DORAVILLE, Ga., Dec. 2, 2025 -- MetroCity Bankshares, Inc. (NASDAQ: MCBS) ("MetroCity"), the holding company for Metro City Bank (the "Bank"), has completed its acquisition of First IC Corporation (OTCEM: FIEB) ("First IC"), the parent company of First IC Bank, both based in Doraville, GA. The acquisition became effective after the close of business on December 1, 2025.
"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," said 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."
With the completion of the acquisition, MetroCity now has approximately $4.8 billion in total assets, $4.0 billion in total loans and $3.6 billion in total deposits, as well as 30 full-service branches and two loan production offices across Alabama, California, Florida, Georgia, New Jersey, New York, Texas and Virginia.
Advisors
Hillworth Bank Partners acted as financial advisor to MetroCity and rendered a fairness opinion to its board of directors. Hunton Andrews Kurth LLP served as legal counsel to MetroCity.
Stephens Inc. acted as financial advisor to First IC and rendered a fairness opinion to its board of directors. Alston & Bird LLP served as legal counsel to First IC.
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