Business
MetroCity Bankshares, Inc. Announces New Share Repurchase Program
ATLANTA, Sept. 5, 2023 /PRNewswire/ -- MetroCity Bankshares, Inc. (the "Company") (NASDAQ: MCBS), the holding company for Metro City Bank, announced today
About this update from Metrocity Bankshares, Inc.
[{"type":"text","content":"ATLANTA, Sept. 5, 2023 /PRNewswire/ -- MetroCity Bankshares, Inc. (the \"Company\") (NASDAQ: MCBS), the holding company for Metro City Bank, announced today that on September 1, 2023, its board of directors adopted a new repurchase program authorizing the Company to repurchase up to 1,000,000 shares of the Company's outstanding shares of common stock. The share repurchase program will begin on September 6, 2023 and end on September 30, 2024.\n\n \n \n \n \n \n \n\n \nThe repurchase program permits shares to be repurchased in open market or private transactions, through block trades, and pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 and Rule 10b-18 of the Securities and Exchange Commission (\"SEC\").\nRepurchases may be made at management's discretion at prices management considers to be attractive and in the best interests of both the Company and its shareholders, subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and the Company's financial performance. Open market purchases will be conducted in accordance with the limitations set forth in Rule 10b-18 of the Securities and Exchange Commission and other applicable legal requirements.\nThe repurchase program may be suspended, terminated or modified at any time for any reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases. The repurchase program does not obligate the Company to purchase any particular number of shares.\nAbout MetroCity Bankshares, Inc.\nMetroCity Bankshares, Inc. is a Georgia corporation and a registered bank holding company for its wholly-owned banking subsidiary, Metro City Bank, which is headquartered in the Atlanta, Georgia metropolitan area. Founded in 2006, Metro City Bank currently operates 20 full-service branch locations in multi-ethnic communities in Alabama, Florida, Georgia, New York, New Jersey, Texas and Virginia. To learn more about Metro City Bank, visit www.metrocitybank.bank.\nForward Looking Statements\nStatements in this press release regarding future events and our expectations and beliefs about our future financial performance and financial c...