SCHEDULE 13G/A: FMR LLC and Abigail Johnson Disclose 7.7% Stake in Metropolitan Bank Holding Corp.
Beneficial Ownership Disclosure
FMR LLC and its Chairman and CEO, Abigail P. Johnson, have filed an amended Schedule 13G, disclosing a beneficial ownership of 7.7% of Metropolitan Bank Holding Corp.'s common stock as of December 31, 2024.
Summary
- FMR LLC and Abigail P. Johnson, its Chairman and CEO, jointly filed an Amendment No. 2 to Schedule 13G regarding their beneficial ownership in Metropolitan Bank Holding Corp.
- As of December 31, 2024, the reporting persons collectively beneficially own 865,035.21 shares of Metropolitan Bank Holding Corp.'s common stock.
- This aggregate amount represents 7.7% of the total outstanding common stock of Metropolitan Bank Holding Corp.
- FMR LLC holds sole voting power over 864,461.00 shares and sole dispositive power over 865,035.21 shares.
- Abigail P. Johnson holds sole dispositive power over 865,035.21 shares.
- The filing indicates that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of the issuer.
- Subsidiaries of FMR LLC, including Fidelity Management & Research Company LLC, FIAM LLC, Fidelity Institutional Asset Management Trust Company, and Strategic Advisers LLC, are identified as entities that beneficially own shares, with Fidelity Management & Research Company LLC owning 5% or greater.
Sentiment
Score: 5
Explanation: The document is a factual disclosure of beneficial ownership, carrying a neutral sentiment. It does not contain positive or negative performance indicators or strategic announcements.
Future Outlook
This document is a disclosure of beneficial ownership and does not contain forward-looking statements or guidance regarding the issuer's future performance or outlook.
Management Comments
- "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11."
Industry Context
This filing indicates a significant passive investment by a major financial institution (FMR LLC, parent of Fidelity Investments) in a regional bank, Metropolitan Bank Holding Corp. Such disclosures are routine for large asset managers and reflect their portfolio allocation decisions within the financial services sector.
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Shareholder Voting Agreement | Members of the Johnson family, including Abigail P. Johnson, who are predominant owners of Series B voting common shares of FMR LLC (representing 49% of voting power), have entered into a shareholders' voting agreement. All Series B voting common shares will be voted in accordance with the majority vote of Series B voting common shares, potentially forming a controlling group with respect to FMR LLC under the Investment Company Act of 1940. | NA | This agreement consolidates voting power within the Johnson family regarding FMR LLC, which indirectly influences the investment decisions of FMR LLC and its subsidiaries. |
Stakeholder Impact
- Shareholders: The disclosure of a significant institutional stake by FMR LLC and Abigail P. Johnson provides transparency regarding the ownership structure of Metropolitan Bank Holding Corp. and may be viewed as a vote of confidence by a major investor, though the filing states the holding is for ordinary course of business and not for control.
Key Dates
| Date | Description |
|---|---|
| 2023-01-03 | Effective date of Power of Attorney for FMR LLC and its subsidiaries. |
| 2023-01-26 | Effective date of Power of Attorney for Abigail P. Johnson. |
| 2024-12-31 | Date of event which requires filing of this statement (reporting date for ownership). |
| 2025-02-11 | Date of filing of Schedule 13G Amendment No. 2. |
Keywords
Beneficial Ownership, Schedule 13G, FMR LLC, Abigail P. Johnson, Metropolitan Bank Holding Corp., Common Stock, SEC Filing, Institutional Ownership, Investment Management
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