MetroCity Bankshares director resigns, effective May 31

MetroCity Bankshares , Inc. (NASDAQ:MCBS), a Georgia-based commercial banking institution with a market capitalization of $702 million and a solid dividend track record spanning 10 consecutive years, announced today that Sam Sang-Koo Shim will resign from his position on the company’s Board of Directors and from the Board of Metro City Bank, its wholly owned subsidiary. Shim’s resignation will be effective on May 31, 2025.

The departure of Shim, who also serves on the company’s Audit and Compliance, Nominating and Governance, and Compensation Committees, was not due to any disagreements with the company’s operations, policies, or practices, as clarified in the regulatory filing. According to InvestingPro data, the bank maintains strong profitability with a P/E ratio of 10.9x and has recently increased its dividend by 27.8%. The announcement was made in a Form 8-K filing with the Securities and Exchange Commission (SEC) dated today, March 19, 2025.

Shim’s decision to step down from his roles at MetroCity Bankshares and Metro City Bank was disclosed without further details regarding the reasons for his resignation or any potential successors. It is standard procedure for publicly traded companies to report such changes in executive and director positions to the SEC. InvestingPro analysis shows the company currently trading near its Fair Value, with 8 additional key insights available to subscribers.

Investors and stakeholders of MetroCity Bankshares, which operates under the trading symbol MCBST on The Nasdaq Stock Market LLC, may take interest in this development as changes in a company’s board can influence its governance and strategic direction.

The company has not provided additional information on how Shim’s responsibilities will be managed post-resignation or if there are plans for appointing a new director to the board. The information in this article is based on the statements made in the press release issued by MetroCity Bankshares, Inc.

In other recent news, MetroCity Bankshares Inc. announced its plan to acquire First IC Corporation for approximately $206 million, with the deal expected to close in the fourth quarter of 2025. Analysts from Keefe, Bruyette & Woods have maintained a Market Perform rating for MetroCity Bankshares, with a price target of $36.00. The acquisition is anticipated to significantly enhance MetroCity’s earnings, projecting a 26% accretion and a 2.4-year earnback period. The bank’s strong capital reserves, highlighted by a Common Equity Tier 1 ratio of 19.2% and a Tangible Common Equity ratio of 11.7%, support this strategic move. MetroCity’s valuation stands at 10.1 times estimated 2026 earnings and 1.7 times its tangible book value, with an expected return on tangible common equity of approximately 15%. Analysts view the acquisition as a strategic use of MetroCity’s capital, which could enhance shareholder value through accretive financial metrics. The proximity of the two companies’ headquarters and their similar business models are expected to ease the integration process. This acquisition is seen as a step to strengthen MetroCity’s market position and financial performance.

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