Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On September 18, 2024, upon the recommendation of the Nominating and Governance Committee, the Board of Directors (the “Board”) of MetroCity Bankshares, Inc. (the “Company”) appointed Mr. John Paek to serve as a member of the Boards of the Company and Metro City Bank, the wholly owned subsidiary of the Company (the “Bank”), effective immediately. Mr. Paek will serve on the Asset Liability Committee, the Credit Risk Management Committee, and the Directors’ Loan Committee of the Bank.
Mr. John Paek, age 49, is an attorney licensed to practice law in California, Georgia, New York, and Massachusetts. Mr. Paek previously served as a Principal with Deloitte Tax LLP from 2019 to 2023, providing state income tax compliance, consulting, and controversy resolution services to corporations and other business entities. From 2007 to 2019, Mr. Paek practiced law with Baker McKenzie LLP, serving as a Partner from 2011 to 2019. In addition to providing tax consulting, controversy resolution, and litigation services while at Baker McKenzie, Mr. Paek was a member of their Global Indirect Tax Steering Committee and an editor of their North American Tax Practice Group Newsletter. Mr. Paek graduated magna cum laude from Georgia State University with a Bachelor of Arts in English Literature. Mr. Paek obtained his Juris Doctor from the Georgetown University Law Center and his Masters of Law in Taxation from Boston University.
The Board has determined that Mr. Paek is not “independent” as defined under the listing rules of the NASDAQ Stock Market. Mr. Paek is the son of the Chairman of the Board and Chief Executive Officer of the Company, Mr. Nack Paek. There are no arrangements or understandings between Mr. Paek and any other persons or entities pursuant to which Mr. Paek was elected as a director of the Company. In addition, there are no transactions involving Mr. Paek and the Company that require disclosure under Item 404(a) of Regulation S-K.
In his capacity as a director, Mr. John Paek will receive compensation that is consistent with the compensation received by the other members of the Board. A description of the compensation payable to members of the Board is set forth under the heading “2023 Compensation of Directors” in the Company’s Definitive Proxy Statement filed with the SEC on April 12, 2024 and is incorporated herein by reference.
