UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported)
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February 24, 2011 (February 18, 2011)
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Metro Bancorp, Inc.
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(Exact name of registrant as specified in its charter)
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Pennsylvania
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000-50961
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25-1834776
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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3801 Paxton Street, Harrisburg, Pennsylvania
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17111
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(Address of principal executive offices)
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(Zip Code)
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Registrant’s telephone number, including area code
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800-653-6104
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N/A
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(Former name or former address, if changed since last report)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On February 18, 2011, the Board of Directors of Metro Bancorp, Inc. (the “Company”) ratified the following items approved by the Company’s Compensation Committee:
● 2010 cash bonus and stock option grants for the Company’s Chief Executive Officer, Chief Financial Officer and Named Executive Officers:
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Name
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Title
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Cash Bonus
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Stock Options Grants1
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Gary L. Nalbandian
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Chairman, President and Chief Executive Officer
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$60,000
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50,000
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Mark A. Zody
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Executive Vice President and Chief Financial Officer
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$40,000
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30,000
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Peter M. Musumeci, Jr.
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Executive Vice President and Senior Loan Officer
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$0
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20,000
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Mark A. Ritter
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Executive Vice President and Chief Operating Officer
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$25,000
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15,000
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James R. Ridd
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Senior Vice President and Chief Credit Officer
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$6,000
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5,000
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1 Grants made pursuant to the Company’s 2006 Employee Stock Option Plan at an exercise price of $12.05, the market price on the date of grant.
● 2011 base salaries for the Company’s Chief Executive Officer, Chief Financial Officer and Named Executive Officers:
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Name
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Title
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Base Salary
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Gary L. Nalbandian
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Chairman, President and Chief Executive Officer
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$595,000
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Mark A. Zody
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Executive Vice President and Chief Financial Officer
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$290,000
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Peter M. Musumeci, Jr.
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Executive Vice President and Senior Loan Officer
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$300,000
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Mark A. Ritter
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Executive Vice President and Chief Operating Officer
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$250,000
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James R. Ridd
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Senior Vice President and Chief Credit Officer
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$190,000
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Metro Bancorp, Inc.
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(Registrant)
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Date: February 24, 2011
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/s/ Mark A. Zody
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Mark A. Zody
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Chief Financial Officer
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