MetroCity Bankshares and First IC Corporation Set Merger Date
MetroCity Bankshares, Inc. (NASDAQ: MCBS), the holding company for Metro City Bank, is excited to share that it has successfully received all necessary regulatory approvals to finalize its merger with First IC Corporation. Both companies are looking forward to completing this significant transaction, which they anticipate will occur soon, pending the satisfaction or waiver of customary closing conditions.
Merger Overview and Benefits
The merger between MetroCity and First IC marks an important milestone in the financial services sector. It combines the strengths of both companies, enhancing operational efficiencies and expanding market reach. MetroCity and First IC believe that this union will create opportunities that benefit their customers and shareholders alike.
Advisory Support During the Merger
Hillworth Bank Partners played a crucial role in advising MetroCity through this process, offering essential financial insights and conducting a fairness opinion for the board of directors. Similarly, Stephens Inc. took on the role of financial advisor for First IC, ensuring both parties are well-prepared and supported in this transitional phase.
Legal Counsel for the Transaction
Legal representation is vital in mergers. Hunton Andrews Kurth LLP provided legal counsel to MetroCity, while Alston & Bird LLP advised First IC. Their expertise is instrumental in navigating the complex regulatory environment surrounding such significant transactions.
Anticipated Completion Date
MetroCity and First IC are pleased to announce that they expect the merger to be finalized by December 1, 2025. This date is contingent on fulfilling all remaining closing requirements. Both companies are committed to making sure every detail aligns with regulatory expectations and industry standards.
About MetroCity Bankshares, Inc.
Based in Doraville, Georgia, MetroCity Bankshares, Inc. oversees Metro City Bank, which operates across several states. With a strong presence in the financial services market, as of the end of September 2025, MetroCity boasts assets totaling approximately $3.6 billion. Their common stock is actively traded on the NASDAQ under the symbol "MCBS." For more detailed information about MetroCity, interested parties can visit their official website.
About First IC Corporation
First IC Corporation, founded in 2000, also operates from Doraville, Georgia. It serves as the parent company of First IC Bank, which has established outreach across various states. As of September 2025, First IC Corporation holds assets totaling $1.2 billion, trading under the OTCEM symbol "FIEB." Their commitment to customer service and community engagement has positioned them as a notable player in the banking sector.
Contact Information
For further inquiries, please reach out to Lucas Stewart, Chief Financial Officer of MetroCity Bankshares, Inc. His office can be contacted directly at 678-580-6414.
Frequently Asked Questions
What is the merger between MetroCity and First IC about?
The merger aims to combine the strengths of both banks to enhance operational efficiencies and expand market reach.
When is the expected completion date for the merger?
The merger is anticipated to be completed by December 1, 2025, pending the fulfillment of closing conditions.
Who advised MetroCity and First IC during the merger?
Hillworth Bank Partners acted as financial advisor to MetroCity, while Stephens Inc. advised First IC. Legal counsel was provided by Hunton Andrews Kurth LLP and Alston & Bird LLP.
Where are the headquarters of MetroCity and First IC located?
Both MetroCity Bankshares and First IC Corporation are headquartered in Doraville, Georgia.
What trading symbols represent MetroCity and First IC?
MetroCity trades on NASDAQ under the symbol "MCBS," and First IC trades on the OTCEM exchange under the symbol "FIEB."
