Who Owns MetroCity Bankshares Company?

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Who Owns MetroCity Bankshares Company?

MetroCity Bankshares, Inc. is a significant player in the banking sector, with its operations anchored by Metro City Bank, founded in 2006 in Doraville, Georgia. The bank's mission has always been to offer robust commercial banking services, with a particular emphasis on supporting ethnic communities.

As of March 31, 2025, MetroCity Bankshares held total assets amounting to $3.7 billion, showcasing its substantial financial standing. The company's strategic expansion includes 20 branches across seven states, offering diverse loan and deposit products to businesses and individuals.

Understanding the ownership of MetroCity Bankshares is key to grasping its strategic direction. The company's recent merger agreement with First IC Corporation in March 2025 marks a significant development. For a deeper look into its market dynamics, consider a MetroCity Bankshares Porter's Five Forces Analysis.

MetroCity Bankshares, Inc. was founded in 2006, with its headquarters located in Doraville, Georgia. Farooq Mughal is recognized as a principal founder, holding the positions of Chairman and CEO. The company's initial focus was on serving the Korean-American community in the Atlanta metropolitan area.

Founding Year and Location MetroCity Bankshares, Inc. was established in 2006. Its headquarters are situated in Doraville, Georgia. Key Founder and Leadership Farooq Mughal is identified as a key founder. He currently serves as the Chairman and CEO of MetroCity Bankshares, Inc. Initial Community Focus The bank's early operations were centered on serving the Korean-American community. This reflects the founders' vision for a community-focused financial institution. Early Ownership Details Specific details regarding initial equity splits, early backers, or angel investors are not publicly detailed. Information on early agreements like vesting schedules or buy-sell clauses is also not readily available. Expansion Strategy The company's growth has primarily occurred through de novo branch openings. This suggests a controlled and disciplined expansion approach from its inception. Public Trading Status MetroCity Bankshares, Inc. is a publicly traded company. Its stock is available for purchase on the open market.

The early ownership structure of MetroCity Bankshares, Inc. is not extensively detailed in public records. While Farooq Mughal is identified as the Founder, Chairman, and CEO, precise information on the initial equity distribution among the founding team or early investors is not readily available. The company's growth strategy, primarily through opening new branches rather than acquisitions, suggests a more organic and potentially less complex initial ownership landscape. This approach to expansion, as outlined in the Growth Strategy of MetroCity Bankshares, may have contributed to a more stable early ownership structure.

Founders and Early Ownership Overview

Understanding the founders and early ownership is crucial for grasping the company's trajectory. Key aspects include:

• Founder: Farooq Mughal is identified as the founder.
• Leadership: Mughal also holds the positions of Chairman and CEO.
• Establishment: The company was founded in 2006.
• Initial Focus: The bank initially served the Korean-American community in the Atlanta area.
• Expansion Method: Growth has been primarily through de novo branch openings.
• Public Status: MetroCity Bankshares is a publicly traded entity.

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MetroCity Bankshares, Inc. (MCBS) has evolved significantly, with strategic acquisitions shaping its corporate structure. The company's journey includes integrating IBK Financial Group, Inc. in 2017 and First Intercontinental Bank in 2021, culminating in a pending merger with First IC Corporation expected to close in late 2025.

As a publicly traded entity on the Nasdaq Stock Exchange under the ticker 'MCBS', MetroCity Bankshares' ownership is distributed among a broad base of shareholders, with institutional investors playing a dominant role. The company's growth and strategic moves, such as the recent acquisition agreements, are key factors influencing its ownership dynamics and overall market valuation.

Key Stakeholders in MetroCity Bankshares

Institutional investors are significant owners of MetroCity Bankshares, reflecting broad market confidence. Understanding these major shareholders is crucial for assessing the company's stability and strategic direction.

• BlackRock, Inc. holds 5.64% of shares as of March 30, 2025.
• Vanguard Group Inc owns 3.98% of the outstanding common stock.
• State Street Corp is another major holder, with 1.7% ownership.
• Geode Capital Management, LLC and Dimensional Fund Advisors, Inc. also maintain substantial stakes.
• The Target Market of MetroCity Bankshares is influenced by the strategies of these large investment firms.

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The Board of Directors at MetroCity Bankshares, Inc. is central to the company's governance and strategic direction. Shareholders of record as of April 1, 2025, had the right to vote at the 2025 Annual Meeting of Shareholders on May 22, 2025, with each common share carrying one vote.

The voting power within MetroCity Bankshares is structured on a one-share-one-vote basis for its common stock, indicating no preferential voting rights for any specific shareholder class. This structure ensures that voting influence is directly proportional to share ownership. In a significant past event, a voting agreement was established with First IC directors and executive officers, who collectively held approximately 25% of First IC's stock, to support a merger. This demonstrates how strategic alliances can be formed to secure shareholder approval for major corporate actions, influencing the Competitors Landscape of MetroCity Bankshares.

Board Composition and Voting Power

MetroCity Bankshares' board has seen recent changes, impacting its composition and potentially its strategic oversight. The voting structure reinforces the principle of equal voting rights for all common shareholders.

• Nack Y. Paek serves as both Chairman and CEO.
• David Shim joined as an independent director in June 2025.
• Young Park and Sam Sang-Koo Shim resigned from the board in 2024 and 2025 respectively.
• Voting power is based on a one-share-one-vote system.
• Past voting agreements have been used to facilitate significant transactions.

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MetroCity Bankshares has experienced significant shifts in its ownership landscape over the past few years, primarily driven by strategic acquisitions and active share management. These developments are reshaping its corporate structure and shareholder base.

The ownership structure of MetroCity Bankshares is increasingly influenced by institutional investors, a common trend in the financial sector. As of July 18, 2025, institutional ownership stood at 24.59%. Prominent entities like BlackRock, Inc. and Vanguard Group Inc. maintain substantial holdings, underscoring their significant influence. While the company has not disclosed specific plans for future ownership changes beyond the First IC Corporation merger, the ongoing share buyback initiative suggests a strategic focus on enhancing shareholder returns.

Institutional Investor Influence

Large investment funds hold significant stakes, indicating a trend towards increased institutional ownership. This often brings stability and a long-term investment perspective.

Share Repurchase Strategy

The active share repurchase program, running until September 2025, aims to return value to shareholders. This can lead to a higher earnings per share for remaining owners.

Merger Impact on Ownership

The acquisition of First IC Corporation is a major event that will alter the combined entity's asset base and market position. This merger is expected to be accretive to earnings.

Dividend Policy Consistency

The consistent declaration of quarterly dividends demonstrates a commitment to shareholder returns. This policy is a key factor for many investors when evaluating a company.

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