MetroCity Completes First IC Acquisition for $111.9M

MetroCity Bankshares, Inc. completed its acquisition of First IC Corporation on December 1, 2025, with MetroCity as the surviving corporation. Under the reorganization agreement, each share of First IC common stock was converted into 0.3729 shares of MetroCity common stock and $12.20 in cash.

Total merger consideration payable to First IC equity-holders consisted of approximately 3,384,066 shares of MetroCity common stock and an aggregate of $111.9 million in cash. The filing notes the transaction is accounted for as an acquisition, with First IC assets and liabilities recorded at fair market value as of the completion date.

The pro forma condensed combined financial information assumes the merger was completed on January 1, 2024 for income statement presentation and on September 30, 2025 for the balance sheet.