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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