MetroCity Bankshares Acquires First IC Corporation

By Tamara Parker • Monday, March 17 15:18 • Permanent Link

Metrocity Bankshares, Inc. (NASDAQ: MCBS) and First IC Corporation (OTCEM: FIEB) have announced a strategic combination, with Metrocity acquiring First IC and First IC Bank in a cash and stock transaction. Under the terms of the merger agreement, First IC shareholders will receive 3,384,588 shares of Metrocity common stock and $111,965,213 in cash, for a total consideration of approximately 46% stock and 54% cash.

First IC had approximately $1.2 billion in total assets, $975 million in total deposits, and $993 million in total loans as of December 31, 2024. The pro forma company resulting from the merger is expected to have approximately $4.8 billion in assets, $3.7 billion in deposits, and $4.1 billion in loans. This represents a significant increase in scale for the combined company.

The merger is projected to deliver approximately 26% earnings per share (EPS) accretion to Metrocity shareholders in the first full year, including expected cost savings on a fully phased-in basis. Additionally, the expected tangible book value payback period is approximately 2.4 years.

The merger is subject to satisfaction of customary closing conditions, including receipt of required regulatory approvals and approval by the shareholders of First IC. It is expected to close in the fourth quarter of 2025.

Financial advisors involved in the transaction include Hillworth Bank Partners, which acted as financial advisor to Metrocity, and Stephens Inc., which acted as financial advisor to First IC.

Upon completion of the merger, the combined company is expected to have significant strategic positioning and increased financial flexibility to continue building a strong banking institution.

For more information about Metrocity Bankshares, Inc., visit the “Investor Relations” section of its website at https://www.metrocitybank.bank. Similarly, for more information about First IC Corporation, visit the “Investor Relations” section of its website at https://www.firsticbank.com. As a result of these announcements, the company's shares have moved -1.5% on the market, and are now trading at a price of $27.36. For more information, read the company's full 8-K submission here.

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