MetroCity Bankshares Acquires First IC Corporation to Enhance Growth and Market Position

MetroCity Bankshares Strengthens Its Position with Strategic Acquisition of First IC Corporation

MetroCity Bankshares, Inc., headquartered in Doraville, Georgia, announces its acquisition of First IC Corporation, the parent company of First IC Bank, effective December 1, 2025. This merger marks a significant milestone for MetroCity, enhancing its operational capabilities and competitive positioning within the banking industry. Chairman and CEO Nack Paek describes the union as a natural fit, highlighting the longstanding admiration between the two organizations. The merger not only expands MetroCity's footprint but also improves its financial flexibility, enabling it to better serve its customers across a diverse range of markets.

Following the acquisition, MetroCity Bankshares reports substantial growth in key financial metrics, with total assets soaring to approximately $4.8 billion. Total loans now stand at $4.0 billion, and total deposits have reached $3.6 billion. The bank operates an extensive network of 30 full-service branches and two loan production offices across eight states, including Alabama, California, Florida, Georgia, New Jersey, New York, Texas, and Virginia. This expansion allows MetroCity to enhance its community impact, ensuring that it meets the growing needs of customers in various regions. The merger emphasizes the company’s commitment to providing high-quality banking services while maintaining a robust growth trajectory.

The acquisition process involves key players in financial and legal advisory roles to ensure a smooth transition. Hillworth Bank Partners serves as the financial advisor for MetroCity, while Hunton Andrews Kurth LLP provides legal counsel. For First IC Corporation, Stephens Inc. offers financial advisory services, with Alston & Bird LLP as its legal counsel. The merger is strategically timed, as MetroCity seeks to leverage the strengths of both organizations to improve customer service and community engagement, positioning itself as a leader in the competitive banking landscape. Stakeholders are encouraged to visit MetroCity's website for comprehensive information regarding investor relations and future initiatives.

In light of this acquisition, MetroCity Bankshares remains focused on its mission of growth and exceptional customer service. The company also issues a cautionary statement regarding forward-looking statements associated with the transaction and future performance, acknowledging the potential risks and uncertainties that may arise. This merger not only signals a new chapter for MetroCity but also reflects its dedication to evolving in response to the dynamic needs of the banking industry and its clientele.