Metropolitan Bank rescinds $7.5M CEO loan and option exercise on regulatory concerns

Metropolitan Bank Holding Corp.

CEO Mark DeFazio received $7.468M loan on March 6, 2023 to exercise 220,200 stock options; loan deemed likely impermissible.
Loan and option exercise rescinded April 26, 2023; option shares returned, options reinstated; CEO also repaid $780K 2021 loan.
Rescission restores parties to status quo ante; no consideration exchanged; tax treatment under Revenue Ruling 80-58.
Company determined loans likely violated applicable law/regulation after reevaluation for proxy statement preparation.

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.