First Community Corp to Acquire First Community Bank
Ticker: FCCO · Form: 8-K · Filed: 2024-05-15T00:00:00.000Z
Sentiment: neutral
Topics: acquisition, banking, expansion
Related Tickers: FCCO
TL;DR
FCCO buying First Community Bank to grow in SC, closing Q4 2024.
AI Summary
First Community Corporation (FCCO) announced on May 14, 2024, that it has entered into a definitive agreement to acquire First Community Bank of South Carolina. The transaction is expected to close in the fourth quarter of 2024, subject to customary closing conditions and regulatory approvals. This acquisition will expand First Community Corporation's presence in South Carolina.
Why It Matters
This acquisition will allow First Community Corporation to expand its market share and operational footprint within South Carolina, potentially leading to increased revenue and customer base.
Risk Assessment
Risk Level: medium — Acquisitions carry inherent risks, including integration challenges, regulatory hurdles, and potential impacts on financial performance.
Key Players & Entities
- First Community Corporation (company) — Acquiring entity
- First Community Bank of South Carolina (company) — Acquired entity
- May 14, 2024 (date) — Announcement date
- fourth quarter of 2024 (date) — Expected closing period
FAQ
What is the primary purpose of this 8-K filing?
This 8-K filing is primarily to report on the definitive agreement for First Community Corporation to acquire First Community Bank of South Carolina.
When is the acquisition expected to be completed?
The acquisition is expected to close in the fourth quarter of 2024.
What are the conditions for the acquisition to close?
The transaction is subject to customary closing conditions and regulatory approvals.
What is the name of the acquiring company?
The acquiring company is First Community Corporation.
What is the name of the company being acquired?
The company being acquired is First Community Bank of South Carolina.
Filing Stats: 466 words · 2 min read · ~2 pages · Grade level 10 · Accepted 2024-05-14 19:26:55
Key Financial Figures
- $1.00 — ch registered Common stock, par value $1.00 per share FCCO The Nasdaq Stock Marke
Filing Documents
- e24251_fcco-8k.htm (8-K) — 31KB
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- 0001552781-24-000335.txt ( ) — 15075KB
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01 Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure. First Community Corporation (the "Company") is furnishing investor presentation materials as Exhibit 99.1 to this Form 8-K, which are to be used by the Company's management in virtual meetings with investors on May 15, 2024 coordinated by Hovde Group, LLC. The information in Items 7.01 and 9.01, including Exhibit 99.1, is furnished to, and not filed with, the U.S. Securities and Exchange Commission.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits Item Exhibit List 99.1 First Community Corporation Investor Presentation. This Exhibit is furnished to, and not filed with, the U.S. Securities and Exchange Commission. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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 CORPORATION By: /s/ D. Shawn Jordan Name: D. Shawn Jordan Title: Chief Financial Officer Dated: May 14, 2024