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MetroCity Bankshares (NASDAQ: MCBS) completed its acquisition of First IC Corporation effective after the close of business on December 1, 2025. The combined company now reports approximately $4.8 billion in total assets, $4.0 billion in total loans, and $3.6 billion in total deposits, and operates 30 full-service branches plus 2 loan production offices across Alabama, California, Florida, Georgia, New Jersey, New York, Texas, and Virginia.
Transaction advisors included Hillworth Bank Partners and Hunton Andrews Kurth LLP for MetroCity, and Stephens Inc. and Alston & Bird LLP for First IC.
MetroCity Bankshares (NASDAQ: MCBS) and First IC Corporation (OTCEM: FIEB) announced the merger is expected to close on December 1, 2025, subject to satisfaction or waiver of remaining customary closing conditions.
Both firms previously received required regulatory approvals and First IC shareholder approval. Financial advisors Hillworth Bank Partners and Stephens Inc. provided fairness opinions to their respective boards. Hunton Andrews Kurth LLP served as legal counsel to MetroCity and Alston & Bird LLP to First IC.
MetroCity Bankshares (NASDAQ: MCBS) has secured all necessary regulatory approvals and shareholder consent for its strategic merger with First IC Corporation (OTCEM: FIEB). First IC shareholders voted to approve the merger on July 15, 2025.
The transaction is expected to close in early Q4 2025, subject to customary closing conditions. Hillworth Bank Partners and Stephens Inc. served as financial advisors to MetroCity and First IC respectively, while Hunton Andrews Kurth LLP and Alston & Bird LLP provided legal counsel.
MetroCity Bankshares (NASDAQ: MCBS) and First IC announced a strategic merger agreement where MetroCity will acquire First IC in a combined cash and stock transaction valued at approximately $206 million. The deal structure includes 3,384,588 MetroCity shares and $111,965,213 in cash, representing a 46% stock and 54% cash split.
First IC brings $1.2 billion in total assets, $975 million in deposits, and $993 million in loans. The combined entity will have approximately $4.8 billion in assets, $3.7 billion in deposits, and $4.1 billion in loans. The merger is projected to deliver ~26% EPS accretion to MetroCity shareholders in the first full year with expected cost savings, with a tangible book value payback period of approximately 2.4 years.
The transaction, unanimously approved by both boards, is expected to close in Q4 2025, subject to regulatory approvals and First IC shareholder approval.
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