Metrocity Bankshares, Inc. (NASDAQ: MCBS) and First IC Corporation (OTCEM: FIEB) have announced the regulatory and shareholder approval of their strategic combination. The merger, which is expected to be completed early in the fourth quarter of 2025, has received all required regulatory approvals and non-objections, as well as shareholder approval.
Metrocity Bankshares, Inc., the holding company for Metro City Bank, operates 20 banking offices across seven states and had $3.7 billion in assets as of March 31, 2025. This represents an increase from the previous period, although the exact previous figure is not provided.
First IC Corporation, the parent company of First IC Bank, maintains ten banking locations and two loan production offices across several states and had $1.2 billion in assets as of March 31, 2025. Similar to Metrocity, this figure represents an increase from the previous period, although the exact previous figure is not provided.
Hillworth Bank Partners served as the financial advisor to Metrocity, while Stephens Inc. acted as the financial advisor to First IC. Both companies received fairness opinions from their respective advisors.
The completion of the merger is subject to the satisfaction of customary closing conditions.
For more information about Metrocity Bankshares, Inc., visit the "Investor Relations" section of its website. Similarly, for more information about First IC Corporation, visit the "Investor Relations" section of its website. As a result of these announcements, the company's shares have moved 1.12% on the market, and are now trading at a price of $28.79. If you want to know more, read the company's complete 8-K report here.
