Robert L. Johnson to Acquire Metro Bank
Robert L. Johnson, controlling shareholder of privately held RLJ Companies, LLC ("RLJ"), founder of BET and majority owner of the NBA Charlotte Bobcats, announced today that he has gained approval from the Office of Thrift Supervision to acquire a controlling interest in Metro Bank, a savings institution headquartered in Orlando, Florida. Metro Bank will once again become a minority controlled thrift institution. Metro Bank's first initiatives will be to change its name to Urban Trust Bank, re-brand the Orlando branch and open a branch in downtown Washington, D.C. at 1350 Eye Street, N.W. Frank Hanna, Jr., Metro Bank's owner, will remain as an investor of Metro Bank.
The federal thrift charter gives the bank the ability to provide financial products in every state and leverage media and marketing strategies on a national scale. Mr. Johnson who will serve as Chairman of the Board of Worldwide Financial Investors, Inc., parent of Metro Bank, has chosen Dwight L. Bush to serve as President and Chief Executive Officer of the bank. Mr. Bush will also be a principal in this venture.
Mr. Bush will be spearheading initiatives to better serve retail customers and business owners in the District of Columbia and to reach a broad customer base. Through several product launches and a branch network, the bank expects to become a major provider of mortgages, student loans, and access to credit for individuals, businesses and not-for-profit organizations.
"Our plan is to establish a network of branches in urban areas to include communities that have limited access to banking facilities. We believe that this is a market that is underserved and we plan to deliver high quality products and services to these communities with a commitment to best in class customer service" stated Bob Johnson.
This acquisition will serve as an initial platform for Mr. Johnson and his affiliates to establish a presence in consumer financial services, particularly in urban areas with a unique customer service focus. "Our presence will guarantee access to capital, the key ingredient to our communities' growth," said Dwight Bush. He added, "We are excited about the access to banking services that the bank will be able to provide to individuals, business owners, and not-for-profit organizations."
About Robert L. Johnson
Robert L. Johnson is the controlling shareholder of the RLJ Companies and founder of Black Entertainment Television. The RLJ Companies provides strategic investment and direction in and for a diverse portfolio of companies in the financial services, real estate, hospitality/restaurant, professional sports, film production, gaming and recording industries. The RLJ Companies' core businesses include: RLJ Development, a privately held hotel real estate investment company and RLJ Urban Lodging Fund, a private equity real estate fund, which together have over $1 billion in combined assets; RLJ Asset Management Group, which includes RLJ Select Investments, LLC, a hedge fund of funds joint venture with Deutsche Bank AG and RLJ Equity Partners, LLC, a private equity fund formed in partnership with The Carlyle Group; NBA Charlotte Bobcats, WNBA Charlotte Sting and Charlotte Arena Operations; Caribbean Gaming and Entertainment (C.A.G.E.), a video lottery terminal company; RolloverSystems, Inc., a retirement services company, and Three Keys Music, a jazz recording company. www.rljcompanies.com
Source: RLJ Companies, LLC
