What differentiates Herrick from most other firms that do banking work? We're bankers. In 1987, we organized and chartered a new federal savings bank, which we sold a decade later at a significant profit. Then we did it again.
In 1999, Herrick identified a niche that was underserved by banks in New York -- high net worth individuals looking to be active in the middle market. At the time, "group deals" were popular; a group of businesspeople or investors looking to invest together in a business, a real estate venture, or other endeavor that required leverage that they couldn't get from a regular lender. Herrick had plenty of clients and friends who met that description; could we find a way to help them in their businesses, bring them opportunities they wouldn't otherwise have, and at the same time create a profitable business for ourselves?
Yes, we could. We applied for a national bank charter and approached Mark DeFazio, a longtime client at IDB Bank, to take the helm of the new Metropolitan National Bank. We raised $8 million in our first capital raise, and then did two more. And we were bankers again. The bank has grown a bit -- about 60-fold -- and added services in the 10 years since, but remains primarily a "business to business" bank, helping middle market enterprises and high-net-worth individuals build wealth. We compete toe-to-toe with the top money center banks, and they recognize us as a peer.
After building the bank and hiring the best and brightest to run it, we remain its most trusted advisor, and more. Members of Herrick, together with friends and family, are the largest shareholder, and Herrick represents the bank in most of its legal needs. "Metropolitan National Bank couldn't have a better partner than Herrick," says DeFazio. "You ask for legal advice, and you get a business solution." The "you" Mark is talking about is, actually, you. Having built our own state and national-chartered banks, you know you can count on us for the guidance you need in setting up -- and running -- your own bank. We're proud of what we've built, how it has grown, and our role in its success, and we look forward to helping you do the same.
Like Herrick, Metropolitan National Bank has found its niche and made itself the go-to service provider there. The bank and the firm both enjoy client loyalty born of true service, personal attention, and business opportunity. You don't find those things at mega-firms or mega-banks. Every law firm says "we understand your business." Herrick, in the banking industry, can prove it.