1. MetroCity received regulatory approvals for its merger with First IC. 2. First IC's shareholders approved the merger on July 15, 2025. 3. The merger is expected to complete in Q4 2025, pending conditions. 4. MetroCity values regulatory support and shareholder backing for the merger. 5. MetroCity and First IC highlight potential benefits from their merger integration.
The merger approval typically results in positive market sentiment, boosting shareholder confidence. Historical examples indicate enhanced market performance post-merger announcements, as companies consolidate resources and customer bases.
The regulatory approval of a merger significantly influences MCBS's operational scale and market presence. An increase in assets and customer base can lead to better revenues and reduced costs in the long run.
Merger value realization often spreads over several quarters, impacting long-term growth positively. Similar past merger situations show stock price appreciation as integration benefits materialize.
DORAVILLE, Ga., July 15, 2025 /PRNewswire/ -- MetroCity Bankshares, Inc. (NASDAQ: MCBS) ("MetroCity"), the holding company for Metro City Bank (the "Bank"), and First IC Corporation (OTCEM: FIEB) ("First IC"), the parent company of First IC Bank, both based in Doraville, GA, today announced that MetroCity has received all required regulatory approvals and non-objections to complete its merger with First IC. On July 15, 2025, First IC's shareholders voted to approve the merger.
"We appreciate our bank regulators' prompt review and approval of the proposed transaction, as well as the support of First IC's shareholders by voting in favor of the proposed transaction," said Nack Y. Paek, MetroCity's Chairman and CEO.
Chong Chun, Chairman of First IC, stated, "We are grateful to our shareholders for supporting the proposed transaction and look forward to completing the proposed transaction with MetroCity."
The merger is expected to be completed early in the fourth quarter of 2025, and remains subject to the satisfaction of customary closing conditions.
Hillworth Bank Partners acted as financial advisor to MetroCity and rendered a fairness opinion to its board of directors. Hunton Andrews Kurth LLP served as legal counsel to MetroCity.
Stephens Inc. acted as financial advisor to First IC and rendered a fairness opinion to its board of directors. Alston & Bird LLP served as legal counsel to First IC.
Lucas Stewart
MetroCity Bankshares, Inc.
Chief Financial Officer
678-580-6414
[email protected]
MetroCity Bankshares, Inc., headquartered in Doraville, Georgia, is the bank holding company for Metro City Bank, which operates 20 banking offices across seven states: Alabama, Florida, Georgia, New Jersey, New York, Texas, and Virginia. At March 31, 2025, MetroCity had $3.7 billion in assets. MetroCity's common stock trades on The Nasdaq Stock Exchange under the symbol "MCBS." More information about MetroCity is available by visiting the "Investor Relations" section of its website https://www.metrocitybank.bank.
First IC Bank was founded in 2000 and is headquartered in Doraville, Georgia. First IC Corporation operates as the bank holding company for First IC Bank, which maintains ten banking locations and two loan production offices in California, Georgia, New Jersey, New York, Texas, and Washington. At March 31, 2025, First IC Corporation had $1.2 billion in assets. First IC Corporation's common stock trades on the OTCEM exchange under the symbol "FIEB." More information about First IC Corporation is available by visiting the "Investor Relations" section of its website https://www.firsticbank.com.
This communication contains forward-looking statements, including, but not limited to, certain plans, expectations, goals, projections, and statements about the benefits of the proposed transaction, the plans, objectives, expectations and intentions of First IC and MetroCity, the expected timing of completion of the proposed transaction, and other statements that are not historical facts. Such statements reflect the current views of MetroCity and First IC with respect to future events and financial performance, and are subject to numerous assumptions, risks, and uncertainties.
MetroCity and First IC caution that the forward-looking statements in this communication are not guarantees of future performance and involve a number of known and unknown risks, uncertainties and assumptions that are difficult to assess and are subject to change based on factors which are, in many instances, beyond MetroCity's and First IC's control.
For additional information on MetroCity, you may obtain MetroCity's public filings with the SEC, including, but not limited to, its proxy statements, Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Copies of the Registration Statement and proxy statement/prospectus related to merger and other filings incorporated by reference therein, as well as other filings containing information about MetroCity, may be obtained free of charge at the SEC's website at www.sec.gov. You will also be able to obtain these documents, free of charge, from MetroCity at www.metrocitybank.bank/investor-relations/sec-filings.
SOURCE MetroCity Bankshares, Inc.