0001144204-14-038857.txt : 20140626 0001144204-14-038857.hdr.sgml : 20140626 20140620172511 ACCESSION NUMBER: 0001144204-14-038857 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20140620 DATE AS OF CHANGE: 20140620 GROUP MEMBERS: FINANCIAL EDGE FUND, L.P. GROUP MEMBERS: FINANCIAL EDGE-STRATEGIC FUND, L.P. GROUP MEMBERS: GOODBODY/PL CAPITAL, L.P. GROUP MEMBERS: GOODBODY/PL CAPITAL, LLC GROUP MEMBERS: JOHN W. PALMER GROUP MEMBERS: PL CAPITAL ADVISORS, LLC GROUP MEMBERS: PL CAPITAL/FOCUSED FUND, L.P. GROUP MEMBERS: RICHARD J. LASHLEY SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: METRO BANCORP, INC. CENTRAL INDEX KEY: 0001085706 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 251834776 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-58095 FILM NUMBER: 14933620 BUSINESS ADDRESS: STREET 1: 3801 PAXTON STREET CITY: HARRISBURG STATE: PA ZIP: 17111 BUSINESS PHONE: 7174126301 MAIL ADDRESS: STREET 1: 3801 PAXTON STREET CITY: HARRISBURG STATE: PA ZIP: 17111 FORMER COMPANY: FORMER CONFORMED NAME: PENNSYLVANIA COMMERCE BANCORP INC DATE OF NAME CHANGE: 19990504 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: PL Capital, LLC CENTRAL INDEX KEY: 0001518768 IRS NUMBER: 364050713 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 47 EAST CHICAGO AVENUE, SUITE 336 CITY: NAPERVILLE STATE: IL ZIP: 60540 BUSINESS PHONE: 630-848-1340 MAIL ADDRESS: STREET 1: 47 EAST CHICAGO AVENUE, SUITE 336 CITY: NAPERVILLE STATE: IL ZIP: 60540 SC 13D/A 1 v381966_13da.htm SC 13D/A

UNITED STATES

Securities and exchange commission

Washington, D.C. 20549

SCHEDULE 13D/A

Amendment No. 3

Under the Securities Exchange Act of 1934

METRO BANCORP, INC.

(Name of Issuer)

Common Stock, $1.00 par value

(Title of Class of Securities)

59161R101

(CUSIP Number)

Mr. Richard J. Lashley

PL Capital, LLC

67 Park Place East

Suite 675

Morristown, NJ 07960

(973) 539-5400

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)

June 18, 2014

(Date of Event which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(b)(3) or (4), check the following box £.

1	NAME OF REPORTING PERSON PL Capital, LLC
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP			(a) T (b) £
3	SEC USE ONLY
4	SOURCE OF FUNDS
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)			£
6	CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH		7	SOLE VOTING POWER 0
		8	SHARED VOTING POWER 997,625
		9	SOLE DISPOSITIVE POWER 0
		10	SHARED DISPOSITIVE POWER 997,625
11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 997,625
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES			T
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 7.0%
14	TYPE OF REPORTING PERSON OO

1	NAME OF REPORTING PERSON Financial Edge Fund, L.P.
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP				(a) T (b) £
3	SEC USE ONLY
4	SOURCE OF FUNDS WC, OO
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)				£
6	CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH			7	SOLE VOTING POWER 0
			8	SHARED VOTING POWER 627,985
			9	SOLE DISPOSITIVE POWER 0
			10	SHARED DISPOSITIVE POWER 627,985
11		AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 627,985
12		CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES			T
13		PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 4.4%
14		TYPE OF REPORTING PERSON PN

1	NAME OF REPORTING PERSON Financial Edge—Strategic Fund, L.P.
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP				(a) T (b) £
3	SEC USE ONLY
4	SOURCE OF FUNDS WC, OO
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)				£
6	CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH			7	SOLE VOTING POWER 0
			8	SHARED VOTING POWER 251,499
			9	SOLE DISPOSITIVE POWER 0
			10	SHARED DISPOSITIVE POWER 251,499
11		AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 251,499
12		CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES			T
13		PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 1.8%
14		TYPE OF REPORTING PERSON PN

