MetroCity in Georgia raises $26M through IPO
MetroCity Bankshares in Doraville, Ga., has raised $26.2 million through an initial public offering.
The $1.5 billion-asset company sold about 1.9 million shares of common stock at $13.50 each, according to an announcement from co-manager Hovde Group. The offering closed on Monday.
MetroCity, the parent of Metro City Bank, plans to use the offering's proceeds to support organic growth and other general purposes that could include branch expansion and acquisitions.
The bank has 19 branches in seven states. It had a return of average assets of 2.94% at June 30.
Keefe, Bruyette & Woods was the offering's lead book-running manager. Hovde and Raymond James were the co-managers.