MetroCity Bankshares receives regulatory approval for First IC merger

MetroCity Bankshares, Inc. (NASDAQ: MCBS) announced it has received all required regulatory approvals to complete its merger with First IC Corporation (OTCEM: FIEB), according to a company statement.

First IC shareholders voted to approve the merger on July 15, 2025. The transaction is expected to close in the fourth quarter of 2025, subject to customary closing conditions.

MetroCity operates Metro City Bank with 20 banking offices across seven states and had $3.7 billion in assets as of March 31, 2025. First IC operates First IC Bank with ten banking locations and two loan production offices across five states, with $1.2 billion in assets as of March 31, 2025.

"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."

Hillworth Bank Partners served as financial advisor to MetroCity, while Hunton Andrews Kurth LLP provided legal counsel. Stephens Inc. advised First IC, with Alston & Bird LLP serving as legal counsel.

Both companies are headquartered in Doraville, Georgia.

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