In a recent development, MetroCity Bankshares (NASDAQ:), 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…
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