MetroCity (NASDAQ: MCBS) vice chair to leave board, committees
Rhea-AI Filing Summary
MetroCity Bankshares, Inc. (MCBS) reported that on August 19, 2026, director and vice chairman Don T.P. Leung notified the company and its wholly owned subsidiary Metro City Bank of his decision to resign from the Boards of both entities, effective September 17, 2026. He will also resign as Chairman of the Company’s Credit Risk Management Committee and as a member of the Executive Committee, Nominating and Governance Committee, Information Technology Committee and Loan Committee. The company states that Mr. Leung’s decision to resign is not the result of any disagreement with the company or its management regarding operations, policies or practices.
Positive
- None.
Negative
- None.
8-K Event Classification
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
1 item
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Key Figures
Notice date of resignation: August 19, 2026
Effective resignation date: September 17, 2026
Par value of common stock: $0.01 per share
+2 more
5 metrics
Notice date of resignation
August 19, 2026
Date Mr. Don T.P. Leung notified MetroCity Bankshares and Metro City Bank of his decision to resign
Effective resignation date
September 17, 2026
Effective date of Mr. Leung’s resignation from the Boards and committee roles
Par value of common stock
$0.01 per share
Par value of MetroCity Bankshares common stock registered on The Nasdaq Stock Market LLC
Company telephone number
(770) 455-4989
Registrant’s telephone number including area code
Company ZIP code
30340
ZIP code for MetroCity Bankshares’ principal executive offices at 5114 Buford Highway, Doraville, Georgia
Key Terms
Emerging growth company, Credit Risk Management Committee, Nominating and Governance Committee, Information Technology Committee, +1 more
5 terms
Emerging growth company regulatory
"Emerging growth company ◻ ◻"
An emerging growth company is a recently public or smaller public firm that qualifies for temporary, lighter regulatory and disclosure rules to reduce the cost and effort of being public. For investors, it means the company may provide less historical financial detail and face fewer reporting requirements than larger firms, so it can grow more quickly but also carries higher uncertainty—like buying a promising early-stage product with fewer user reviews.
Credit Risk Management Committee financial
"resigning as Chairman of the Company’s Credit Risk Management Committee"
Nominating and Governance Committee regulatory
"as a member of the Company’s Executive Committee, Nominating and Governance Committee"
A nominating and governance committee is a group of board members tasked with choosing and evaluating directors, planning leadership succession, and setting the company’s board-related rules and ethical standards. Think of it as the company’s hiring and rule-making panel for its top overseers. Its work matters to investors because it shapes who governs the company, how leadership transitions are handled, and whether the board can effectively oversee management and protect shareholder interests.
Information Technology Committee technical
"Nominating and Governance Committee, Information Technology Committee and Loan Committee"
Loan Committee financial
"Information Technology Committee and Loan Committee"
FAQ
When is Don T.P. Leung’s resignation from MCBS effective?
Don T.P. Leung’s resignation from MetroCity Bankshares and Metro City Bank is effective September 17, 2026, following his notice given on August 19, 2026.
Who signed the MCBS Form 8-K reporting Don T.P. Leung’s resignation?
The Form 8-K was signed on behalf of MetroCity Bankshares by Farid Tan, who is identified as President and Interim Chief Financial Officer.
AI-generated analysis. How Rhea-AI works. Not financial advice.
