[MetroCorp Bancshares, Inc. Letterhead]
MetroCorp Bancshares, Inc. Announces Share Repurchase Plan
HOUSTON, TEXAS - (January 31, 2002) MetroCorp Bancshares, Inc.
(Nasdaq:MCBI), today announced that its Board of Directors approved a plan
to repurchase, as conditions permit, up to 350,000 shares of the Company's
common stock on the open market or in privately negotiated block
transactions.
The plan does not specify the timing of the purchases, the exact number of
shares to be purchased or a specific target price. Market conditions will
determine when and if transactions will be executed. The share repurchase
plan may be suspended at any time or terminated prior to completion.
The Company has elected to pursue this plan in an effort to utilize excess
capital and to enhance shareholder value.
MetroCorp Bancshares, Inc. with $742 million in assets, provides a full
range of commercial and consumer banking services through its wholly owned
subsidiary, MetroBank, N.A. The Company has 14 full-service banking
locations in the greater Houston and Dallas metropolitan areas. For more
information, visit the Company's Web site at www.metrobank-na.com.
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The statements contained in this release that are not historical facts are
forward-looking statements made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995. Forward-looking
statements describe MetroCorp's future plans, projection, strategies and
expectations, are based on assumptions and involve a number of risks and
uncertainties, many of which are beyond MetroCorp's control. Actual
results could differ materially from those projected due to changes in
interest rates, competition in the industry, changes in local and national
economic conditions and various other factors. Additional information
concerning such factors that could affect MetroCorp is contained in
MetroCorp's filings with the SEC.
Contact:
MetroCorp Bancshares, Inc., Houston
Allen Brown, President (713) 776-3876, or
David D. Rinehart, Executive Vice President/CFO (713) 776-3876
9600 Bellaire Boulevard . Suite 252 . P.O. Box 4760,
Houston, Texas 77210-4760 .Tel: 713-776-3876