated international department providing quality service for over twenty years was crucial to Bank of China-Shanghai's decision. 

In the midst of economic and regulatory guidance to most community banks to realign loan portfolio concentrations, this agreement will not only help us with new fee income opportunities over time but also allow us to expand and build a more diversified customer base.

MetroCorp Bancshares, Inc. (Nasdaq:MCBI) 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 March 31, 2010, 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

CONTACT: MetroCorp Bancshares, Inc., Houston
         George M. Lee, Executive Vice Chairman, President and CEO
         713-776-3876

MetroCorp Bancshares Inc. Logo

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,191.37 -195.84 -1.13%
S&P 500 2,002.16 -27.39 -1.35%
NASDAQ 4,637.9940 -43.5030 -0.93%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs