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MetroCity Bankshares files for IPO

MetroCity Bankshares Inc. filed a Form S-1 for a proposed IPO of its common stock.

The proposed maximum aggregate offering price is $40 million, estimated solely to calculate the registration fee. The registration statement did not list the number of shares to be offered by the company and selling shareholders.

The Doraville, Ga.-based company has applied to list its common stock on the Nasdaq Global Select Market under the symbol MCBS. Its common stock is presently quoted under the symbol MCBS on the OTC Market Group's OTCQX Market.

MetroCity Bankshares plans to use the net proceeds to the company to support organic growth, which could include branch expansion and opportunistic strategic acquisitions, and for general corporate purposes, which may include contributing a significant portion of such proceeds to its subsidiary Metro City Bank. The company will not receive any proceeds from the sale of shares by the selling shareholders.

The filing listed Keefe Bruyette & Woods Inc., ​Raymond James & Associates Inc.​ and Hovde Group LLC as underwriters.