-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Aa/hvmx/meQUmu7qy15u5jGmnyG8aVYzSpjh0tPxD0BebvQOTzSD10ps4GM7CUfm 2Vc1Rb0D46DADPizs/+/3A== 0001171843-08-000731.txt : 20080930 0001171843-08-000731.hdr.sgml : 20080930 20080930172455 ACCESSION NUMBER: 0001171843-08-000731 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20080930 ITEM INFORMATION: Other Events FILED AS OF DATE: 20080930 DATE AS OF CHANGE: 20080930 FILER: COMPANY DATA: COMPANY CONFORMED NAME: METROCORP BANCSHARES INC CENTRAL INDEX KEY: 0001068300 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 760579161 FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-25141 FILM NUMBER: 081097980 BUSINESS ADDRESS: STREET 1: 9600 BELLAIRE BLVD SUITE 152 CITY: HOUSTON STATE: TX ZIP: 77036 BUSINESS PHONE: 7137763876 8-K 1 f8k_093008.htm FORM 8-K Unassociated Document
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
 

Date of Report (Date of earliest event reported):  September 30, 2008

METROCORP BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
 

Texas
000-25141
76-0579161
(State or other jurisdiction
of incorporation)
(Commission File Number)
(IRS Employer
Identification No.)


9600 Bellaire Boulevard
Suite 252
Houston, Texas 77036
(Address of principal executive offices including zip code)


Registrant's telephone number, including area code:  (713) 776-3876


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[  ]     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 

Item 8.01
Other Events.
 
MetroBank, N.A., Houston, Texas ("MetroBank"), and Metro United Bank, San Diego, California ("Metro United"), each a wholly owned subsidiary of MetroCorp Bancshares, Inc. (the "Company"), have received notice that a commercial borrower in the health care industry(the "Borrower") filed a voluntary petition under Chapter 11 for bankruptcy reorganization.  The amount owed to MetroBank by the Borrower is approximately $13.0 million, $3.0 million of which is secured by accounts receivable and $10.0 million of which is secured by a medical real property located in Grand Prairie, Texas.  The amount owed to Metro United by the Borrower is approximately $3.0 million, which is secured by the same medical real property located in Grand Prairie, Texas.
 
Management currently believes the collateral value is sufficient to cover the outstanding principal and interest receivable balances on the loans and there will be no impairment loss related to these loans based on recent appraisals of the medical real property, review of accounts receivable and discussions with management.  However, it is difficult to predict at this time what impact, if any, the bankruptcy proceedings will have on the ability of MetroBank and Metro United to obtain repayment under the loans or realize on the collateral securing the loans.  Management intends to aggressively pursue repayment of these loans and recovery and liquidation of the collateral securing the loans if necessary.
 
Forward-Looking Statements.
 
This current report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including the statements relating to effect on the Company of a customer bankruptcy.  Risks and uncertainties exist that may cause results to differ materially from those set forth in the forward-looking statements.  Factors that could cause the anticipated results to differ from those described in the forward-looking statements include changes in general economic and business conditions, changes in the real estate market and changes in market conditions. The forward-looking statements speak only as of the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
 
 
 
SIGNATURES
 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
METROCORP BANCSHARES, INC.
(Registrant)
 
Dated:  September 30, 2008
 
 
 
By:  
 
 
 
/s/ George M. Lee
George M. Lee
Vice Chairman and
Chief Executive Officer
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