1	NAME OF REPORTING PERSON PL Capital/Focused Fund, L.P.
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP				(a) T (b) £
3	SEC USE ONLY
4	SOURCE OF FUNDS WC, OO
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)				£
6	CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH			7	SOLE VOTING POWER 0
			8	SHARED VOTING POWER 118,141
			9	SOLE DISPOSITIVE POWER 0
			10	SHARED DISPOSITIVE POWER 118,141
11		AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 118,141
12		CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES			T
13		PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0.8%
14		TYPE OF REPORTING PERSON PN

1	NAME OF REPORTING PERSON Goodbody/PL Capital, L.P.
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP				(a) T (b) £
3	SEC USE ONLY
4	SOURCE OF FUNDS WC, OO
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)				£
6	CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH			7	SOLE VOTING POWER 0
			8	SHARED VOTING POWER 191,104
			9	SOLE DISPOSITIVE POWER 0
			10	SHARED DISPOSITIVE POWER 191,104
11		AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 191,104
12		CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES			T
13		PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 1.3%
14		TYPE OF REPORTING PERSON PN

1	NAME OF REPORTING PERSON Goodbody/PL Capital, LLC
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP				(a) T (b) £
3	SEC USE ONLY
4	SOURCE OF FUNDS
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)				£
6	CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH			7	SOLE VOTING POWER 0
			8	SHARED VOTING POWER 191,104
			9	SOLE DISPOSITIVE POWER 0
			10	SHARED DISPOSITIVE POWER 191,104
11		AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 191,104
12		CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES			T
13		PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 1.3%
14		TYPE OF REPORTING PERSON OO

1	NAME OF REPORTING PERSON PL Capital Advisors, LLC
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP				(a) T (b) £
3	SEC USE ONLY
4	SOURCE OF FUNDS
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)				£
6	CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH			7	SOLE VOTING POWER 0
			8	SHARED VOTING POWER 1,188,729
			9	SOLE DISPOSITIVE POWER 0
			10	SHARED DISPOSITIVE POWER 1,188,729
11		AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,188,729
12		CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES			T
13		PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 8.4%
14		TYPE OF REPORTING PERSON OO

1	NAME OF REPORTING PERSON John W. Palmer
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP			(a) T (b) £
3	SEC USE ONLY
4	SOURCE OF FUNDS
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)			£
6	CITIZENSHIP OR PLACE OF ORGANIZATION USA
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH		7	SOLE VOTING POWER 0
		8	SHARED VOTING POWER 1,188,729
		9	SOLE DISPOSITIVE POWER 0
		10	SHARED DISPOSITIVE POWER 1,188,729
11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,188,729
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES			T
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 8.4%
14	TYPE OF REPORTING PERSON IN

1	NAME OF REPORTING PERSON Richard J. Lashley
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP				(a) T (b) £
3	SEC USE ONLY
4	SOURCE OF FUNDS
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)				£
6	CITIZENSHIP OR PLACE OF ORGANIZATION USA
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH			7	SOLE VOTING POWER 0
			8	SHARED VOTING POWER 1,188,729
			9	SOLE DISPOSITIVE POWER 0
			10	SHARED DISPOSITIVE POWER 1,188,729
11		AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,188,729
12		CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES			T
13		PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 8.4%
14		TYPE OF REPORTING PERSON IN

Item 1. Security and Issuer

This amended Schedule 13D relates to the common stock, $1.00 par value (“Common Stock”), of Metro Bancorp, Inc. (the “Company” or “Metro”). The address of the principal executive offices of the Company is 3801 Paxton Street, Harrisburg, PA 17111.

Item 2. Identity and Background

This amended Schedule 13D is being filed jointly by the parties identified below. All of the filers of this Schedule 13D are collectively the “PL Capital Group.” The joint filing agreement of the members of the PL Capital Group is attached as Exhibit 1 to Amendment No. 1 to this Schedule 13D, as filed on April 16, 2014.

