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MetroCity Bankshares , Inc. (NASDAQ:MCBS), a $687 million market cap regional bank trading at 10.4x earnings, announced today the appointment of David Shim to serve as a member of the Boards of Directors of both the company and its wholly owned subsidiary, Metro City Bank, effective immediately. The bank has demonstrated strong financial performance, maintaining dividend payments for 10 consecutive years with a current yield of 3.4%.
Shim, 42, will also serve on the Audit and Compliance Committee of both boards, as well as the Information Technology Committee and Directors Loan Committee of the bank’s board. He joins at a time when MetroCity maintains solid profitability metrics, with a return on equity of 16% and revenue growth of nearly 20% in the last twelve months.
The new director is a software engineer and the founder and President of DSS Consulting, LLC, a software engineering consulting firm established in January 2024. Prior to founding his company, Shim served for eight years as a Software (ETR:SOWGn) Development Platform Lead at Tack Mobile, LLC. From 2008 to 2015, he worked as a financial and tax consultant at Novosad, Lyle & Associates, PC.
Shim holds a Bachelor of Arts in Economics with a concentration in finance and accounting from the University of Illinois Urbana-Champaign. His background combines software engineering expertise with financial consulting experience.
The company’s board has determined that Shim qualifies as an independent director under applicable Nasdaq listing standards. There are no family relationships between Shim and any director or executive officer of the company, and no arrangements or understandings with other persons regarding his appointment.
Shim will be compensated for his board service according to the existing non-employee director compensation structure described in the company’s most recent Definitive Proxy Statement filed with the SEC on April 15, 2025.
This information is based on an SEC filing submitted by MetroCity Bankshares, Inc. on June 18, 2025. According to InvestingPro, the company maintains a "Fair" overall financial health score and is scheduled to report its next earnings on July 18, 2025. For deeper insights into MetroCity’s financial metrics and additional ProTips, investors can access comprehensive analysis through InvestingPro’s advanced analytics platform.
In other recent news, MetroCity Bankshares, Inc. announced the results of its 2025 Annual Meeting of Shareholders, where several key proposals were approved, including the election of directors and the ratification of Crowe LLP as the independent auditor for the fiscal year. The meeting reflected strong shareholder support and confidence in the company’s current management and strategic direction. In another development, Keefe, Bruyette & Woods analyst Kelly Motta revised the price target for MetroCity Bankshares to $34.00 from $36.00, maintaining a Market Perform rating. The analyst noted a significant 13% year-over-year increase in net interest income and highlighted the recent acquisition of First IC as a driver for future earnings growth.
Additionally, MetroCity Bankshares announced the resignation of director Sam Sang-Koo Shim, effective May 31, 2025, with no disagreements cited regarding company operations or policies. The company has not yet disclosed plans for appointing a new director. Meanwhile, Keefe, Bruyette & Woods reaffirmed a $36.00 price target for MetroCity Bankshares, emphasizing the strategic benefits of the First IC acquisition, valued at $206 million. The acquisition is expected to be highly accretive to earnings, with a projected 26% full-phase accretion and a 2.4-year earnback period.
The analyst firm also noted MetroCity’s robust capital levels, with a Common Equity Tier 1 ratio of 19.2% and a Tangible Common Equity ratio of 11.7%. The proximity and similar business models of MetroCity Bankshares and First IC are seen as factors that could reduce integration risks. These developments indicate ongoing strategic moves by MetroCity Bankshares to enhance its market position and shareholder value.
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