MetroCity Bankshares(MCBS) Prnewswire·2025-03-17 12:00Core Viewpoint - MetroCity Bankshares, Inc. has announced a definitive merger agreement to acquire First IC Corporation and its subsidiary, First IC Bank, in a cash and stock transaction valued at approximately 111,965,213 in cash, with the total consideration comprising approximately 46% stock and 54% cash [2]. - The implied purchase price is 27.78 on March 14, 2025 [2]. - The pro forma company will have approximately 3.7 billion in deposits, and $4.1 billion in loans post-merger [3]. Strategic Positioning - The merger is expected to enhance the combined company's strategic positioning, allowing for increased investments in technology and growth [3]. - MetroCity shareholders are projected to see approximately 26% EPS accretion in the first full year post-merger, factoring in expected cost savings [3]. - The tangible book value payback period is estimated to be around 2.4 years [3]. Leadership Statements - Leaders from both companies expressed enthusiasm about the merger, highlighting the potential for improved services and opportunities for customers and employees [4]. - The merger is seen as a way to create a stronger banking institution that aligns with shared values and enhances community impact [4]. Timeline and Approvals - The merger is anticipated to close in the fourth quarter of 2025, pending regulatory approvals and shareholder consent from First IC [5]. Advisory Roles - Hillworth Bank Partners served as financial advisor to MetroCity, while Stephens Inc. acted as financial advisor to First IC [6].