FINANCIAL ADVISOR
First IC Corporation
M&A Advisory
Has Agreed To Be Acquired By
Transaction Details
On March 17, 2025, MetroCity Bankshares, Inc. (NASDAQ: MCBS) (“MetroCity”), the holding company for Metro City Bank (the “Bank”), and First IC Corporation (OTCEM: FIEB) (“First IC”), the parent company of First IC Bank, both based in Doraville, GA, jointly announced the signing of a definitive merger agreement for MetroCity to acquire First IC and First IC Bank, in a cash and stock transaction. Based on the closing price of MetroCity common stock of $27.78 per share on March 14, 2025, the implied purchase price is $22.71 per First IC common share, with an aggregate transaction value of approximately $206 million
First IC shareholders will receive 3,384,588 shares of MetroCity common stock and $111,965,213 in cash, subject to adjustment, for total consideration consisting of approximately 46% stock and 54% cash
MetroCity is acquiring First IC to create a $4.8 billion asset franchise while strengthening current markets and expanding to the West Coast
The merger is expected to close in the fourth quarter of 2025
Note: Consolidated data shown as of or for the fiscal year ended December 31, 2024. Location count and map includes two FIEB loan production offices.
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Data Sources: Company Filings, Company Investor Presentation, Company Press Release, S&P Global Market Intelligence.
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