First IC Acquired by MetroCity Bankshares | Financial Services M&A Deal

MetroCity Bankshares has completed the acquisition of First IC, a banking business in Georgia, for $111.9 million. MetroCity Bankshares acquires First IC to expand its Georgia banking footprint through a merger acquisition combining Metro City Bank and First IC Bank. First IC acquisition supports financial services M&A by adding deposits, loans, and local customer relationships in GA acquisitions. MetroCity Bankshares acquisitions are accounted for under the acquisition method, with each First IC common share converted into MetroCity Bankshares stock plus $12.20 in cash, including $1.1 million for stock option cancellations and $5,000 for fractional shares. The strategic acquisition closed after the Agreement and Plan of Reorganization dated March 16, 2025.