MetroCity Bankshares Announces CFO Resignation, Appoints President as Interim CFO
MCBS sits 18% above its 52-week low of $24.24.
Summary
MetroCity Bankshares announced the resignation of its CFO, Lucas Stewart, and appointed Farid Tan, the current President and former CFO, as interim Chief Financial Officer.
Key Events · Executive and Board Changes · MCBS
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CFO Resignation
Mr. Lucas Stewart tendered his resignation as Executive Vice President and Chief Financial Officer of MetroCity Bankshares, Inc. and Metro City Bank, effective April 3, 2026.
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Interim CFO Appointment
Mr. Farid Tan, currently the President of the Company and Chief Executive Officer of the Bank, was designated as the interim Chief Financial Officer, effective March 24, 2026.
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Experienced Successor
Mr. Tan previously served as CFO from July 2019 to October 2021 and has over 40 years of experience in the banking industry, ensuring continuity in financial leadership.
Analysis · MCBS · Finance
The resignation of a Chief Financial Officer is a significant executive change that can introduce uncertainty regarding financial leadership and strategy. However, the immediate appointment of Farid Tan, who currently serves as President of the Company and CEO of the Bank and has prior experience as CFO, provides a strong sense of continuity and stability. This interim solution leverages deep internal expertise, mitigating potential concerns about a leadership vacuum. Investors will likely monitor the search for a permanent CFO.
At the time of this filing, MCBS was trading at $28.61 on NASDAQ in the Finance sector, with a market capitalization of approximately $822.7M. The 52-week trading range was $24.24 to $31.06. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.