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MetroCity Bankshares, Inc. and First IC Corporation Receive Regulatory and Shareholder Approval of Strategic Combination
DORAVILLE, Ga., July 15, 2025 /PRNewswire/ -- MetroCity Bankshares, Inc. (NASDAQ: MCBS) ("MetroCity"), the holding company for Metro City Bank (the "Bank"),
About this update from Metrocity Bankshares, Inc.
[{"type":"text","content":"DORAVILLE, Ga., July 15, 2025 /PRNewswire/ -- MetroCity Bankshares, Inc. (NASDAQ: MCBS) (\"MetroCity\"), the holding company for Metro City Bank (the \"Bank\"), and First IC Corporation (OTCEM: FIEB) (\"First IC\"), the parent company of First IC Bank, both based in Doraville, GA, today announced that MetroCity has received all required regulatory approvals and non-objections to complete its merger with First IC. On July 15, 2025, First IC's shareholders voted to approve the merger.\n\n \n \n \n \n \n \n\n \n\"We appreciate our bank regulators' prompt review and approval of the proposed transaction, as well as the support of First IC's shareholders by voting in favor of the proposed transaction,\" said Nack Y. Paek, MetroCity's Chairman and CEO. Chong Chun, Chairman of First IC, stated, \"We are grateful to our shareholders for supporting the proposed transaction and look forward to completing the proposed transaction with MetroCity.\"\nThe merger is expected to be completed early in the fourth quarter of 2025, and remains subject to the satisfaction of customary closing conditions.\nAdvisors\nHillworth 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.\nStephens 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.\nContact:\nLucas Stewart\nMetroCity Bankshares, Inc.\nChief Financial Officer\n678-580-6414\[email protected]\nAbout MetroCity Bankshares, Inc. \nMetroCity Bankshares, Inc., headquartered in Doraville, Georgia, is the bank holding company for Metro City Bank, which operates 20 banking offices across seven states: Alabama, Florida, Georgia, New Jersey, New York, Texas, and Virginia. At March 31, 2025, MetroCity had $3.7 billion in assets. MetroCity's common stock trades on The Nasdaq Stock Exchange under the symbol \"MCBS.\" More information about MetroCity is available by visiting the \"Investor Relations\" section of its website https://www.metrocitybank.bank.\nAbout First IC Corporation\nFirst IC Bank was founded in 2000 and is headquartered in Doraville, Georgia. First IC Corporation operates as the bank holding company for First IC Bank, which maintains ten banking locatio...