	·	Financial Edge Fund, L.P., a Delaware limited partnership (“Financial Edge Fund”);
	·	Financial Edge-Strategic Fund, L.P., a Delaware limited partnership (“Financial Edge Strategic”);
	·	PL Capital/Focused Fund, L.P., a Delaware limited partnership (“Focused Fund”);
	·	PL Capital, LLC, a Delaware limited liability company (“PL Capital”) and General Partner of Financial Edge Fund, Financial Edge Strategic and Focused Fund;
	·	PL Capital Advisors, LLC, a Delaware limited liability company (“PL Capital Advisors”), and the investment advisor to Financial Edge Fund, Financial Edge Strategic, Goodbody/PL Capital, L.P. and Focused Fund;
	·	Goodbody/PL Capital, L.P., a Delaware limited partnership (“Goodbody/PL LP”);
	·	Goodbody/PL Capital, LLC (“Goodbody/PL LLC”), a Delaware limited liability company and General Partner of Goodbody/PL LP;
	·	John W. Palmer and Richard J. Lashley, as Managing Members of PL Capital, PL Capital Advisors and Goodbody/PL LLC.

(a)-(c) This statement is filed by Mr. John W. Palmer and Mr. Richard J. Lashley, with respect to the shares of Common Stock beneficially owned by them, as follows:

(1)

shares of Common Stock held in the name of Financial Edge Fund, Financial Edge Strategic, and Focused Fund, in Mr. Palmer’s and Mr. Lashley’s capacity as Managing Members of (A) PL Capital: the General Partner of Financial Edge Fund, Financial Edge Strategic and Focused Fund and (B) PL Capital Advisors: the investment advisor for Financial Edge Fund, Financial Edge Strategic and Focused Fund;

(2)

shares of Common Stock held in the name of Goodbody/PL LP, in Mr. Palmer’s and Mr. Lashley’s capacity as Managing Members of (A) Goodbody/PL LLC: the General Partner of Goodbody/PL LP; and (B) PL Capital Advisors: the investment advisor for Goodbody/PL LP;

The business address of Financial Edge Fund, Financial Edge Strategic, Focused Fund, PL Capital, PL Capital Advisors, Goodbody/PL LP, Goodbody/PL LLC, Mr. Palmer and Mr. Lashley is: c/o PL Capital, 47 E. Chicago Avenue, Suite 336, Naperville, Illinois 60540.Each of Financial Edge Fund, Financial Edge Strategic, Focused Fund, PL Capital, Goodbody/PL LP, PL Capital Advisors and Goodbody/PL LLC are engaged in various interests, including investments. The principal employment of Messrs. Palmer and Lashley is investment management with each of PL Capital, PL Capital Advisors and Goodbody/PL LLC.

(d) During the past five years, no member of the PL Capital Group has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).

(e) During the past five years, no member of the PL Capital Group has been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and, as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, Federal or State securities laws or finding any violation with respect to such laws.

(f) All of the individuals who are members of the PL Capital Group are citizens of the United States.

Item 3. Source and Amount of Funds or Other Consideration

In aggregate, the PL Capital Group owns 1,188,729 shares of Common Stock of the Company acquired at an aggregate cost of $19,014,899.

From time to time, members of the PL Capital Group may purchase Common Stock on margin provided by BNP Paribas Prime Brokerage Inc. (“BNP Paribas”) on such firms’ usual terms and conditions. All or part of the shares of Common Stock owned by members of the PL Capital Group may from time to time be pledged with one or more banking institutions or brokerage firms as collateral for loans made by such entities to members of the PL Capital Group. Such loans, if any, generally bear interest at a rate based upon the federal funds rate plus a margin. Such indebtedness, if any, may be refinanced with other banks or broker-dealers. As of the date of this filing, no members of the PL Capital Group have margin from BNP Paribas or other loans outstanding secured by Common Stock.

The amount of funds expended by Financial Edge Fund to acquire the 627,985 shares of Common Stock it holds in its name is $10,147,952. Such funds were provided from Financial Edge Fund’s available capital and from time to time by margin loans provided by BNP Paribas.

The amount of funds expended by Financial Edge Strategic to acquire the 251,499 shares of Common Stock it holds in its name is $4,227,240. Such funds were provided from Financial Edge Strategic’s available capital and from time to time by margin loans provided by BNP Paribas.

The amount of funds expended by Focused Fund to acquire the 118,141 shares of Common Stock it holds in its name is $1,777,426. Such funds were provided from Focused Fund’s available capital and from time to time by margin loans provided by BNP Paribas.

