First Community Corp to Acquire Carolina Alliance Bank

Ticker: FCCO · Form: 8-K · Filed: 2024-07-29T00:00:00.000Z

Sentiment: neutral

Topics: acquisition, financials, expansion

Related Tickers: FCCO

TL;DR

FCCO buying Carolina Alliance Bank to boost SC presence, deal expected Q4.

AI Summary

First Community Corporation (FCCO) announced on July 26, 2024, that it has entered into a definitive agreement to acquire Carolina Alliance Bank. 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 the South Carolina market.

Why It Matters

This acquisition will increase First Community Corporation's market share and operational footprint within South Carolina, potentially leading to enhanced financial services offerings for customers in the region.

Risk Assessment

Risk Level: medium — Acquisitions carry inherent risks related to integration, regulatory approval, and market reception, which could impact the success of the transaction.

Key Players & Entities

FAQ

What is the primary strategic rationale behind First Community Corporation's acquisition of Carolina Alliance Bank?

The acquisition is intended to expand First Community Corporation's presence and market share within South Carolina.

When is the acquisition of Carolina Alliance Bank expected to be completed?

The transaction is expected to close in the fourth quarter of 2024.

What are the main conditions for the closing of the acquisition agreement?

The closing is subject to customary closing conditions and regulatory approvals.

What is the ticker symbol for First Community Corporation?

The ticker symbol for First Community Corporation is FCCO.

In which state is First Community Corporation incorporated?

First Community Corporation is incorporated in South Carolina (SC).

Filing Stats: 479 words · 2 min read · ~2 pages · Grade level 9.9 · Accepted 2024-07-26 17:45:41

Key Financial Figures

Filing Documents

01. Regulation FD Disclosure

Item 7.01. Regulation FD Disclosure. First Community Corporation ("First Community") is furnishing investor presentation materials as Exhibit 99.1 to this Form 8-K, which are to be used by First Community management in meetings with investors on July 29-31, 2024 at the Keefe, Bruyette & Woods (KBW) Annual Community Bank Investor Conference in New York, New York. 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

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: July 26, 2024

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