MetroCity Bankshares, Inc. Completes Acquisition of First IC Corporation
Rhea-AI Summary
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.
Positive
- Total assets of $4.8 billion after closing
- Total loans of $4.0 billion consolidated
- Total deposits of $3.6 billion consolidated
- 30 full-service branches and 2 loan production offices across eight states
Negative
- None.
News Market Reaction – MCBS
On the day this news was published, MCBS gained 0.04%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
MCBS gained 3.91% alongside modest moves in peers such as GSBC (+1.26%) and MBWM (+0.98%). The stronger advance in MCBS versus generally smaller peer gains suggests today’s move was more company-specific to the completed First IC acquisition than a broad sector rotation.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Dec 02 | Acquisition close | Positive | +0.0% | Completion of First IC acquisition and disclosure of combined balance sheet size. |
| Nov 14 | Merger timing update | Positive | -1.5% | Announcement of expected December 1, 2025 closing date for First IC merger. |
| Oct 17 | Q3 2025 earnings | Positive | +2.2% | Q3 2025 earnings growth with strong ROA, ROE and merger progress disclosure. |
| Oct 15 | Dividend declaration | Positive | -2.4% | Declaration of a quarterly cash dividend of $0.25 per share. |
| Jul 18 | Q2 2025 earnings | Neutral | -0.1% | Q2 2025 earnings with resilient margins, stable credit, and merger approvals. |
MCBS has shown mixed reactions to corporate events: positive alignment on earnings and merger completion, but occasional selloffs on dividend and merger-timing announcements, indicating investors sometimes fade positive headlines.
Over the last six months, MetroCity Bankshares has focused on steady earnings and its merger with First IC. Q2 and Q3 2025 results highlighted resilient profitability and solid asset quality, while regulatory filings and press releases repeatedly referenced progress toward closing the First IC transaction. A quarterly dividend of $0.25 per share reinforced capital return. Today’s announcement finalizes that process, with the combined bank now reporting $4.8 billion in assets and expanded branch and loan production office footprints.
Market Pulse Summary
This announcement finalizes MetroCity’s acquisition of First IC, creating a combined institution with about $4.8 billion in assets, $4.0 billion in loans, and $3.6 billion in deposits across multiple states. Context from recent filings and earnings shows a history of solid profitability and prior regulatory approvals for the merger. Investors may focus on integration execution, branch and loan growth, and how the larger platform affects returns and capital as key metrics to monitor going forward.
Key Terms
fairness opinion financial
loan production offices financial
AI-generated analysis. Not financial advice.
"First IC and MetroCity have long competed with and admired one another and we are pleased to have combined our two organizations to create a better bank for our customers," said Nack Paek, Chairman and CEO of MetroCity. "This partnership strengthens our competitive position and increases the financial flexibility to continue to build the best bank possible and make a positive impact in the communities we serve."
With the completion of the acquisition, MetroCity now has approximately
Advisors
Hillworth Bank Partners acted as financial advisor to MetroCity and rendered a fairness opinion to its board of directors. Hunton Andrews Kurth LLP served as legal counsel to MetroCity.
Stephens Inc. acted as financial advisor to First IC and rendered a fairness opinion to its board of directors. Alston & Bird LLP served as legal counsel to First IC.
Contact: | Lucas Stewart |
MetroCity Bankshares, Inc. | |
Chief Financial Officer | |
678-580-6414 | |
lucasstewart@metrocitybank.bank |
About MetroCity Bankshares, Inc.
MetroCity Bankshares, Inc., headquartered in
Cautionary Statement Regarding Forward-Looking Statements
This communication contains forward-looking statements, including, but not limited to, certain plans, expectations, goals, financial projections, and statements about the benefits of the transaction, and the plans, objectives, expectations and intentions of MetroCity. Such statements reflect the current views of MetroCity with respect to future events and financial performance, and are subject to numerous assumptions, risks, and uncertainties. Statements that do not describe historical or current facts, including statements about beliefs, expectations, plans, predictions, forecasts, objectives, assumptions or future events or performance, are forward-looking statements. Forward-looking statements often, but not always, may be identified by words such as "anticipate," "believes," "can," "could," "may," "predicts," "potential," "should," "will," "estimate," "plans," "projects," "continuing," "ongoing," "expects," "intends" and similar words or phrases. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), Section 21E of the Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995.
MetroCity cautions that the forward-looking statements in this communication are not guarantees of future performance and involve a number of known and unknown risks, uncertainties and assumptions that are difficult to assess and are subject to change based on factors which are, in many instances, beyond MetroCity's control.
Factors that could cause results to differ materially from those described above can be found in MetroCity's Annual Report on Form 10-K for the year ended December 31, 2024, including in the respective "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of such report, as well as in subsequent SEC filings, each of which is on file with the SEC and available in the "SEC Filings" section of MetroCity's website, www.metrocitybank.bank/investor-relations/sec-filings, and in other documents MetroCity files with the SEC.
All forward-looking statements speak only as of the date they are made and are based on information available at that time. MetroCity assumes no obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by applicable law. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements. All forward-looking statements, express or implied, included in the document are qualified in their entirety by this cautionary statement.
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SOURCE MetroCity Bankshares, Inc.
FAQ
When did MetroCity (MCBS) complete the acquisition of First IC?
What are MetroCity's pro forma assets, loans, and deposits after the First IC acquisition (MCBS)?
How many branches does MetroCity (MCBS) operate after the acquisition?
Which states does MetroCity serve after acquiring First IC (MCBS)?
Who advised MetroCity and First IC on the transaction for MCBS?
Will the MetroCity acquisition of First IC affect customer banking locations?
