# METROPOLITAN CAPITAL INVESTMENT BANC, INC. X-17A-5 (2025-04-14) — Broker-dealer annual report - Company: METROPOLITAN CAPITAL INVESTMENT BANC, INC. - Form: X-17A-5 - Filed: 2025-04-14 - Period: 2024-12-31 - Accession: 0001449091-25-000004 - CIK: 1449091 - File #: 8-68075 - Type: Broker-dealer - Material weakness: No - Auditor: Crowe LLP - Auditor location: New York, NY - Contact: Norman Rainey - Phone: 312 640 2316 - Email: nrainey@metcapbank.com - Website: metcapbank.com - Signed by: Frank P. Novel (President) Original filing: https://www.sec.gov/Archives/edgar/data/1449091/000144909125000004/metcappublic.pdf --- {0}------------------------------------------------ # METROPOLITAN CAPITAL INVESTMENT BANC, INC. (a wholly owned subsidiary of Metropolitan Capital Bancorp, Inc.) Statement of Financial Condition December 31, 2024 This report is deemed PUBLIC in accordance with Rule 17a-5(e)(3) under the Securities Exchange Act of 1934. {1}------------------------------------------------ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 OMB APPROVAL OMB Number: 3235-0123 Expires: Nov. 30, 2026 Estimated average burden ho ## ANNUAL REPORTS FORM X-17A-5 PART III | urs per response: | 12 | | |-------------------|----|--| | | | | | SEC FILE NUMBER | | | | | | | 8-68075 FACING PAGE Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 FILING FOR THE PERIOD BEGINNING 01/01/2024 \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ MM/DD/YY MM/DD/YY A. REGISTRANT IDENTIFICATION # Metropolitan Capital Investment Banc, Inc. TYPE OF REGISTRANT (check all applicable boxes): NAME OF FIRM: \_\_ Broker-dealer □ Check here if respondent is also an OTC derivatives dealer ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) | 9 East Ontario | (No. and Street) | | | |----------------------------------------------|---------------------------------------------------------------------------|-----------------|------------| | | | | | | Chicago | | | 60611 | | (City) | (State) | | (Zip Code) | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | Norman Rainey | 312 640 2316
nrainey@metcapbank.com | | | | | | (Email Address) | | | (Name) | (Area Code - Telephone Number) | | | | | B. ACCOUNTANT IDENTIFICATION | | | | Crowe LLP | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing* | | | | | (Name - if individual, state last, first, and middle name) | | | | 485 Lexington Ave, 11th floor | New York | NY | 10017 | | (Address) | (City) | (State) | (Zip Code) | | 09-24-2003 | | 173 | | \* Claims for exemption from the requirement that the annual reports be covered by the reports of an independent public claims for exchiption from the leqa statement of facts and circumstances relied on as the basis of the exemption. See 17 CFR 240.17a-5(e)(1)(ii), if applicable. displays a currently valid OMB control number. {2}------------------------------------------------ #### OATH OR AFFIRMATION | Frank P. Novel | | | swear (or affirm) that, to the best of my knowledge and belief, the financial | | | |------------------------------------|--|--|-------------------------------------------------------------------------------|-------|--| | report pertaining to the firm of _ | | | Metropolitan Capital Investment Banc, Inc. | as of | | | December 31 | | | 2 024 | | | partner, officer, director, or equivalent person, as the case may be, has any proprietary interest in any account classified solely as that of a customer. President ![](_page_2_Picture_3.jpeg) | Signature: | -37 lovel | | | |------------|-----------|--|--| | Title: | | | | Notary Public #### This filing\*\* contains {check all applicable boxes): - (a) Statement of financial condition. - @ (b) Notes to consolidated statement of financial condition. - □ (c) Statement of income (loss) or, if there is other comprehensive in the period(s) presented, a statement of comprehensive income (as defined in § 210.1-02 of Regulation S-X). - [ (d) Statement of