The amount of funds expended by Goodbody/PL LP to acquire the 191,104 shares of Common Stock it holds in its name is $2,862,281. Such funds were provided from Goodbody/PL LP’s available capital and from time to time by margin loans provided by BNP Paribas.

Item 4. Purpose of Transaction

This is the PL Capital Group’s third amendment to its initial Schedule 13D filing. In the aggregate, the PL Capital Group owns 8.4% of the Company’s Common Stock, based upon the Company’s aggregate outstanding shares as of April 30, 2014. The PL Capital Group acquired the Common Stock because it believes the Common Stock is undervalued. The PL Capital Group’s intent is to monitor the performance of the Company and the actions of the Company’s management and board of directors, and where needed, to assert the PL Capital Group’s stockholder rights.

Richard Lashley, a principal of the PL Capital Group, sent a letter dated June 18, 2014 to Mr. Gary Nalbandian, Chairman, President & CEO of the Company. A copy of the letter is attached as Exhibit 2 to this Schedule 13D.

Unless otherwise noted in this Schedule 13D, no member of the PL Capital Group has any plans or proposals, which relate to, or would result in, any of the matters referred to in paragraphs (b) through (j), inclusive of Item (4) of Schedule 13D. Such individuals may, at any time and from time to time, review or reconsider their positions and formulate plans or proposals with respect thereto. Members of the PL Capital Group may make further purchases of shares of Common Stock, although the PL Capital Group has no present intention of increasing the PL Capital Group’s aggregate holdings above 9.99% of the Company’s outstanding Common Stock. Members of the PL Capital Group may dispose of any or all the shares of Common Stock held by them.

Item 5. Interest in Securities of the Company

The percentages used in this amended Schedule 13D are calculated based upon the number of outstanding shares of Common Stock, 14,179,223, reported as the number of outstanding shares as of April 30, 2014, in the Company’s Quarterly Report on Form 10-Q filed on May 9, 2014.

The PL Capital Group made transactions in the Common Stock since its previous filing, as noted below:

(A)

Financial Edge Fund

	(a)-(b)	See cover page.

	(c)	Financial Edge Fund made the following purchases and no sales of Common Stock since the last filing:

Trade Date	Number of Shares Purchased	Price per Share	Where and How Transaction Effected
06/04/2014	4,500	$21.65	Open Market Purchase
06/05/2014	6,500	$21.76	Open Market Purchase
06/18/2014	3,436	$22.47	Open Market Purchase

(d)

Because Messrs. Palmer and Lashley are the Managing Members of PL Capital, the general partner of Financial Edge Fund, they have the power to direct the affairs of Financial Edge Fund, including the voting and disposition of shares of Common Stock held in the name of Financial Edge Fund. Mr. Palmer and Mr. Lashley are also the Managing Members of PL Capital Advisors, the investment advisor of Financial Edge Fund. Therefore, Mr. Palmer and Mr. Lashley are deemed to share voting and disposition power with Financial Edge Fund with regard to those shares of Common Stock.

(B)

Financial Edge Strategic

	(a)-(b)	See cover page.

	(c)	Financial Edge Strategic made the following purchases and no sales of Common Stock since the last filing:

Trade Date	Number of Shares Purchased	Price per Share	Where and How Transaction Effected
06/04/2014	2,000	$21.65	Open Market Purchase
06/05/2014	2,400	$21.76	Open Market Purchase

(d)

Because Messrs. Palmer and Lashley are the Managing Members of PL Capital, the general partner of Financial Edge Strategic, they have the power to direct the affairs of Financial Edge Strategic, including the voting and disposition of shares of Common Stock held in the name of Financial Edge Strategic. Mr. Palmer and Mr. Lashley are also the Managing Members of PL Capital Advisors, the investment advisor of Financial Edge Strategic. Therefore, Mr. Palmer and Mr. Lashley are deemed to share voting and disposition power with Financial Edge Strategic with regard to those shares of Common Stock.

(C)

Focused Fund

	(a)-(b)	See cover page.

