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- Departure of CFO (new) — The Chief Financial Officer resigned with only 11 days' notice and no disclosed reason for departure.
MetroCity Bankshares CFO Lucas Stewart resigns; President Farid Tan named interim CFO
Filed March 26, 2026 · Period ending March 23, 2026 · ~1 min read
Key Changes
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CFO Lucas Stewart resigned effective April 3, 2026, with no reason disclosed for the departure. The resignation was tendered March 23, giving approximately 11 days' notice.
Item 5.02 verify on EDGAR → -
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President Farid Tan appointed interim CFO on March 24, 2026, to serve until permanent replacement found. Tan, 68, previously held the CFO role from July 2019 to October 2021.
Item 5.02 verify on EDGAR → -
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Tan brings over 40 years of banking experience and has served as President since the bank's inception in 2006, providing continuity during the CFO transition.
Item 5.02 verify on EDGAR →
Summary
MetroCity Bankshares disclosed the unexpected resignation of CFO Lucas Stewart, effective April 3, 2026. The filing provides no explanation for Stewart's departure, which came with minimal notice—a potential concern for investors given the CFO's critical role in financial reporting and controls.
The company moved quickly to name an interim replacement, appointing President Farid Tan to assume CFO duties the day after Stewart's resignation was tendered. The choice of Tan as interim CFO offers some reassurance. He previously served as CFO from 2019 to 2021 and has led the bank since its 2006 founding, bringing deep institutional knowledge to the role.
However, his age (68) and dual responsibilities as both President and interim CFO raise questions about succession planning and workload sustainability. Investors should watch for the company's next quarterly earnings call for management commentary on the CFO search timeline and any potential impact on financial reporting processes during this transition period.
Section-by-Section Diff
Event · Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
On March 23, 2026, Mr. Lucas Stewart tendered his resignation as Executive Vice President and Chief Financial Officer of MetroCity Bankshares, Inc. (the “Company”) and Metro City Bank, the Company’s wholly-owned subsidiary, (“Bank”), with each resignation effective on April 3, 2026.
Lucas Stewart resigned as Executive Vice President and Chief Financial Officer of both the Company and its wholly-owned subsidiary Metro City Bank. The resignation was tendered on March 23, 2026 and becomes effective April 3, 2026. No reason for the departure was disclosed in the filing.
Added in current filing · verify on EDGAR →
Mr. Tan, age 68, has served as President of the Company and Chief Executive Officer of the Bank since its inception in 2006. He also served as Chief Financial Officer of the Company and the Bank from July 2019 to October 2021. Mr. Tan has over 40 years of experience in the banking industry.
The filing discloses that the interim CFO has extensive banking experience spanning over 40 years and previously held the CFO role at the Company from July 2019 to October 2021. This prior CFO experience and long tenure with the organization may provide continuity during the transition period until a permanent CFO is hired.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jun 3, 2026 · How we verify