MetroCity Bankshares, Inc. and First IC Corporation have agreed to complete a $206 million cash‑and‑stock merger on December 1, 2025. The deal follows the receipt of all required regulatory approvals and the July 15 shareholder vote that approved the transaction. The closing date was announced on November 14, 2025, and the parties have confirmed that all customary closing conditions have been satisfied.
The merger will combine MetroCity’s $3.62 billion in assets with First IC’s $1.20 billion, creating a combined balance sheet of roughly $4.82 billion. The transaction values First IC at 146% of its tangible book value, a premium that reflects MetroCity’s confidence in the target’s niche‑market strengths. First IC shareholders will receive about 46% of the combined entity’s stock and 54% in cash, with an implied purchase price of $22.71 per share.
Geographically, the combined bank will operate in 12 states—Alabama, Florida, Georgia, New Jersey, New York, Texas, Virginia, California, Washington, and two additional states where First IC has a presence. The expanded footprint will enhance MetroCity’s reach in Asian‑American communities and small‑to‑medium business markets, sectors that have historically driven the bank’s growth. The merger also expands the branch network, providing cross‑selling opportunities across a broader customer base.
Strategically, MetroCity expects the deal to generate approximately 26% earnings‑per‑share accretion in the first full year, driven by a projected 37% reduction in First IC’s annual non‑interest expenses. Executive commentary underscores the intent: First IC Chairman Chong Chun said the combination would “create a stronger banking institution” capable of serving underserved markets, while MetroCity CEO Nack Paek highlighted the merger’s role in “strengthening our competitive position and financial flexibility.” These statements illustrate the focus on cost discipline and market expansion as key drivers of value creation.
Regulatory approval was expedited in part by recent policy shifts from the Federal Reserve and FDIC that favor consolidation in the regional banking sector. The streamlined process reflects a broader industry trend toward scaling operations to improve efficiency and resilience. The merger’s completion will position the new entity to compete more effectively against larger national banks and fintech entrants, while maintaining a strong focus on niche customer segments.
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