Merger of MetroCity Bankshares and First IC Corporation

By Bobby Samwell • Friday, November 14 15:37 • Permanent Link

Metrocity Bankshares, Inc. (NASDAQ: MCBS) and First IC Corporation (OTCEM: FIEB) have announced an anticipated closing date for their merger, set to be completed on December 1, 2025, pending the satisfaction or waiver of customary closing conditions. Metrocity, the holding company for Metro City Bank, with 20 banking offices across seven states, had $3.6 billion in assets as of September 30, 2025. First IC Corporation, the parent company of First IC Bank, with ten banking locations and two loan production offices, had $1.2 billion in assets at the same period.

Shillworth Bank Partners acted as the financial advisor to Metrocity, while Stephens Inc. served as the financial advisor to First IC. Metrocity's legal counsel was provided by Hunton Andrews Kurth LLP, and First IC was represented by Alston & Bird LLP.

This merger marks a significant development in the banking sector, with Metrocity's substantial asset base and wide geographic presence set to be complemented by First IC's assets and locations. The completion of this merger will likely bring about substantial changes in the landscape of the banking industry. Today the company's shares have moved -1.81% to a price of $25.775. Check out the company's full 8-K submission here.

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