First Community Bankshares Files 8-K Report

TL;DR

FCBC filed an 8-K on 5/8 for 'Other Events' on 5/6. Check it out.

AI Summary

On May 6, 2024, First Community Bankshares, Inc. /VA/ filed an 8-K report. The filing pertains to 'Other Events' and was made public on May 8, 2024. The company is incorporated in Virginia and its principal executive offices are located in Bluefield, Virginia.

Why It Matters

This filing indicates a material event has occurred for First Community Bankshares, Inc. that requires public disclosure. Investors should review the 'Other Events' section for details.

Risk Assessment

Risk Level: low — The filing is a standard 8-K for 'Other Events' and does not immediately indicate significant financial distress or major strategic shifts without further review of the specific event.

Key Numbers

• 000-19297 — SEC File Number (Identifies the company's filing history with the SEC.)
• 55-0694814 — IRS Employer Identification No. (Company's tax identification number.)

Key Players & Entities

• FIRST COMMUNITY BANKSHARES, INC. /VA/ (company) — Registrant
• May 6, 2024 (date) — Earliest event reported
• May 8, 2024 (date) — Filing date
• Virginia (location) — State of incorporation
• Bluefield, Virginia (location) — Principal executive offices

FAQ

Key Financial Figures

• $1.00 — nge on which registered Common Stock ($1.00 par value) FCBC NASDAQ Global Select
• $4.8 million — pproval, the Bank agrees to establish a $4.8 million settlement fund and forgive up to $500,
• $500,000 — llion settlement fund and forgive up to $500,000 in assessed but unpaid fees. Attorneys'
• $3.00 million — expense. The Company previously accrued $3.00 million as an estimated liability relating to t

Filing Documents

• fcbc20240507_8k.htm (8-K) — 24KB
• 0001437749-24-015281.txt ( ) — 152KB
• fcbc-20240506.xsd (EX-101.SCH) — 3KB
• fcbc-20240506_def.xml (EX-101.DEF) — 11KB
• fcbc-20240506_lab.xml (EX-101.LAB) — 15KB
• fcbc-20240506_pre.xml (EX-101.PRE) — 11KB
• fcbc20240507_8k_htm.xml (XML) — 3KB

01

Item 8.01 Other Events On May 6, 2024, First Community Bank (the "Bank"), a Virginia chartered banking institution and wholly-owned subsidiary of First Community Bankshares, Inc., agreed to settle a putative class action lawsuit pending in the United States District Court for the Southern District of West Virginia, filed on June 24, 2022. The civil action alleges the Bank breached its deposit account agreements and was unjustly enriched by collecting overdraft fees with respect to certain debit card transactions and by assessing more than one nonsufficient funds fee on items presented multiple times for payment. Under the settlement, which is subject to documentation and preliminary and final court approval, the Bank agrees to establish a $4.8 million settlement fund and forgive up to $500,000 in assessed but unpaid fees. Attorneys' fees, settlement administration expenses, and settlement payments to eligible class members will be paid from the settlement fund. Under the settlement, the Bank admitted no wrongdoing and will receive a complete release of all claims asserted in the civil action. The Bank agreed to the settlement in order to resolve the litigation and avoid further expense. The Company previously accrued $3.00 million as an estimated liability relating to this civil action.

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. FIRST COMMUNITY BANKSHARES, INC. Date: May 8, 2024 By: /s/ David D. Brown David D. Brown Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR