#United States #MetroCity Bankshares #Doraville #First IC Corporation

MetroCity Bankshares Finalizes Acquisition of First IC Corporation

On December 1, 2025, MetroCity Bankshares, Inc. (NASDAQ: MCBS) completed its acquisition of First IC Corporation (OTCEM: FIEB), a move that marks a significant milestone for both organizations. The transaction, which concluded successfully at the end of business, establishes MetroCity as a more robust entity with enhanced resources for its customers.

Nack Paek, the Chairman and CEO of MetroCity, expressed enthusiasm regarding the acquisition, stating, "First IC and MetroCity have long competed with and admired one another. We are pleased to have combined our two organizations to create a better bank for our customers." This strategic move not only consolidates operations but also strengthens MetroCity's competitive edge and financial flexibility, paving the way for greater service enhancement across their branches.

As a result of this acquisition, MetroCity Bank now boasts approximately $4.8 billion in total assets, $4.0 billion in loans, and $3.6 billion in deposits. The bank operates a comprehensive network that includes 30 full-service branches and two loan production offices spread across multiple states such as Alabama, California, Florida, Georgia, New Jersey, New York, Texas, and Virginia. Through this acquisition, MetroCity aims to have a positive impact on the communities it serves, ensuring customer satisfaction and an improved banking experience.

The Rationale Behind the Acquisition

The merger is seen as a strategic effort to streamline operations, thereby enhancing the ability to serve customers more effectively. With a growing customer base and heightened competition in the banking industry, the consolidation of MetroCity and First IC is viewed as a proactive approach to adapt to market demands. The partnership empowers MetroCity with increased capital, resources, and client reach, enabling it to address various banking needs with greater efficiency.

Moreover, this acquisition could create substantial value for shareholders and customers alike. It reinforces MetroCity's commitment to providing high-quality banking solutions and personalized service, which are essential in retaining and attracting customers in an increasingly competitive market.

Advisors and Legal Counsel

The acquisition was not just an operational feat but also a well-orchestrated business decision, executed with the guidance of competent advisors. Hillworth Bank Partners advised MetroCity during the transaction, providing financial expertise and fairness opinions to its board of directors. Similarly, Stephens Inc. offered comparable support to First IC through financial counsel and fairness opinions. Legal assistance was rendered by Hunton Andrews Kurth LLP for MetroCity and Alston Bird LLP for First IC, ensuring that all legal aspects were meticulously handled during the acquisition process.

Future Outlook

As MetroCity Bankshares integrates First IC Corporation into its operations, the leadership envisions a more competitive and customer-centric banking environment. Such mergers are essential for creating a resilient financial institution capable of weathering economic fluctuations while maintaining service excellence.

As the banking landscape continues to evolve, acquisitions like this serve as crucial strategies for growth and sustainability. MetroCity is committed to transparency and plans to keep all stakeholders informed while navigating this transformative journey.

In conclusion, the merger marks the beginning of an exciting new chapter for MetroCity Bank, reinforcing its position as a formidable player in the banking sector. Moving forward, customers can expect a broader range of services and a commitment to innovation and community enhancement. With MetroCity’s workforce and resources combined with the strengths of First IC, the future appears promising for both the bank and its clientele.