#United States #Merger Announcement #MetroCity Bank #Doraville #First IC Corp

MetroCity Bankshares and First IC Corporation Merger Announcement

In a significant development in the banking sector, MetroCity Bankshares, Inc. (NASDAQ: MCBS) and First IC Corporation (OTCEM: FIEB) have jointly announced the anticipated closing date for their merger, set for December 1, 2025. This merger, surrounded by extensive discussions and regulatory reviews, marks a pivotal moment for both institutions, enhancing their capabilities and reach within the competitive banking landscape.

Details of the Merger

Both companies have confirmed that they have received all necessary regulatory approvals and the required shareholder consent from First IC Corporation. This vital step signifies a strong affirmation of the merger's strategic frameworks and future potential. The merger has been well-received within both organizations, citing a synergistic benefit that aims to optimize services and deliver enhanced financial solutions to customers across various states.

MetroCity Bankshares operates as the holding company for Metro City Bank, which boasts a presence across seven states: Alabama, Florida, Georgia, New Jersey, New York, Texas, and Virginia, and has seen a significant growth trajectory, with reported assets reaching approximately $3.6 billion as of September 30, 2025. Conversely, First IC Corporation, which has established itself since 2000, operates the First IC Bank with ten locations primarily in California, Georgia, New Jersey, New York, Texas, and Washington. Its assets are reported to be around $1.2 billion at the same date.

Advisory Roles and Support

Supporting this merger, various financial and legal advisory services have played crucial roles in ensuring a smooth transition. Hillworth Bank Partners served as the financial advisor for MetroCity, providing a fairness opinion to its board to facilitate the decision-making process. For First IC Corporation, Stephens Inc. undertook a similar role, ensuring that both institutions are positioned favorably post-merger.

Legal aspects were also meticulously handled, with Hunton Andrews Kurth LLP advising MetroCity and Alston & Bird LLP for First IC Corporation, ensuring that all statutory obligations are managed and compliant with regulatory standards.

Looking Ahead

As the merger date approaches, both companies are focused on fulfilling the remaining customary closing conditions that must be satisfied or waived prior to finalization. Executives from both teams express optimism regarding the merger's potential to create a more robust financial institution, capable of delivering a wider array of services and improved customer experiences.

The merger is not only a strategic move for MetroCity and First IC but also a noteworthy signal to the larger financial sector about the ongoing consolidation trends within the banking industry. As consumer needs evolve and competitive dynamics shift, such partnerships are increasingly seen as vital for sustenance and growth.

Cautionary Note: It’s important to note that this announcement contains several forward-looking statements, which could be subject to various uncertainties and market conditions. The successful execution of the merger will depend on various external factors and the organizational responses to them.

As further updates arise from MetroCity and First IC, stakeholders and customers will stay informed about the changes and enhancements the merger aims to bring, enhancing their combined commitment to excellence in service delivery. More specific information regarding the merger can be found on their respective investor relations websites.