First Community Bankshares Reports Officer Changes
Ticker: FCBC · Form: 8-K · Filed: Aug 27, 2024 · CIK: 859070
Sentiment: neutral
Topics: corporate-governance, executive-appointments, filing
Related Tickers: FCBC
TL;DR
FCBC filed an 8-K detailing board and exec changes, plus compensation updates.
AI Summary
First Community Bankshares, Inc. (FCBC) filed an 8-K on August 27, 2024, reporting changes in its board of directors and executive officers, including the appointment of new officers and changes to compensatory arrangements. The filing also includes financial statements and exhibits.
Why It Matters
Changes in executive leadership and compensation can signal shifts in company strategy or financial performance, impacting investor confidence.
Risk Assessment
Risk Level: low — This filing primarily concerns routine corporate governance and executive appointments, with no immediate financial distress indicated.
Key Players & Entities
- FIRST COMMUNITY BANKSHARES, INC. (company) — Registrant
- August 27, 2024 (date) — Date of earliest event reported
- Virginia (location) — State of incorporation
FAQ
What specific changes were made to the board of directors or executive officers?
The filing indicates changes related to the departure of directors or certain officers, election of directors, and appointment of certain officers, as well as updates to compensatory arrangements for certain officers.
Are there any new financial statements included with this filing?
Yes, the filing explicitly states that 'Financial Statements and Exhibits' are included as part of the report.
What is the primary business of First Community Bankshares, Inc.?
First Community Bankshares, Inc. operates in the State Commercial Banks industry, as indicated by its SIC code 6022.
When was the earliest event reported in this 8-K filing?
The earliest event reported in this filing occurred on August 27, 2024.
What is the Commission File Number for First Community Bankshares, Inc.?
The Commission File Number for First Community Bankshares, Inc. is 000-19297.
Filing Stats: 923 words · 4 min read · ~3 pages · Grade level 11.3 · Accepted 2024-08-27 17:09:53
Key Financial Figures
- $1.00 — nge on which registered Common Stock ($1.00 par value) FCBC NASDAQ Global Select
Filing Documents
- fcbc20240827c_8k.htm (8-K) — 34KB
- ex_718985.htm (EX-10.1) — 128KB
- ex_718986.htm (EX-10.2) — 128KB
- ex_718987.htm (EX-10.3) — 129KB
- ex_718988.htm (EX-10.4) — 126KB
- ex_718989.htm (EX-10.5) — 126KB
- 0001437749-24-027865.txt ( ) — 967KB
- fcbc-20240827.xsd (EX-101.SCH) — 3KB
- fcbc-20240827_def.xml (EX-101.DEF) — 11KB
- fcbc-20240827_lab.xml (EX-101.LAB) — 15KB
- fcbc-20240827_pre.xml (EX-101.PRE) — 11KB
- fcbc20240827c_8k_htm.xml (XML) — 3KB
02
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. (e) On August 27, 2024, First Community Bankshares, Inc. (the "Company") entered into new employment agreements with William P. Stafford, II, Chief Executive Officer, Gary R. Mills, President, David D. Brown, Chief Financial Officer, Jason R. Belcher, Chief Operating Officer and Sarah W. Harmon, Chief Administrative Officer, General Counsel and Corporate Secretary, its named executive officers, to continue in their current positions with the Company and First Community Bank, its wholly-owned banking subsidiary (the "Bank"). The employment agreements supersede and replace previously executed agreements with the named executive officers. The following summary description is qualified in its entirety by reference to the employment agreements attached to this Form 8-K as Exhibits 10.1 through 10.5, which are incorporated herein by reference. The employment agreements supersede all existing employment agreements between the Company and the executives. The agreements are effective January 1, 2024, and have initial three-year terms that extend through December 31, 2027. The agreements automatically renew annually so that the term continues for a new three-year period from the time of extension. The agreements provide that each officer's base salary will be reviewed annually, and they will be entitled to participate in such cash and equity incentive plans as the Company may determine. Each executive's employment will terminate automatically upon death. Otherwise, the Company may terminate an executive's employment for Cause, without Cause, or upon Disability. An executive may voluntarily terminate his or her employment by providing thirty days' prior written notice or may terminate his or her employment for Good Reason. If the Company terminates an executive's employment without Cause, or if the executive termina
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) The following exhibits are included with this report: Exhibit No. Exhibit Description 10.1 Employment Agreement between First Community Bankshares, Inc. and William P. Stafford, II 10.2 Employment Agreement between First Community Bankshares, Inc. and Gary R. Mills 10.3 Employment Agreement between First Community Bankshares, Inc. and David D. Brown 10.4 Employment Agreement between First Community Bankshares, Inc. and Jason R. Belcher 10.5 Employment Agreement between First Community Bankshares, Inc. and Sarah W. Harmon 104 Cover Page Interactive Data File (formatted as Inline XBRL).
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: August 27, 2024 By: /s/ David D. Brown David D. Brown Chief Financial Officer