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

Strategic Merger Between MetroCity Bankshares and First IC Corporation

In a significant move, MetroCity Bankshares, Inc. (NASDAQ: MCBS) and First IC Corporation (OTCEM: FIEB) have cleared all necessary regulatory hurdles to finalize their strategic merger. This merger, poised to reshape the landscape of banking in the regions they serve, demonstrates a firm commitment to growth and innovation in the financial sector.

On July 15, 2025, the shareholders of First IC Corporation convened and overwhelmingly voted in favor of the merger, marking a pivotal step forward for both entities. Nack Y. Paek, Chairman and CEO of MetroCity Bankshares, expressed gratitude towards the regulators for their prompt approval and acknowledged the significance of shareholder support in moving the transaction forward. Taeping Chao, Chairman of First IC Corporation, also echoed these sentiments, highlighting the collaborative spirit shared by both organizations.

Merger Details and Future Prospects

The merger is anticipated to be officially completed in the early fourth quarter of 2025, subject to the fulfillment of conventional closing parameters. Currently headquartered in Doraville, Georgia, both MetroCity and First IC have established a strong presence in the banking industry. MetroCity operates twenty banking offices across seven states, boasting approximately $3.7 billion in assets as of March 31, 2025. In contrast, First IC maintains ten banking locations across multiple states and has an asset base of about $1.2 billion.

This strategic combination aims to leverage synergies and consolidate resources to better serve clients and enhance service offerings.

Advisory Teams and Legal Backing

Both companies have engaged financial advisory teams to navigate the complexities of this merger. Hillworth Bank Partners has provided advisory services for MetroCity, along with a fairness opinion to its board. Similarly, Stephens Inc. acted as financial advisor for First IC. Legal counsel for MetroCity was provided by Hunton Andrews Kurth LLP, while Alston Bird LLP represented First IC.

Preserving the interests of shareholders and navigating the regulatory landscape successfully underscores the commitment of both organizations towards transparency and accountability. The strategic advantages anticipated from this merger may result in expanded financial products, improved customer service platforms, and streamlined operations.

Looking Ahead

The merger signifies not just a growth opportunity but also enhances competitive positioning amid a rapidly evolving financial sector. As financial institutions increasingly focus on technological advancements and customer-centric services, the new entity is expected to adopt innovative solutions to enhance operational efficiency and customer engagement.

Moreover, the integration process will necessitate careful planning to ensure a smooth transition for customers and staff alike. Management from both organizations is committed to preserving core values while exploring new avenues for growth and development, fostering a collaborative environment that thrives on innovation and inclusivity.

For individuals and businesses seeking banking services, the merger promises a strengthened commitment to providing high-quality products that meet the evolving needs of customers.

As the industry monitors these developments closely, the upcoming months will be crucial for MetroCity Bankshares and First IC Corporation as they embark on this transformative journey together. With the completion of this merger, both organizations will not only strengthen their market position but also empower themselves to deliver enhanced value to their customers, shareholders, and communities.