	(c)	Focused Fund made the following purchases and no sales of Common Stock since the last filing:

Trade Date	Number of Shares Purchased	Price per Share	Where and How Transaction Effected
06/04/2014	1,509	$21.65	Open Market Purchase
06/05/2014	1,200	$21.76	Open Market Purchase
06/18/2014	1,200	$22.47	Open Market Purchase

(d)

Because Messrs. Palmer and Lashley are the Managing Members of PL Capital, the general partner of Focused Fund, they have the power to direct the affairs of Focused Fund, including the voting and disposition of shares of Common Stock held in the name of Focused Fund. Mr. Palmer and Mr. Lashley are also the Managing Members of PL Capital Advisors, the investment advisor of Focused Fund. Therefore, Mr. Palmer and Mr. Lashley are deemed to share voting and dispositive power with Focused Fund with regard to those shares of Common Stock.

(D)

Goodbody/PL LP

	(a)-(b)	See cover page.

	(c)	Goodbody/PL LP made the following purchases and no sales of Common Stock since the last filing:

Trade Date	Number of Shares Purchased	Price per Share	Where and How Transaction Effected
06/04/2014	1,800	$21.65	Open Market Purchase
06/05/2014	2,327	$21.76	Open Market Purchase

(d)

Goodbody/PL LLC is the general partner of Goodbody/PL LP. Because Messrs. Palmer and Lashley are the Managing Members of Goodbody/PL LLC, they have the power to direct the affairs of Goodbody/PL LP. Mr. Palmer and Mr. Lashley are also the Managing Members of PL Capital Advisors, the investment advisor of Goodbody/PL LP. Therefore, Goodbody/PL LLC may be deemed to share with Messrs. Palmer and Lashley voting and disposition power with regard to the shares of Common Stock held by Goodbody/PL LP.

(E)

PL Capital

	(a)-(b)	See cover page.

	(c)	PL Capital has made no purchases or sales of Common Stock directly.

	(d)	PL Capital is the general partner of Financial Edge Fund, Financial Edge Strategic and Focused Fund. Because Messrs. Palmer and Lashley are the Managing Members of PL Capital, they have the power to direct the affairs of PL Capital. Therefore, PL Capital may be deemed to share with Mr. Palmer and Mr. Lashley voting and dispositive power with regard to the shares of Common Stock held by Financial Edge Fund, Financial Edge Strategic and Focused Fund.

(F)

PL Capital Advisors

	(a)-(b)	See cover page.

	(c)	PL Capital Advisors has made no purchases or sales of Common Stock directly.

	(d)	PL Capital Advisors is the investment advisor to Financial Edge Fund, Financial Edge Strategic, Focused Fund and Goodbody/PL LP. Because they are the Managing Members of PL Capital Advisors, Mr. Palmer and Mr. Lashley have the power to direct the affairs of PL Capital Advisors. Therefore, PL Capital Advisors may be deemed to share with Mr. Palmer and Mr. Lashley voting and dispositive power with regard to the shares of Common Stock held by Financial Edge Fund, Financial Edge Strategic, Focused Fund and Goodbody/PL LP.

(G)

Goodbody/PL LLC

	(a)-(b)	See cover page.

	(c)	Goodbody/PL LLC has made no purchases or sales of Common Stock directly.

	(d)	Goodbody/PL LLC is the general partner of Goodbody/PL LP. Because Messrs. Palmer and Lashley are the Managing Members of Goodbody/PL LLC, they have the power to direct the affairs of Goodbody/PL LLC. Therefore, Goodbody/PL LLC may be deemed to share with Messrs. Palmer and Lashley voting and disposition power with regard to the shares of Common Stock held by Goodbody/PL LP.

(H)

Mr. John W. Palmer

	(a)-(b)	See cover page.

	(c)	Mr. Palmer did not purchase or sell any shares of Common Stock directly.

(I)

Richard J. Lashley

	(a)-(b)	See cover page.

	(c)	Mr. Lashley did not purchase or sell any shares of Common Stock directly.

Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Company.

With respect to Financial Edge Fund, Financial Edge Strategic and Focused Fund, PL Capital is entitled to an allocation of a portion of profits, if any. With respect to Financial Edge Fund, Financial Edge Strategic, Focused Fund and Goodbody/PL LP, PL Capital Advisors is entitled to a management fee based upon a percentage of total capital. With respect to Goodbody/PL LP, Goodbody/PL LLC is entitled to an allocation of a portion of profits, if any.

