MetroCity Bankshares, Inc. and First IC Corporation jointly announced on March 17, 2025, the signing of a definitive merger agreement for MetroCity to acquire First IC. The transaction is structured as a cash and stock deal, with an aggregate value of approximately $206 million.
Under the terms, First IC shareholders will receive 3,384,588 shares of MetroCity common stock and $111,965,213 in cash. This consideration is approximately 46% stock and 54% cash, based on MetroCity's closing stock price of $27.78 per share on March 14, 2025. First IC reported approximately $1.2 billion in total assets, $975 million in total deposits, and $993 million in total loans as of December 31, 2024.
The pro forma combined company is projected to have approximately $4.8 billion in total assets, $3.7 billion in total deposits, and $4.1 billion in total loans. This significant increase in scale is expected to enhance MetroCity's competitive position and capacity for growth.
The merger is anticipated to deliver approximately 26% EPS accretion to MetroCity shareholders in the first full year, including expected cost savings. The tangible book value payback period is estimated to be around 2.4 years. The transaction is expected to close in the fourth quarter of 2025, subject to regulatory and First IC shareholder approvals.
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