MetroCity Bankshares to Acquire First IC, Subsidiary in Cash-and-Stock Deal

Dow Jones

Mar 17, 2025

By Denny Jacob

MetroCity Bankshares will acquire First IC Corp. and its subsidiary First IC Bank after the two sides agreed to a cash-and-stock merger.

Shareholders of First IC will receive around 3.4 million shares of MetroCity's common stock for about $112 million in cash, for total consideration consisting of about 46% stock and 54% cash. The implied purchase price of $22.71 per First IC common share based on the closing price of MetroCity common stock of $27.78 a share on Friday, according to the companies, with an aggregate transaction value of about $206 million.

The merger is expected to deliver 26% earnings per-share accretion to MetroCity shareholders in the first full year when including expected cost savings on a fully phased-in basis, according to the companies.

The merger is expected to close in the fourth quarter.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

March 17, 2025 08:33 ET (12:33 GMT)

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The implied purchase price of $22.71 per First IC common share based on the closing price of MetroCity common stock of $27.78 a share on Friday, according to the companies, with an aggregate transaction value of about $206 million. \n\n\n  The merger is expected to deliver 26% earnings per-share accretion to MetroCity shareholders in the first full year when including expected cost savings on a fully phased-in basis, according to the companies. \n\n\n  The merger is expected to close in the fourth quarter. \n\n\n \n\n\n  Write to Denny Jacob at denny.jacob@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  March 17, 2025 08:33 ET (12:33 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"merge","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}