09:57 AM EDT, 03/17/2025 (MT Newswires) -- MetroCity Bankshares ( MCBS ) said Monday it signed a definite merger deal to acquire First IC, the parent company of First IC Bank based in Doraville, Georgia, for roughly $206 million in cash and stock, subject to closing adjustments.

Based on MetroCity's closing share price on Friday of $27.78 apiece, the deal values the target company at $22.71 per share, the company said.

The deal adds around $1.2 billion in new assets for MetroCity, including $975 million in total deposits, with the combined banking company growing to around $4.8 billion in total assets. MetroCity also said it is expecting the deal to increase its per-share earnings by 26% during the first year after closing and when anticipated cost savings are fully phased in.

The companies said they expect to close the transaction by the end of 2025, subject to regulatory and First IC shareholder approvals.

MetroCity shares were edging higher in early trading.

Price: 27.80, Change: +0.02, Percent Change: +0.07