cash flows. - [] (e) Statement of changes in stockholders' or partners' or sole proprietor's equity. - □ (f) Statement of changes in liabilities subordinated to claims of creditors. - □ (g) Notes to consolidated financial statements. - [ (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable. - [ (i) Computation of tangible net worth under 17 CFR 240.18a-2. - [] Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3. - □ {{} Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240.15c3-3 or Exhibit A to 17 CFR 240.18a-4, as applicable. - □ (I) Computation for Determination of PAB Requirements under Exhibit A to § 240.15c3-3. - □ (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3. - □ (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.15c3-3(p)(2) or 17 CFR 240.18a-4, as applicable. - □ (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible net (or rt.bonder 17 CFR 240.18c3-1, 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 CFR 240.15c3-3 or 17 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no material differences exist. - □ (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition. - | | Oath or affirmation in accordance with 17 CFR 240.17a-5, 17 CFR 240.17a-12, or 17 CFR 240.18a-7, as applicable. - □ (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - □ (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - (t) Independent public accountant's report based on an examination of the statement of financial condition. - □ (u) Independent public accountant's report based on an examination of the financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable. - C (v) Independent public accountant's report based on an examination of certain statements in the compliance report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - □ (w) Independent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - ce N 2 News 7, as applicated (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.17a-12, as applicable. - os sphicable. [ a statement that no material inadequacies exist, under 17 CFR 240.17a-12(k). - [ (z) Other: - \*\*To request confidential treatment of certain portions of this filing, see 17 CFR 240.17a-5(e)(3) or 17 CFR 240.18c-7(d)(2), os applicable. {3}------------------------------------------------ ## METROPOLITAN CAPITAL INVESTMENT BANC, INC. (a wholly owned subsidiary of Metropolitan Capital Bancorp, Inc.) ## December 31, 2024 #### Contents | Report of Independent Registered Public Accounting Firm | | | |---------------------------------------------------------|-------|--| | Statement of Financial Condition | 2 | | | Notes to Financial Statements | 3 - 6 | | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) ## REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Directors and Shareholder of Metropolitan Capital Investment Banc, Inc. Chicago, Illinois ### Opinion on the Financial Statement We have audited the accompanying statement of financial condition of Metropolitan Capital Investment Banc, Inc. (the "Company") as of December 31, 2024, and the related notes (collectively referred to as the "financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Company as of December 31, 2024, in conformity with accounting principles generally accepted in the United States of America. #### Basis for Opinion This financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on this financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audit of the financial statement provides a reasonable basis for our opinion. Crowe LLP We have served as Metropolitan Capital Investment Banc, Inc.'s auditor since 2020. New York, New York March 26, 2025 {5}------------------------------------------------ ## - -- !" #" #"\$ #\$% -- && ' "'\$( )\*+,+- ## >??@A? | B0:C
