News Column

Bluefield bank buys local Bank of America branch

June 11, 2014

By John Peters, The Mount Airy News, N.C.



June 11--First Community Bank, based in Bluefield, Va., announced on Tuesday it was purchasing seven branches of Bank of America, including the one in Mount Airy.

"We are pleased to add these branches to our existing branch network in Southwestern Virginia and the Piedmont Region in North Carolina," said Gary Mills, chief executive officer of First Community Bank.

Mills further stated, "This branch acquisition fits squarely with our strategic objective to grow our banking franchise in markets that are in or near our core banking operations. These branches complement our existing operations in Southwestern Virginia and the Piedmont Region and we are truly excited to bring our style of banking to these communities."

In addition to Mount Airy, the bank purchased branches in the Virginia communities of Blacksburg, Pulaski, Hillsville, Wytheville, Gate City, and Abingdon. Additionally, First Community Bank will purchase remote ATM locations in Weber City, Virginia and Mount Airy.

"This branch acquisition fits squarely with our strategic objective to grow our banking franchise in markets that are in or near our core banking operations. These branches complement our existing operations in Southwestern Virginia and the Piedmont region and we are truly excited to bring our style of banking to these communities," Mills said.

Robert L. Buzzo, another official with the bank, said First Community intends to "offer employment" to all of the people working at the Mount Airy location, and has no plans to alter customer hours or service.

With the purchase, which is expected to be finalized later this year, First Community will have 75 branches throughout North Carolina, Virginia, West Virginia., Tennessee and South Carolina. Terms of the purchase were not disclosed.

First Community Bancshares Inc., a financial holding company headquartered in Bluefield which provides banking products and services through its wholly-owned subsidiary First Community Bank.

The company's common stock is listed on the NASDAQ Global Select Market under the trading symbol FCBC. The company reported consolidated assets of $2.61 billion as of March 31.

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(c)2014 The Mount Airy News (Mount Airy, N.C.)

Visit The Mount Airy News (Mount Airy, N.C.) at www.mtairynews.com

Distributed by MCT Information Services


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Source: Mount Airy News (NC)


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