MetLife Bank

On February 13, 2001, MetLife, Inc. ("MetLife") announced that the Board of Governors of the Federal Reserve System approved its application for bank holding company and financial holding status and its acquisition of Grand Bank, N.A., of Kingston, New Jersey, which was renamed MetLife Bank, N.A. The acquisition was the first bank purchase by an insurance company since the passage of the Gramm-Leach-Bliley Act, which paved the way for banks, insurance companies, investment banks, and other financial institutions to operate as affiliate companies under the financial holding company umbrella.