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= E=FRRP | | WXAYZabYc@bXZ`@cd?efg]Ah | | Q ORFROO | | WXAYZ\]Y^]Z]A]@?Y_`abYc@bXZ`@cd?efg]Ah | D | O RQFP[I | {6}------------------------------------------------ ## METROPOLITAN CAPITAL INVESTMENT BANC, INC. (a wholly owned subsidiary of Metropolitan Capital Bancorp, Inc.) NOTES TO FINANCIAL STATEMENTS December 31, 2024 #### NOTE 1 - Organization and Nature of Business Metropolitan Capital Investment Banc, Inc. (the "Company"), a wholly owned subsidiary of Metropolitan Capital Bancorp, Inc., (the "Parent") was incorporated in Illinois in September 2008. The Company is a broker-dealer of securities registered with the Securities and Exchange Commission (the "SEC") under the Securities Exchange Act of 1934, and is a member of the Financial Industry Authority ("FINRA"), effective August 2009. The Company operates under the exemption provisions of paragraph (k)(2)(i) of SEC Rule 15c3-3. The Company has an account designated for "Exclusive benefit of customers" to hold customer funds at Metropolitan Capital Bank & Trust (the "Bank"), another wholly owned subsidiary of the Parent and affiliate of the Company. There was no activity during the year in this account. The Company is primarily engaged in investment banking and advisory services. #### NOTE 2 - Summary of Significant Accounting Policies #### Financial Instruments - Current Expected Credit Losses (CECL) The Company accounts for estimated credit losses on financial assets measured at an amortized cost basis in accordance with FASB ASC 326-20, Financial Instruments - Credit Losses. FASB ASC 326-20 requires the Company to estimate expected credit losses over the life of its financial assets as of the reporting date based on relevant information about past events, current conditions, and reasonable and supportable forecasts. The Company records the estimate of expected credit losses as an allowance for credit losses. For financial assets measured at an amortized cost basis the allowance for credit losses is reported as a valuation account on the balance sheet that adjusts the asset's amortized cost basis. Changes in the allowance for credit losses are reported in Credit Loss expense. Accounts receivable: Accounts receivable resulting from performing investment banking and advisory services are based on executed agreements and recognized in accordance with revenue recognition criteria described in Note 2. As of December 31, 2024, these amounts consist of an \$80,154 receivable from customers. In consideration of the historical loss-rate of zero since inception of this asset class, while considering current and future economic conditions the Company assessed the risk of default from the customers to be virtually non-existent and considers any resultant allowance for credit loss to be not material. The Company will continue to evaluate the appropriateness of a credit loss allowance on this receivable as facts and circumstances may evolve. #### Fair Value Measurements ASC Topic 820, Fair Value Measurements and Disclosures, defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company utilizes valuation techniques to maximize the use of observable inputs and minimize the use of unobservable inputs. Assets and liabilities recorded at fair value are categorized within the fair value hierarchy based upon the level of judgment associated with the inputs used to measure their value. The fair value hierarchy gives the highest prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Inputs are broadly defined as assumptions market participants would use in pricing an asset or liability. The three levels of the fair value hierarchy are described below: Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2: Significant other observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Level 3: Significant unobservable inputs that reflect a reporting entity's own assumptions about the assumptions that market participants would use in pricing an asset or liability. {7}------------------------------------------------ ## - -- !" #" #"\$ #\$% -& -- '\$( )\*+,+- /012324526789:;:.0<262=262>?