LEXINGTON, S.C., June 23, 2014 /PRNewswire/ -- Today, First
Community Bank and First South Bank jointly announced the signing
of a purchase and assumption agreement for First Community to
acquire approximately $43 million in
deposits and $9 million in loans from
First South. This represents all of the deposits and a
portion of the loans at First South's Columbia banking office located at 1333 Main
Street. First Community is paying a premium of $800 thousand which may be adjusted based on
actual account balances at closing date. The banks expect the
purchase to close by the end of the third quarter of this year
following regulatory approval and the satisfaction of other
customary closing conditions.
The deposits and loans will be transferred to First Community's
recently opened downtown Columbia
banking office located at 1213 Lady Street just around the corner
from First South's current Columbia location. Mike Crapps, First Community President and CEO,
commented on the pending transaction by saying, "We look forward to
welcoming these First South customers to First Community. Our
top priority will be to insure a smooth transition for First South
customers included in this transaction." Crapps noted, "The
purchase of these deposits and loans allows First Community to
immediately expand our presence in and serve a larger customer base
from this key downtown market area."
First South CEO, Barry Slider,
added, "We thank these customers for the privilege of serving
them. We are confident that First Community will provide them
with exceptional customer service and the added convenience of an
expanded banking network in the Columbia area."
First Community Bank, founded in 1995 and headquartered in
Lexington, South Carolina, is a
wholly owned subsidiary of First Community Corporation (NASDAQ:
FCCO). First Community is a full service commercial bank
offering deposit and loan products and services for businesses and
consumers, residential mortgage lending, and financial
planning/investment advisory services. First Community has a
network of fourteen banking offices located in the Midlands of South
Carolina, Aiken, South
Carolina and Augusta, Georgia. For more
information on First Community Bank, visit
www.firstcommunitysc.com.
First South Bank, founded in 1996 and headquartered in
Spartanburg, South Carolina is a
wholly owned subsidiary of First South Bancorp Inc. (OTCBB:
FSBS). First South has developed a strong niche in small
business lending and serves customers through five banking centers
located in Spartanburg,
East Spartanburg, Greenville, Columbia and Bluffton/Hilton
Head. In addition, First South offers investment
brokerage and mortgage loan services through its subsidiary First
South Financial Services. For more information on First South
Bank, visit www.firstsouthbancorp.com.
FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking statements,
including certain plans, expectations and estimates, which are
subject to numerous assumptions, risks, and uncertainties.
Actual results could differ materially from those anticipated by
such statements for a variety of factors including, without
limitation: the required governmental approvals for the transaction
may not be obtained; disruption or other challenges associated with
transition and integration may make it more difficult to maintain
relationships with customers; changes in economic conditions;
movements in interest rates; competitive pressures on product
pricing and services; success and timing of other business
strategies; the nature, extent, and timing of governmental actions
and reforms; and extended disruption of vital infrastructure; and
other factors described in First Community's Annual Report on Form
10-K and documents subsequently filed by First Community with the
Securities and Exchange Commission. All forward-looking
statements included in this news release are based on information
available at the time of the release. Neither First Community
nor First South Bank assume any obligation to update any
forward-looking statement.
SOURCE First Community Bank