NEW YORK — Metbank will open a branch in the heart of the Garment District this fall to cater to the apparel industry.
The branch will be located at 36th Street and Broadway. The site is currently under construction, and the bank is scheduled to open in November. According to Mark DeFazio, the company’s president and chief executive officer, the branch opening is a logical extension of the bank’s client base.
Metbank was founded in 1999 with a focus on lending to middle-market real estate and commercial companies that were underserved by big banks swayed only by accounts of more than $5 million. Apparel companies, with their specialized financial needs, also fell into that category, and Metbank developed a substantial number of clients in the industry, DeFazio said.
Opening a branch offering retail banking services in the Garment District fit into the company’s cautious strategic plan to target retail locations where existing business is located, he said.
“It’s natural for us, when establishing a new branch, to use those relationships,” DeFazio said. Before deciding to open the branch, its third full-service retail banking location, the company polled its existing client base to see if there was interest. There was, he said.
Metbank provides asset-based lending, middle-market loans, equipment leasing, cash management and billing services for its clients. The company also is looking to further expand its financial offerings for commercial clients in the near future, said Alex Kozlowsky, executive vice president of operations.