Recomended by a friend who banks there. This a small (4-branch) bank who understands small business owners, I'm an Food Importer and distributor who owns my own warehouse. I was introduced to a Derek Lee at their 8th Street branch in Oakland who reviewed my request for a Credit Line secured by my warehouse after Wells Fargo Bank suddenly freezed it after being a customer for over 30 years (actually I was a customer of United California Bank who then became First Interstate Bank who then became Wells Fargo). Bank of America had my case for over a month without any answer.
Derek Lee called me on the 2nd day saying he approved my loan abit for slightly less which was alright. It reminded me of how banks operated back in the old days. Local decision making and w/o mulitple layers of signatures from faceless people in remote areas. After signing papers with Mr. Lee, he took me out to lunch. When was the last time your Banker took you out to lunch? This was in November 2008 during the credit crunch which he said did not effect since they were well-capitalized and does not have any sub-prime loans as they deal primarily with Quality clients.
In February 2009 we were paid-off on a mortgage we carried back on a property we sold years earlier. Not wanting to place the funds in the Stock Market, I checked on-line for CD rates for 6 months. Most were in the high 1% to low 2% range with a few mid 2% range from either on-line banks or distant banks in other states. My wife reminded me of Derek. I called him and he offered me 2.5% for 6 months. Knowing this was a good rate, I asked him how Metropolitan could offer such a rate when most seemed lower. He said they're a small private bank who does not need to appease shareholders and their Executives don't receive unearned Million Dollar pay days. Owning their building outright doesn't hurt either which I truly understand as I am able to offer better prices to my customers since I don't need to pay rental expenses. We opened our CD with him and then he offered to take my wife and I out to lunch again.
I guess I was so used to large Banks now that I forgot what it was like being treated as a valued customer similar to the old days. Most banks were relatively small through the mid 1980's and have been gobbled/taken over by larger banks who have treated their customers with such disdain. As you can see I really hate Wells Fargo now for unnecessary freezing my credit line. It was ironic when I closed my 30+ year business account with them. The branch manager came over (who was not even born when I opened the account) tried to convince us not to stressing the long term relationship "WE" have. I DID NOT of course. He ended the conversation saying the typical boiler-plated comments that their bank is big and can offer other services and specifically mentioning Business Loans and Credit Lines, yada, yada, yada. I walked out of there thinking that was so full of B.S.
Metropolitan Bank reminds me so much of the old days. I hope they stay small & independent. Whenever I'm in the area, I try to stop by since they have free coffee. The Tellers in front now greet me by name as they are the same ladies. I think being a tall (6'3") Caucasian visiting a bank in Chinatown probably attributes in making me stand out also. read more