@AA20A?6BC@5CBC0C2A3@66C2D@0E@C6F@BG2HI@C6F@BG2?EEC>@>3C@B C>A06G42>0A>?03@66C2D@0E@C6F@BG29AG3<@A3@A<9@33?G>0A6232CF@5B2@>D@33?G>0AJ@K@5B29 @JJ6?LC4@02A3?A0DG20?0<2A@0G62?E0<2C>A06G42>0AH #### NOOPQRSTPUPVWXYZU[Z[ \<2]?4J@>K2>0262DC>0?@>2LJ2>A2A<@6C>^@^62242>0=C0<0<2\_@62>0@>D0<2`@>a9C>:;;b9 @02@442452662C45G6A242>0@^62242>0C>:;8c@>D@A26FC32@^62242>04?A06232>0BKGJD@02DC> :;:;d3?BB230CF2BK0<2ef<@6C>^/^62242>0AghHi>@33?6D@>32=C0<0<2f<@6C>^/^62242>0A93260@C> 2LJ2>A2A62B@0C>^0?0<2J26A?>>2B9^2>26@B@>D@D4C>CA06@0CF22LJ2>A2A@>D0<2A<@62DE@3CBC0KC>]?CA@62@BB?3@02D0?0<2]?4J@>KE6?40<2\_@62>0@>D0<2`@>aH #### j[ZPVW[STkRSZ[ \<2J62J@6@0C?>?EEC>@>3C@BA0@0242>0AC>3?>E?64C0K=C0<@33?G>0C>^J6C>3CJB2A^2>26@BBK@332J02DC>0<2 l>C02Df0@02A?E/426C3@62mGC62A4@>@^242>00?4@a22A0C4@02A@>D@AAG4J0C?>A0<@0@EE2300<2 62J?602D@4?G>0?E@AA20A@>DBC@5CBC0C2A@>DDCA3B?AG62?E3?>0C>^2>0@AA20A@>DBC@5CBC0C2A@00<2D@02?E 0<2EC>@>3C@BA0@0242>0A@>D0<262J?602D@4?G>0A?E62F2>G2A@>D2LJ2>A2ADG6C>^0<262J?60C>^ J26C?DH/30G@B62AGB0A3?GBDDCEE26H #### nR[oRUpnR[oWqrTsROZUS[ ]@A<@>D3@A<2mGCF@B2>0AC>3BGD23@A<9D2J?AC0AC>?0<26EC>@>3C@BC>A0C0G0C?>A9@>D3260CEC3@02A?ED2J?AC0 =C0<4@0G6C0C2AB2AA0<@>8K2@6H]@A<<2BD@0EC>@>3C@BC>A0C0G0C?>A9@00C42A94@K2L322D0<2@4?G>0 C>AG62D5K0<2I2D26@B12J?AC0i>AG6@>32]?6J?6@0C?>H/012324526789:;:.90<2]?4J@>K<@D D2J?AC0A@0?>2C>A0C0G0C?>0<@02L322D2D0<2@4?G>0C>AG62D5K0<2I1i]5Kt78u98cbH\<2]?4J@>K <@A>?0C>3G662D@>KB?AA2A0?D@0262^@6DC>^0<2A22L32AA5@B@>32AH #### vUQPkZwRXZ[ \<2]?4J@>KCAC>3BGD2DC>0<23?>A?BCD@02DE2D26@BC>3?420@L620G6>ECB2D5KC0A\_@62>0H\<2@BB?3@0C?> ?E0@LCA5@A2D?>2@3DCFCDG@B3?4J@>KxA0@L@5B2C>3?429362DC0A9@>DD2DG30C?>AH\<2]?4J@>K <@A@0@LA<@6C>^@^62242>0=C0<0<2\_@62>09=<2625KC062C45G6A2A0<2\_@62>0E?60<2E2D26@B9A0@029@>D B?3@BC>3?420@L2LJ2>A2C>3G662DE6?40<262AGB0A?E0<2]?4J@>KxA?J26@0C?>Ay@>D0<2\_@62>0 62C45G6A2A0<2]?4J@>KE?60@L52>2EC0AC>3G662DE6?40<262AGB0A?E?J26@0C?>AH/A?E12324526789:;:.9 0<2]?4J@>K?=2Dt8:b9;z;0?0<2\_@62>00<@0=@AC>3G662DE6?40<262AGB0A?E?J26@0C?>A9=3BGD2DC>e1G20?@EECBC@02g?>0<2A0@0242>0?EEC>@>3C@B3?DC0C?>H 12E2662D0@L@AA20A@>DBC@5CBC0C2A@620<22LJ2302DEG0G62@4?G>0AE?6024J?6@6KDCEE262>32A520=22> 3@66KC>^@4?G>0A@>D0@L5@A2A?E@AA20A@>DBC@5CBC0C2A3?4JG02DGAC>^2>@302D6@02AH/F@BG@0C?> @BB?=@>329CE>22D2D962DG32AD2E2662D0@L@AA20A0?0<2@4?G>02LJ2302D0?5262@BC{2DHf22|?02.H \<2@33?G>0C>^A0@>D@6D?>@33?G>0C>^E?6G>3260@C>0KC>C>3?420@L2AJ6?FCD2A^GCD@>32E?63260@C>0@LJ?AC0C?>AAC{2D942@AG62D9DCA3B?A2D@>DJ62A2>02DC>0<2EC>@>3C@B A0@0242>0AH\?E0@LJ?AC0C?>A0@a2>?62LJ2302D0?520@a2>C>0<23?G6A2?E J62J@6C>^0<2\_@62>0xA0@L620G6>A0?D20264C>2=<20<260<20@LJ?AC0C?>A@62e4?62BCa2BK0<@>>?0g?E52C>^ AGA0@C>2De=<2>3<@BB2>^2Dg?6e=<2>2L@4C>2Dg5K0<2@JJBC3@5B20@L@G0AD2242D 0?42200<24?62BCa2BK0<@>>?00<62A2EC0?62LJ2>A2@>DBC@5CBC0KC> 0<23G662>0K2@6H\<2]?4J@>KCAAG5}2300?2L@4C>@0C?>5Kl>C02Df0@02AE2D26@B@>DA0@020@L@G00@>D0<622J6C?60@LK2@6AHI?60<2K2@62>D2D12324526789:;:.4@>@^242>0<@A D20264C>2D0<262@62>?4@026C@BG>3260@C>C>3?420@LJ?AC0C?>AH {8}------------------------------------------------ ## METROPOLITAN CAPITAL INVESTMENT BANC, INC. (a wholly owned subsidiary of Metropolitan Capital Bancorp, Inc.) NOTES TO FINANCIAL STATEMENTS December 31, 2024 #### Adoption of new accounting standards The FASB issued (ASU) 2023-07, "Segment Reporting" (Topic 280) which increased disclosure requirements regarding a public entity's reportable segments effective for fiscal years beginning after December 15, 2023. ASU 2023-07 requires incremental line-item disclosures about each reportable segment's expenses as well as profit and losses. The Company has evaluated the guidance there under and has determined that the Company operates as one operating segment. For further discussion refer to Footnote 5, Reportable Segments. #### NOTE 3- Related Party Transactions In accordance with the Sharing Agreements, the Company recognized expenses incurred by the Parent and the Bank on the Company's behalf for the year ended December 31, 2024, and