First Community Bankshares, Inc. Completes Acquisition of Surrey Bancorp
25 April 2023 - 12:55AM
First Community Bankshares, Inc. (NASDAQ: FCBC)
(www.firstcommunitybank.com) (the “Company”), parent company of
First Community Bank, announced today that it has completed the
acquisition of Surrey Bancorp (“Surrey”) and Surrey’s wholly owned
subsidiary, Surrey Bank and Trust. The acquisition became effective
at the close of business on April 21, 2023. First Community and
Surrey previously announced an agreement to merge on November 18,
2022.
The completed acquisition included the merger of
Surrey Bank and Trust into First Community Bank. Surrey’s seven
branch locations in northwestern North Carolina and southwestern
Virginia will open as First Community Bank branches the morning of
April 24, 2023. Under the terms of the merger agreement, Surrey
shareholders will receive 0.7159 shares of First Community common
stock for each share of Surrey common stock.
“This transaction significantly expands both our
presence in northwestern North Carolina and our resources to serve
small business customers throughout First Community’s footprint,”
said William P. Stafford II, Chairman and Chief Executive Officer
of First Community. “On behalf of the board of directors, we
genuinely appreciate the hard work, dedication, and expertise of
the employees of both Surrey and First Community in completing this
transaction.”
At the end of March, 2023, Surrey Bank and Trust
had approximately $482 million in total assets, $253 in total loans
and $414 million in total deposits. Commenting on the transaction,
Surrey CEO Ted Ashby offered, “I am very proud of what we’ve
achieved as a Company over the past 27 years, and I am particularly
proud of our efforts to help small business owners in the
communities we serve. Having worked closely with the team at First
Community to complete this transaction, I’m confident we selected a
partner equally passionate about the critical role that community
banks play in the continued success of the residents and business
owners in our area.”
About First Community Bankshares,
Inc.
First Community Bankshares, Inc., a financial
holding company headquartered in Bluefield, Virginia, provides
banking products and services through its wholly owned subsidiary
First Community Bank. First Community Bank operated 48 branch
banking locations in Virginia, West Virginia, North Carolina, and
Tennessee as of March 31, 2023. First Community Bank offers wealth
management and investment advice and services through its Trust
Division and through its wholly owned subsidiary, First Community
Wealth Management, which collectively managed and administered
$1.34 billion in combined assets as of March 31, 2023. The Company
reported consolidated assets of $3.05 billion as of March 31, 2023.
The Company’s common stock is listed on the NASDAQ Global Select
Market under the trading symbol, “FCBC”. Additional investor
information is available on the Company’s website at
www.firstcommunitybank.com.
This news release may include forward-looking
statements. These forward-looking statements are based on current
expectations that involve risks, uncertainties, and assumptions.
Should one or more of these risks or uncertainties materialize or
should underlying assumptions prove incorrect, actual results may
differ materially. These risks include: changes in business or
other market conditions; the timely development, production and
acceptance of new products and services; the challenge of managing
asset/liability levels; the management of credit risk and interest
rate risk; the difficulty of keeping expense growth at modest
levels while increasing revenues; and other risks detailed from
time to time in the Company’s Securities and Exchange Commission
reports including, but not limited to, the Annual Report on Form
10-K for the most recent fiscal year end. Pursuant to the Private
Securities Litigation Reform Act of 1995, the Company does not
undertake to update forward-looking statements to reflect
circumstances or events that occur after the date the
forward-looking statements are made.
FOR MORE INFORMATION, CONTACT: |
David D. Brown |
(276) 326-9000 |
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