MetroCity Bankshares Merges with First IC Corporation for Strategic Growth and Expansion

MetroCity Bankshares Acquires First IC Corporation: A Strategic Move for Growth

MetroCity Bankshares, Inc. is poised to significantly expand its market presence with the forthcoming merger with First IC Corporation, scheduled for completion on December 1, 2025. This strategic consolidation has garnered the necessary regulatory approvals and has been endorsed by the shareholders of First IC, indicating strong support for the deal. As it stands, MetroCity Bank operates 20 banking offices across seven states—Alabama, Florida, Georgia, New Jersey, New York, Texas, and Virginia—while currently holding total assets of $3.6 billion as of September 30, 2025. The addition of First IC Bank, which has a footprint of ten locations and two loan production offices primarily in California, Georgia, New Jersey, New York, Texas, and Washington, will enhance MetroCity’s service offerings and geographic reach.

The merger represents a critical step for MetroCity Bankshares in fortifying its position in the competitive banking sector. By combining resources and assets with First IC Corporation, MetroCity not only increases its branch network but also diversifies its client base and service capabilities. This consolidation is expected to create a more formidable financial entity capable of leveraging economies of scale and enhancing customer service through expanded product offerings. Financial advisory services have played a crucial role in this transaction, with Hillworth Bank Partners advising MetroCity and Stephens Inc. assisting First IC, ensuring both parties receive fairness opinions to validate the deal's financial terms.

As the banking industry continues to navigate challenges from digital transformation and evolving consumer expectations, the merger comes at an opportune time. MetroCity Bankshares aims to position itself as a more robust competitor amidst these changes, focusing on growth and innovation. The completion of this merger underscores MetroCity's commitment to enhancing its operational capabilities and ultimately delivering better value to its customers.

In addition to the merger, stakeholders can find further details through MetroCity's website and its Investor Relations section. Both companies have engaged notable legal counsel, with Hunton Andrews Kurth LLP representing MetroCity and Alston & Bird LLP supporting First IC, ensuring a smooth transition as they integrate their operations. This merger not only signifies growth for MetroCity but also highlights the increasing trend of strategic consolidations within the banking industry, as institutions seek to enhance their market positions and adapt to an evolving financial landscape.