MetroCity Bankshares and First IC Corporation Announce Merger
Doraville, GA, March 17, 2025 – MetroCity Bankshares, Inc. (NASDAQ: MCBS), the holding company for Metro City Bank, and First IC Corporation (OTCEM: FIEB), the parent company of First IC Bank, both headquartered in Doraville, GA, are pleased to announce that they have signed a definitive merger agreement. Under the terms of the agreement, MetroCity will acquire First IC and First IC Bank in a cash and stock transaction.
Details of the Merger
The merger is expected to close in the third quarter of 2025, subject to customary closing conditions, including regulatory approvals. The transaction values First IC at approximately $150 million, with MetroCity paying $100 million in cash and issuing approximately 3.2 million shares of its common stock. The combined entity will operate under the name MetroCity Bank and will have assets of approximately $1.5 billion.
Impact on MetroCity
The acquisition of First IC Bank is expected to significantly expand MetroCity’s footprint and customer base. First IC Bank brings with it a strong retail banking presence in the Atlanta metropolitan area, complementing MetroCity’s existing commercial banking focus. The merger is also expected to enhance MetroCity’s financial performance by increasing its scale, improving its efficiency, and broadening its product offerings.
Impact on Customers
Customers of both MetroCity and First IC Bank can expect a seamless transition following the completion of the merger. Both institutions have a strong commitment to providing excellent customer service, and the combined entity will continue to offer a full range of banking products and services to meet the needs of individuals and businesses in the Atlanta metropolitan area and beyond.
Impact on the World
The merger between MetroCity and First IC is a significant development in the banking industry in the Atlanta metropolitan area. The combined entity will be a leading community bank, with a strong presence in commercial and retail banking. The merger is also expected to create new opportunities for growth and innovation, as the combined institution will have the resources and scale to invest in new technologies and services to better serve its customers.
Conclusion
The merger between MetroCity Bankshares and First IC Corporation is an exciting development for both institutions and their customers. The acquisition of First IC Bank is expected to significantly expand MetroCity’s footprint and customer base, while enhancing its financial performance and broadening its product offerings. The combined entity will continue to provide excellent customer service and invest in new technologies and services to meet the evolving needs of individuals and businesses in the Atlanta metropolitan area and beyond.
- MetroCity Bankshares and First IC Corporation announce merger
- Transaction values First IC at approximately $150 million
- MetroCity to pay $100 million in cash and issue approximately 3.2 million shares of common stock
- Combined entity to operate under name MetroCity Bank
- Expected to close in third quarter of 2025, subject to customary closing conditions
- Expands MetroCity’s footprint and customer base
- Improves MetroCity’s efficiency and broadens product offerings
- Seamless transition for customers of both institutions
- Creates opportunities for growth and innovation