Other than the foregoing arrangements and relationships and the Joint Filing Agreement filed as Exhibit 1 to Amendment No. 1 to this Schedule 13D, there are no contracts, arrangements, understandings or relationships among the persons named in Item 2 hereof and between such persons and any person with respect to any securities of the Company.

Item 7. Material to be Filed as Exhibits

	Exhibit No.	Description

	1	Joint Filing Agreement*
	2	Letter to Mr. Nalbandian dated June 18, 2014

	* Previously filed.

SIGNATURES

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Date: June 19, 2014

FINANCIAL EDGE FUND, L.P.

By:	PL CAPITAL, LLC
	General Partner

By:	/s/ John W. Palmer	/s/ Richard J. Lashley
	John W. Palmer	Richard J. Lashley
	Managing Member	Managing Member


FINANCIAL EDGE-STRATEGIC FUND, L.P.

By:	PL CAPITAL, LLC
	General Partner


By:	/s/ John W. Palmer	/s/ Richard J. Lashley
	John W. Palmer	Richard J. Lashley
	Managing Member	Managing Member


PL CAPITAL/FOCUSED FUND, L.P.

By:	PL CAPITAL, LLC
	General Partner


By:	/s/ John W. Palmer	/s/ Richard J. Lashley
	John W. Palmer	Richard J. Lashley
	Managing Member	Managing Member


GOODBODY/PL CAPITAL, L.P.

By:	GOODBODY/PL CAPITAL, LLC
	General Partner


By:	/s/ John W. Palmer	/s/ Richard J. Lashley
	John W. Palmer	Richard J. Lashley
	Managing Member	Managing Member

GOODBODY/PL CAPITAL, LLC


By:	/s/ John W. Palmer	/s/ Richard J. Lashley
	John W. Palmer	Richard J. Lashley
	Managing Member	Managing Member

PL CAPITAL ADVISORS, LLC


By:	/s/ John W. Palmer	/s/ Richard J. Lashley
	John W. Palmer	Richard J. Lashley
	Managing Member	Managing Member

PL CAPITAL, LLC


By:	/s/ John W. Palmer	/s/ Richard J. Lashley
	John W. Palmer	Richard J. Lashley
	Managing Member	Managing Member

By:	/s/ John W. Palmer
	John W. Palmer


By:	/s/ Richard J. Lashley
	Richard J. Lashley

EX-99 2 v381966_ex99.htm EXHIBIT 99

June 18, 2014

Mr. Gary Nalbandian, Chairman, President & CEO

Metro Bancorp, Inc.

3801 Paxton Street

Harrisburg, PA 17111

Dear Gary:

It was a pleasure speaking with you yesterday. During our phone call I gave you highlights of PL Capital’s views on Metro, but I thought it would be helpful for you and the board if I enumerated all of PL Capital’s views in a letter. Please provide a copy of this to your entire board.

I can tell by our discussions that you and the board are proceeding seriously and thoughtfully, which I appreciate.

PL Capital’s views on Metro Bancorp:

FINANCIAL AND OPERATING ISSUES:

Metro has a unique business model. POSITIVE: High touch, customer centric, convenient, extended days and hours. NEGATIVE: High cost, high efficiency ratio, interest rate dependent. PL Capital is not opposed to this model, but we question how consistently profitable it is.

Metro’s model performs better in a higher interest rate environment, which unfortunately does not appear to be on the horizon anytime soon. That is not Metro’s fault or in Metro’s control.

Metro operates in a slow growth, steady market where the average deposits per branch and deposits per customer metrics do not generate sufficient incremental revenue to profitably overcome the incremental costs of operating the Metro model.

In theory, Metro is large enough to have the potential to survive as a profitable, independent bank.

However, despite its size, Metro’s current and projected financial metrics are good, but not sufficient to justify independence (particularly when we look at EPS, ROA and ROE without the non-core leverage employed by Metro, which adds no franchise value).

If Metro was earning 10% or more on equity (without the leverage) and moving towards 12%+ over time, and growing at 8%+ per year, PL Capital would consider that sufficient for Metro’s board to consider remaining independent (subject to all of the other strategic considerations and fiduciary duties Metro’s board and management team must evaluate). We do not foresee Metro achieving that level of core profitability and growth.

