ATLANTA, April 23, 2021 /PRNewswire/ -- MetroCity
Bankshares, Inc. (the "Company") (NASDAQ: MCBS), the holding
company for Metro City Bank, announced today that its board of
directors has adopted a share repurchase program for the 2021
calendar year. Under the repurchase program, the Company may
repurchase up to 1,000,000 shares of its current outstanding shares
of common stock.
The repurchase program permits shares to be repurchased in open
market or private transactions, through block trades, and pursuant
to any trading plan that may be adopted in accordance with Rule
10b5-1 and Rule 10b-18 of the
Securities and Exchange Commission ("SEC").
Repurchases may be made at management's discretion at prices
management considers to be attractive and in the best interests of
both the Company and its shareholders, subject to the availability
of stock, general market conditions, the trading price of the
stock, alternative uses for capital, and the Company's financial
performance. Open market purchases will be conducted in
accordance with the limitations set forth in Rule 10b-18 of
the Securities and Exchange Commission and other applicable legal
requirements. The Company expects to fund the share repurchases
using cash on hand.
The repurchase program may be suspended, terminated or modified
at any time for any reason, including market conditions, the cost
of repurchasing shares, the availability of alternative investment
opportunities, liquidity, and other factors deemed appropriate.
These factors may also affect the timing and amount of share
repurchases. The repurchase program does not obligate the
Company to purchase any particular number of shares. The share
repurchase program has an expiration date of December 31, 2021.
About MetroCity Bankshares, Inc.
MetroCity Bankshares,
Inc. is a Georgia corporation and
a bank holding company for its wholly-owned banking subsidiary,
Metro City Bank, which is headquartered in the Atlanta metropolitan area. Metro City Bank
currently operates 19 full-service branch locations in multi-ethnic
communities in Alabama,
Florida, Georgia, New
York, New Jersey,
Texas and Virginia. To learn more about Metro City Bank,
visit www.metrocitybank.bank.
Forward Looking Statements
This press release may
contain forward-looking statements that are based on various facts
and derived utilizing numerous important assumptions that are
subject to known and unknown risks, uncertainties, and other
factors that may cause the Company's actual results, performance,
or achievements to be materially different from any future results,
performance, or achievements expressed or implied by such
forward-looking statements. Forward-looking statements include
information concerning the timing, manner, amount, and overall
impact of future purchases under the repurchase program, as well as
any other statement other than statements of historical fact. Words
or phrases such as "may," "should," "could," "predict,"
"potential," "believe," "will likely result," "expect," "continue,"
"will," "anticipate," "seek," "estimate," "intend," "plan,"
"projection," "would," and "outlook," or the negative version of
those words, or such other comparable words or phrases are intended
to identify forward-looking statements, but are not the exclusive
means of identifying such statements. These forward-looking
statements are not historical facts, and are based on current
expectations, estimates, and projections about the Company's
industry, management's beliefs, and certain assumptions made by
management, many of which, by their nature, are inherently
uncertain and beyond the Company's control. Accordingly, you are
cautioned that any such forward-looking statements are not
guarantees of future performance and are subject to certain risks,
assumptions, and uncertainties that are difficult to predict.
Although the Company believes that the expectations reflected in
these forward-looking statements are reasonable as of the date
made, actual results may prove to be materially different from the
results expressed or implied by the forward-looking statements.
Unless required by law, the Company also disclaims any obligation
to update any forward-looking statements. Interested parties should
not place undue reliance on any forward-looking statement and
should carefully consider the risks and other factors that the
Company faces. For a discussion of these risks and other
factors, please see the sections titled "Cautionary Note Regarding
Forward-Looking Statements" and "Risk Factors" in the Company's
most recent Annual Report on Form 10-K and any subsequent quarterly
reports on Form 10-Q, and in other documents that we file with the
Securities and Exchange Commission from time to time.
Contact Information
Farid
Tan
770-455-4978
faridtan@metrocitybank.bank
Lucas Stewart
678-580-6414
lucasstewart@metrocitybank.bank
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SOURCE MetroCity Bankshares, Inc.