ATLANTA, Oct. 16, 2024 /PRNewswire/ --
MetroCity Bankshares, Inc. (the "Company") (NASDAQ: MCBS) announced
today that its board of directors declared a quarterly cash
dividend of $0.23 per share on its
common stock. The cash dividend is payable on November 8, 2024 to shareholders of record as of
October 30, 2024.
The Company also announced today that its board of directors has
approved the continuation of its share repurchase program
that expired on September 30, 2024
("Prior Share Repurchase Plan"), and authorized the Company to
repurchase up to 925,250 shares of the Company's outstanding shares
of common stock, which is the number of remaining shares authorized
for repurchase from the Prior Share Repurchase Plan. The share
repurchase program will begin on October 17,
2024 and end on September 30,
2025.
The repurchases under this program will be made in compliance
with all Securities and Exchange Commission rules, including Rule
10b-18, and other legal requirements
and may be made in part under Rule 10b5-1 plans, which permits
stock repurchases when the Company might otherwise be precluded
from doing so. Repurchases can be made from time-to-time in the
open market or through privately negotiated transactions depending
on market and/or other conditions. 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. The repurchase
program may be modified, suspended or discontinued at any time and
does not obligate the Company to purchase any shares of its common
stock.
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 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
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.