Frederik Erikson
About Frederik Erikson
Frederik F. Erikson is Executive Vice President and General Counsel of Metropolitan Bank Holding Corp. (MCB), serving since September 2023; he is 52, holds a JD from Albany Law School and a BA from the State University of New York, and previously spent over two decades at Webster Bank, N.A., including nine years as Deputy General Counsel . He joined the executive leadership team and oversees all Company and Bank legal activities; his appointment was effective September 25, 2023 per Company press release . Company performance during his tenure included 2024 diluted EPS of $5.93, net income of $66.7M, loans of $6.0B (+7.3% YoY), deposits of $6.0B (+4.3% YoY), and net interest margin of 3.53% (up from 3.49% in 2023) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Webster Bank, N.A. | Deputy General Counsel; other legal leadership roles | Over two decades (Deputy GC for nine years) | Senior legal leadership at a regional bank; deep experience in bank regulatory and transactional matters |
External Roles
No external board or public company roles disclosed for Erikson in the latest proxy.
Fixed Compensation
- Not disclosed for Erikson. The 2024 Named Executive Officers (NEOs) were CEO, CLO, CFO, Head of Retail, and Chief Business Development Officer; Erikson was not an NEO, so base salary, target bonus, and paid bonus figures were not reported for him .
Performance Compensation
Company-wide incentive design signals the levers that likely influence senior executive compensation (including General Counsel), though Erikson’s specific metrics/weights were not disclosed:
- Annual Incentive Plan (AIP) for NEOs uses adjusted Net Income Growth and adjusted ROATCE with threshold/target levels and individual goals; corporate performance component capped at target .
- Long-term incentives include time-based RSUs (three annual installments) and PRSUs with performance criteria; minimum one-year vesting applies under the equity plan .
| Metric | Threshold | Target | Maximum |
|---|---|---|---|
| Adjusted Net Income Growth (%) | 9.35–10.99% | 11% | — (capped at target for corporate component) |
| Adjusted ROATCE (%) | 8.5–9.99% | 10% | — (capped at target for corporate component) |
Notes:
- Erikson’s specific weighting, actual results, and payout under AIP/PRSUs are not disclosed. RSU vesting is generally in three equal annual installments beginning one year from grant; plan requires at least 95% of awards to vest no earlier than one year after grant .
Equity Ownership & Alignment
- Stock Ownership Guidelines: Executive officers who are not NEOs (e.g., General Counsel) are expected to hold Company stock equal to 1× annual base salary; NEOs 3×, CEO 6×; compliance expected within 5 years of guideline effective date or appointment .
- Hedging/Pledging: Hedging and certain derivative transactions are prohibited; short sales and holding in margin accounts are prohibited without Board approval; executives are subject to insider trading controls and blackout policies .
- Clawback: Incentive-based compensation received on or after October 2, 2023 is subject to recoupment in the event of a required accounting restatement, covering the prior three fiscal years .
- Equity Plan Features: Double-trigger change-in-control, minimum one-year vesting (≥95% of awards), no stock option repricing, no 280G excise tax gross-ups; performance measures may exclude extraordinary items at the committee’s discretion .
Ownership specifics:
- Erikson’s total beneficial ownership, vested vs. unvested shares, and any pledging are not disclosed in the stock ownership table (which lists directors and NEOs only) .
Employment Terms
- No employment or change-in-control agreement disclosed for Erikson; the proxy identifies employment agreements for the CEO and CLO, and change-in-control agreements for the CFO, Head of Retail, and Chief Business Development Officer (none listed for General Counsel) .
- Company-wide policies include non-hedging/pledging, clawbacks, and insider trading restrictions that apply to executive officers .
Performance & Track Record
Company operational and financial performance during Erikson’s tenure:
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Diluted EPS ($) | 6.91 | 5.93 |
| Net Income ($MM) | 77.3 | 66.7 |
| Adjusted Net Income ($MM) | 73.2 | 83.2 |
| Adjusted Net Income Growth (%) | — | 13.7% |
| Loans ($B) | ~5.6 (implied by +7.3% to $6.0B) | 6.0 |
| Deposits ($B) | ~5.8 (implied by +4.3% to $6.0B) | 6.0 |
| Net Interest Margin (%) | 3.49 | 3.53 |
Strategic initiatives:
- Successful exit from Banking-as-a-Service/global payments business and progress on enterprise digital transformation anticipated to complete by end of 2025 .
Governance and investor feedback:
- 2024 Say-on-Pay approval: 91.40% support .
Risk Indicators & Red Flags
- Section 16(a) filings: No delinquent ownership reports for executives, directors, or 10% holders in 2024 .
- Hedging/pledging prohibitions and clawback in place for executives .
- Insider transactions and vesting events for Erikson: Form 4 data could not be retrieved due to an access error; attempted insider-trades skill call returned unauthorized response, so recent insider selling pressure analysis cannot be completed at this time.
Compensation Peer Group (Context)
- Peer group reconstituted in 2024 to align with commercial banking focus; additions included Blue Foundry Bancorp, Dime Community Bancshares, and NB Bancorp; used for benchmarking executive compensation levels and performance metrics .
Investment Implications
- Alignment: As a non-NEO executive, Erikson is subject to stock ownership guidelines (1× salary), anti-hedging/pledging, clawbacks, and equity plan best practices (double-trigger CoC, minimum vesting), supporting governance-aligned incentives; however, absence of disclosed individual comp metrics/payouts limits pay-for-performance assessment at the person level .
- Retention risk: No disclosed employment or change-in-control agreement for General Counsel suggests less contractual severance protection than certain NEOs, potentially reducing lock-in but also limiting golden parachute risk; overall executive program uses performance-linked incentives and long-term equity that strengthen retention broadly .
- Trading signals: With hedging/pledging prohibited and no delinquent filings, insider alignment is structurally supported; inability to access recent Form 4s prevents current read on selling pressure or vesting-driven sales—monitor future filings for any 10b5‑1 plan adoptions or RSU vesting-driven dispositions .
- Execution track record: Company delivered adjusted net income growth (+13.7%) and improved NIM while managing strategic transitions (BaaS exit, tech upgrade), which underpins executive scorecards and equity earnouts; continued delivery on digital transformation and deposit/loan mix should influence incentive outcomes and retention .