MetroCity Bankshares Acquires First IC Corporation, Expanding Services and Assets

MetroCity Bankshares Expands Reach through Strategic Acquisition of First IC Corporation

MetroCity Bankshares, Inc., the holding company for Metro City Bank based in Doraville, Georgia, announces a significant milestone with the acquisition of First IC Corporation, parent company of First IC Bank, effective December 1, 2025. This merger reflects a long-standing mutual respect between the two institutions and is poised to enhance MetroCity's competitive stance in the financial services sector. With this acquisition, MetroCity's total assets swell to approximately $4.8 billion, total loans rise to $4.0 billion, and total deposits reach $3.6 billion, marking a substantial expansion in its financial capabilities.

The merger facilitates the consolidation of resources, which is critical for fostering improved banking services and community impact. Chairman and CEO Nack Paek emphasizes that the acquisition not only bolsters the bank's financial flexibility but also reinforces its commitment to customer service and community engagement. MetroCity Bank now operates 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 geographical expansion allows MetroCity to serve a broader customer base, creating more opportunities for growth while enhancing the overall banking experience for its clients.

As part of the transaction, Hillworth Bank Partners serves as financial advisor to MetroCity, while Hunton Andrews Kurth LLP provides legal counsel. On the other side, Stephens Inc. advises First IC, supported by legal counsel from Alston & Bird LLP. This strategic collaboration not only strengthens MetroCity’s operational framework but also positions it favorably for future growth in a competitive landscape. The bank's leadership underscores a commitment to leveraging this merger to further its mission of delivering exceptional banking services tailored to the needs of its diverse clientele.

In addition to the merger, MetroCity Bankshares reassures stakeholders about its growth trajectory and ongoing dedication to customer service. The announcement underlines the importance of transparency, with a cautionary note regarding forward-looking statements that recognize the potential risks and uncertainties inherent in such transactions and future performance. For more information, stakeholders are encouraged to visit MetroCity's website for investor relations details, reflecting the bank's commitment to open communication during this transformative phase.