Metro Bank has raised another $200 million, doubling its 2010 capitalization, says founder Vernon Hill, late of the former Commerce Bancorp of Marlton (now part of TD Bank).
Where'd he get the money? Reports Britain's City AM:
"Upstart lender Metro Bank," opened last year by former Commerce Bank boss Vernon Hill, "wants to open seven new branches by the end of this year after completing a £126m capital raising." Ceo Craig Donaldson confirmed Metro is still planning a public stock offering in 2014.
"Hedge fund Moore Capital and billionaire investor Steve Cohen are believed to have taken stakes in Metro in the recent fundraising, which has seen co-founder Vernon Hill cut his stake of around a fifth.
"In total the bank raised £126m from new investors and existing backers, which include asset managers Fidelity and Wellington Capital, property entrepreneurs the Reuben brothers and New York property developer Richard LeFrak."