In a recent development, MetroCity Bankshares (NASDAQ:MCBS), Inc. has expanded its Board of Directors with the appointment of Mr. John Paek, effective immediately. The announcement made today follows the recommendation of the Nominating and Governance Committee.
Mr. Paek, 49, brings a wealth of experience to the board, with a background as an attorney licensed in California, Georgia, New York, and Massachusetts. His professional history includes serving as a Principal at Deloitte Tax LLP, where he provided tax compliance and consulting services from 2019 to 2023. Prior to that, Mr. Paek was a Partner at the law firm Baker McKenzie LLP from 2011 to 2019, where he also contributed to the firm's Global Indirect Tax Steering Committee and its North American Tax Practice Group Newsletter.
A graduate of Georgia State University, Mr. Paek earned his Juris Doctor from the Georgetown University Law Center and holds a Masters of Law in Taxation from Boston University.
Despite his qualifications, the Board has determined that Mr. Paek does not meet the independence criteria under NASDAQ's listing rules, primarily due to his familial connection to the company's leadership; he is the son of Mr. Nack Paek, the Chairman of the Board and Chief Executive Officer of MetroCity Bankshares.
Mr. Paek will join the Asset Liability Committee, the Credit Risk Management Committee, and the Directors’ Loan Committee of the Bank. In terms of compensation, he will receive the same remuneration as his fellow board members, details of which were outlined in the company's Definitive Proxy Statement filed on April 12, 2024.
The company, headquartered in Doraville, Georgia, operates under the ticker NASDAQ:MCBS and is known within the banking industry as a state commercial bank.
InvestingPro Insights
In light of MetroCity Bankshares, Inc.'s recent board expansion, potential and current investors may find the following InvestingPro Insights particularly relevant. With a market capitalization of $794.41 million, the company maintains a solid financial footing. The P/E ratio, a measure of the company's current share price relative to its per-share earnings, stands at a reasonable 14.74, with a slight adjustment to 14.54 when considering the last twelve months as of Q2 2024. This metric suggests that investors are paying less for each dollar of MCBS's earnings than they might for other companies in the same sector, potentially indicating a value opportunity.
Furthermore, MetroCity Bankshares has demonstrated a commitment to returning value to shareholders, having raised its dividend for 3 consecutive years and maintained dividend payments for 9 consecutive years. This is underscored by a notable dividend yield of 2.57% as of the latest data, coupled with a dividend growth of 11.11% over the last twelve months as of Q2 2024. Investors who prioritize income generation may be encouraged by these figures.
For those looking to delve deeper into the company's performance and potential investment opportunities, additional InvestingPro Tips are available. These include insights into the company's profitability projections for the year, as well as its performance over various time frames, such as the high return over the last year and strong return over the last three months. In total, there are 10 additional InvestingPro Tips available for MetroCity Bankshares, which can be accessed for those seeking a comprehensive analysis.
These insights can be particularly useful for investors who are considering the implications of the new board appointment on the company's governance and future strategic direction. The detailed metrics and additional tips are part of the broader suite of tools and analysis provided by InvestingPro, which can be found at: https://www.investing.com/pro/MCBS
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