those expenses are reflected in the Statement of Operations. As of December 31, 2024, the Company carried amounts due to and due from the Parent and the Bank as follows: | Due to (due from) affiliates: | | |-------------------------------|------------| | Current tax payable | \$128,070 | | Deferred tax asset | | | Due to affiliates | \$ 128,070 | Under the terms of a service agreement, which was most recently updated in 2020, the Company reimburses the Bank for services and shared expenses specified in the agreement. This one-year agreement automatically renews for a one-year period unless either party delivers notice to the other party of its intent not to renew. The Company entered into a customer referral agreement with the Bank in 2011. In accordance with the agreement, the Bank will compensate the Company for loans made by the Bank to the referred customer. For the year ended December 31, 2024, the Company did not receive any referral fees from the Bank. At December 31, 2024, the Company had \$100,942 of cash on deposit at the Bank, which is included in Cash in the Statement of Financial Condition. #### NOTE 4 - Income Tax The Company does not have any material differences between the rate it provides for income taxes and the statutory rate. The Parent and the Company are subject to U.S. federal income tax; Illinois, California and New York state income tax, as well as New York city income tax. #### NOTE 5 - Reportable Segments The Company is engaged in a single line of business as a securities broker-dealer acting as a placement agent. The Company has identified the Principals of the Company, collectively, as the chief operating decision maker ("CODM"). The CODM uses net income to evaluate the results of the business and to manage the Company. The Company's operations and officers are located in the United States. The Company's operations constitute a single operating segment and therefore, a single reportable segment, because the CODM manages the business activities using information of the Company as a whole. The accounting policies used to measure profit and loss of the same as those described in Footnote 2, summary of significant accounting policies. {9}------------------------------------------------ ## METROPOLITAN CAPITAL INVESTMENT BANC, INC. (a wholly owned subsidiary of Metropolitan Capital Bancorp, Inc.) NOTES TO FINANCIAL STATEMENTS December 31, 2024 #### NOTE 6 - Net Capital Requirement As a registered broker-dealer with the SEC and a member of the Company is subject to the SEC's Uniform Net Capital Rule 15c3-1. Beginning the first quarter of 2020, the Company was required to maintain minimum net capital of \$100,000. The Company's ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to 1. Net capital and aggregate indebtedness changes from day-to-day, but as of December 31, 2024, the Company had net capital of \$375,299, which exceeded its minimum net capital requirement by \$275,296. The Company's ratio of aggregate indebtedness to net capital was 69.44% at December 31, 2024. #### NOTE 7 - Contingencies The nature of the Company's business subjects it to claims, lawsuits, regulatory examinations, and other proceedings in the ordinary course of business. The Company is currently undergoing a regulatory examination. The Company does not believe that these matters will have a material adverse effect on the Company's financial position, results of operations, or cash flows. In the normal course of business, the Company enters that contain a variety of representations and warranties that provide indemnifications under certain circumstances. The Company's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred. The Company expects the risk of future obligations under these indemnifications to be remote and has not recorded a contingent liability in the financial statements for these indemnifications. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.