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PHOENIX, May 4, 2021 /PRNewswire/ -- Metro Phoenix Bank ("Bank") today announced that its Corporate Reorganization into MPB BHC, INC. (OTCPink: MPHX), became effective on May 3, 2021. The new holding company will replace Metro Phoenix Bank, Inc. as the entity trading on the OTC Pink platform. Existing shares of Metro Phoenix Bank, Inc., will convert into shares of common stock of MPB BHC, INC. on a one-for-one basis. MPB BHC, INC. will retain the ticker symbol MPHX. The Board and the executive officers will continue in their same roles at the new company.
Stephen P. Haggard, Bank President and Chief Executive Officer stated, "This represents the next step in our organization's evolution. The bank holding company will provide us with additional strategic flexibility that we did not have previously. By doing so, we will be in a position to act on opportunities sooner than later if they materialize. This is something we have been considering for the past couple years, however, the COVID-19 pandemic put this initiative on the back burner. This marks another hurdle that we have cleared to continue to enhance our operation and increase shareholder value."