Would Metro’s profitability and efficiency change if it was simply larger? That seems to be the board’s and management’s view, as the publicly disclosed plan is to open up branches and grow.

Metro’s former affiliate, Commerce Bank (CBH), pioneered this business model. Their financial results are illustrative to answer the question whether growth is the answer to higher profitability and efficiency.

As you can see in the table below, asset size and growth did not drive CBH’s profitability (ROA, ROE) and efficiency ratio. The Net Interest Margin (NIM) did, which was a function of much higher interest rates, the ability to convert deposits into loans and competition. CBH enjoyed very high NIMs, but as those NIMs dropped, so did CBH’s profitability and efficiency. Significant growth and asset size did not matter.

Commerce Bank (CBH)

Year	Approx. Average Assets ($ billions)	NIM (%)	Efficiency Ratio (%)	ROA (%)	ROE (%)
1993	2.0	4.40	64	0.84	16.5
1997	4.0	4.58	67	1.12	17.9
2000	8.0	4.62	69	1.09	19.8
2002	16.0	4.69	68	1.05	18.5
2005	40.0	3.77	70	0.83	14.9
2007	50.0	3.24	76	0.29	4.8

Source: SNL Financial LC (CBH sold to TD Bank in early 2008).

METRO

Year	Approx. Average Assets ($ billions)	NIM (%)	Efficiency Ratio (%)	ROA (%)	ROE (%)
2000	0.5	4.51	71	0.88	16.6
2003	1.1	4.24	75	0.74	14.3
2006	1.9	3.25	82	0.41	7.6
2013	2.8	3.63	73	0.64	7.4

Source: SNL Financial LC

You can also see that growth did not improve Metro’s own profitability and efficiency, in fact it was negatively correlated.

Unfortunately, the banking industry and interest rate policies in the U.S. have changed significantly since the 1990s and the early 2000s, which will make it even harder for Metro to enjoy the NIMs it and CBH previously generated.

Metro’s own asset liability disclosures show that even significantly higher interest rates will not generate higher profitability (+100 bps, +200 bps and +300 bps all result in lower forecasted net income over both 12 and 24 months per Metro’s 12-31-13 Form 10-K).

The lack of upside potential if rates rise is the most disappointing metric we have noted, because many investors (and perhaps even board members) likely thought that profitability would materially improve if and when interest rates moved up someday.

So you can see why we question whether Metro will ever enjoy mid 4.00% NIMs again, without which higher profitability and lower efficiency ratios do not seem achievable. Again, we are not criticizing Metro’s management or board for this. It’s simply a fact to consider in a world that has changed.

You can also see why we question whether simply growing, or waiting for higher interest rates, is the right answer.

STRATEGIC ISSUES/M&A:

With regard to M&A, there is clearly a rebound in both volume and pricing. Attractive franchises are getting attractive premiums.

I told you yesterday that given Metro’s stock price, it would be difficult for Metro to be an acquirer.

You have acknowledged that there are numerous potential suitors for Metro. PL Capital believes one or more of those potential suitors would pay an attractive price for Metro (attractive relative to what Metro will be able to achieve on its own).

On top of a current M&A premium, over the long run the right partner should also be more profitable and able to produce greater returns than Metro can on its own.

I told you yesterday that both of us have been doing this long enough to know that bank M&A goes in cycles. The M&A window will not always be open.

As we discussed, finding the right partner is not a simple task. It’s one of the most important decisions any board will ever make. It is complicated by the lack of congruence between Metro’s business model and other banks.

You expressed concern about the long term vs. short term decision making implied by other shareholders calls for Metro to find a partner.

I explained that finding the right partner is a long term decision because if Metro sells it will likely be for stock.

You and the management team, employees and board have created a valuable franchise and should be congratulated for that.

As you know, PL Capital has never called for Metro to sell or merge.

We are now calling for Metro to find a strategic partner, in 2014. It’s the right time and the right thing to do.

I prepared this letter because I wanted you and the board to fully understand PL Capital’s views. Communications of this sort are required by the SEC to be filed in a Schedule 13D, so I hope that public filing does not complicate your and the board’s decision making process.

Sincerely,

/s/ Richard Lashley

Richard Lashley

Principal

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