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NY-based Metropolitan discloses cryptocurrency client's accounts figures for '17

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NY-based Metropolitan discloses cryptocurrency client's accounts figures for '17

Metropolitan Bank Holding Corp. disclosed that a cryptocurrency exchange that maintains two different types of accounts with Metropolitan Commercial Bank maintained an average balance of $77.9 million in its corporate noninterest bearing account and an average balance of about $111.7 million in its noninterest bearing settlement account with the bank during the year ended Dec. 31, 2017.

The New York-based bank had $1.4 billion in total deposits as of the end of 2017.

Deposit balances related to the cryptocurrency corporate account and those of the settlement account represent about 6.8% and 15.9%, respectively, of the bank's total deposit base, according to Metropolitan Bank Holding's Form 10-K.