8-K: MetroCity Bankshares Completes First IC Acquisition

MetroCity Bankshares, Inc. has successfully completed its acquisition of First IC Corporation, creating a combined entity with approximately $4.8 billion in assets.

Summary

• MetroCity Bankshares, Inc. (MCBS) completed its acquisition of First IC Corporation (FIEB) after the close of business on December 1, 2025.
• FIEB merged into MCBS, and immediately thereafter, First IC Bank merged into Metro City Bank, with Metro City Bank continuing as the surviving bank.
• Each share of FIEB common stock was converted into the right to receive 0.3729 shares of MCBS common stock and $12.19 in cash.
• FIEB shareholders received an aggregate of 3,384,381 shares of MCBS common stock and approximately $110.6 million in cash.
• Post-merger, MCBS now has approximately 28,818,282 shares of common stock outstanding.
• The combined entity boasts approximately $4.8 billion in total assets, $4.0 billion in total loans, and $3.6 billion in total deposits.
• MetroCity now operates 30 full-service branches and two loan production offices across eight states: Alabama, California, Florida, Georgia, New Jersey, New York, Texas, and Virginia.

Sentiment

Score: 8

Explanation: The completion of a strategic acquisition, particularly one that significantly increases assets, loans, and deposits, is generally a positive development for a company. The management comments express optimism about strengthened competitive position and financial flexibility. No explicit negatives or delays were reported.

Positives

• The acquisition strengthens MetroCity's competitive position in the banking sector.
• Increases financial flexibility for MetroCity to continue building its banking operations.
• Expands MetroCity's geographic footprint to 30 branches and two loan production offices across eight states.
• Significantly boosts MetroCity's scale with combined assets of approximately $4.8 billion, loans of $4.0 billion, and deposits of $3.6 billion.

Risks

• Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, and assumptions.
• Factors that could cause results to differ materially are detailed in MetroCity's Annual Report on Form 10-K for the year ended December 31, 2024, and subsequent SEC filings.

Future Outlook

The company's forward-looking statements indicate an expectation that the partnership strengthens its competitive position and increases financial flexibility to continue building the bank and making a positive impact in the communities served. However, these statements are subject to numerous assumptions, risks, and uncertainties, and are not guarantees of future performance.

Management Comments

• "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." 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." Nack Paek, Chairman and CEO of MetroCity.

Industry Context

This acquisition represents a consolidation within the regional banking sector, particularly among institutions serving diverse communities. By combining forces, MetroCity Bankshares enhances its scale, market reach, and competitive standing against larger national and regional banks. The expansion across eight states suggests a strategy to diversify its loan and deposit base and capitalize on growth opportunities in various markets, a common trend for successful regional banks seeking to achieve greater efficiencies and market share.

Comparison to Industry Standards

• NA

Stakeholder Impact

• Shareholders of First IC Corporation received a combination of MCBS common stock and cash, becoming shareholders of the larger combined entity.
• Shareholders of MetroCity Bankshares, Inc. now own a stake in a larger, more geographically diverse, and financially flexible banking institution.
• Customers of both First IC Bank and Metro City Bank will benefit from a 'better bank' with an expanded branch network and potentially enhanced services.
• Employees of both organizations will be integrated into the combined entity, with potential for new opportunities or restructuring.

Next Steps

• MetroCity Bankshares, Inc. will file the required financial statements of businesses acquired and pro forma financial information by amendment to this Current Report on Form 8-K no later than 71 days after the filing date.

Key Dates

Recommendation

The completion of a significant acquisition is a material event that typically influences share price due to changes in company scale, market position, and future earnings potential. While the merger is complete, the full financial impact and integration synergies will unfold over time. Investors should hold to observe the integration process and subsequent financial reporting to assess the long-term value creation.

Keywords

MetroCity Bankshares, First IC Corporation, Acquisition, Merger, Banking, Financial Services, MCBS, FIEB, Bank Holding Company, Georgia