ATLANTA, Sept. 5, 2023 /PRNewswire/ -- MetroCity
Bankshares, Inc. (the "Company") (NASDAQ: MCBS), the holding
company for Metro City Bank, announced today that on September 1, 2023, its board of directors adopted
a new repurchase program authorizing the Company to repurchase up
to 1,000,000 shares of the Company's outstanding shares of common
stock. The share repurchase program will begin on September 6, 2023 and end on September 30, 2024.
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 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.
About MetroCity Bankshares, Inc.
MetroCity Bankshares, Inc. is a Georgia corporation and a registered bank
holding company for its wholly-owned banking subsidiary, Metro City
Bank, which is headquartered in the Atlanta, Georgia metropolitan area. Founded in
2006, Metro City Bank currently operates 20 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
Statements in this press release regarding future events and our
expectations and beliefs about our future financial performance and
financial condition, as well as trends in our business and markets,
constitute "forward-looking statements" within the meaning of, and
subject to the protections of, Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. Forward-looking statements are
not historical in nature and may be identified by references to a
future period or periods by the use of the words "believe,"
"expect," "anticipate," "intend," "plan," "estimate," "project,"
"outlook," or words of similar meaning, or future or conditional
verbs such as "will," "would," "should," "could," or "may." The
forward-looking statements in this press release should not be
relied on because they are based on current information and on
assumptions that we make about future events and circumstances that
are subject to a number of known and unknown risks and
uncertainties that are often difficult to predict and beyond our
control. As a result of those risks and uncertainties, and other
factors, our actual financial results in the future could differ,
possibly materially, from those expressed in or implied by the
forward-looking statements contained in this press release and
could cause us to make changes to our future plans. Factors that
might cause such differences include, but are not limited to: the
impact of current and future economic conditions, particularly
those affecting the financial services industry, including the
effects of declines in the real estate market, high unemployment
rates, inflationary pressures, elevated interest rates and
slowdowns in economic growth, as well as the financial stress on
borrowers as a result of the foregoing; potential impacts of the
recent adverse developments in the banking industry highlighted by
high-profile bank failures, including impacts on customer
confidence, deposit outflows, liquidity and the regulatory response
thereto; risks arising from media coverage of the banking industry;
risks arising from perceived instability in the banking sector;
changes in the interest rate environment, including changes to the
federal funds rate; changes in prices, values and sales volumes of
residential and commercial real estate; developments in our
mortgage banking business, including loan modifications, general
demand, and the effects of judicial or regulatory requirements or
guidance; competition in our markets that may result in increased
funding costs or reduced earning assets yields, thus reducing
margins and net interest income; interest rate fluctuations, which
could have an adverse effect on the Company's profitability;
legislation or regulatory changes which could adversely affect the
ability of the consolidated Company to conduct business
combinations or new operations; changes in tax
laws; significant turbulence or a disruption in the capital or
financial markets and the effect of a fall in stock market prices
on our investment securities; the effects of war or other
conflicts including the impacts related to or resulting from
Russia's military action in
Ukraine; and adverse results from
current or future litigation, regulatory examinations or other
legal and/or regulatory actions, including as a result of the
Company's participation in and execution of government programs.
Therefore, the Company can give no assurance that the results
contemplated in the forward-looking statements will be realized.
Additional information regarding these and other risks and
uncertainties to which our business and future financial
performance are subject is contained in 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 Quarterly Reports on Form 10-Q on file with the U.S. Securities
and Exchange Commission (the "SEC"), and in other documents that we
file with the SEC from time to time, which are available on the
SEC's website, http://www.sec.gov. In addition, our actual
financial results in the future may differ from those currently
expected due to additional risks and uncertainties of which we are
not currently aware or which we do not currently view as, but in
the future may become, material to our business or operating
results. Due to these and other possible uncertainties and risks,
readers are cautioned not to place undue reliance on the
forward-looking statements contained in this press release or to
make predictions based solely on historical financial performance.
Any forward-looking statement speaks only as of the date on which
it is made, and we do not undertake any obligation to update or
review any forward-looking statement, whether as a result of new
information, future developments or otherwise, except as required
by law. All forward-looking statements, express or implied,
included in this press release are qualified in their entirety by
this cautionary statement.
Contact Information
Lucas
Stewart
EVP/CFO
678-580-6414
lucasstewart@metrocitybank.bank
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SOURCE MetroCity Bankshares, Inc.
