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FIRST COMMUNITY CORP /SC/ FILES (8-K) Disclosing Other Events

September 3, 2014



ITEM 8.01. Other Events

On June 23, 2014, First Community Bank ("First Community"), the subsidiary of First Community Corporation, and First South Bank jointly announced the signing of a purchase and assumption agreement for First Community to acquire approximately $43 million in deposits and $9 million in loans from First South. This purchase represents all of the deposits and a portion of the loans at First South's Columbia banking office located at 1333 Main Street. At the time, the parties noted that the purchase was subject to regulatory approval.

On September 2, 2014, First Community received FDIC consent dated August 26, 2014 to purchase the specified loans and assume the deposits of the Columbia, South Carolina branch of First South. The parties anticipate that the transaction will close by the end of the third quarter of this year.

FORWARD-LOOKING STATEMENTS

This Form 8-K contains certain forward-looking statements, including certain plans, expectations and estimates, which are subject to numerous assumptions, risks, and uncertainties. Actual results could differ materially from those anticipated by such statements for a variety of factors including, without limitation: the required governmental approvals for the transaction may not be obtained; disruption or other challenges associated with transition and integration may make it more difficult to maintain relationships with customers; changes in economic conditions; movements in interest rates; competitive pressures on product pricing and services; success and timing of other business strategies; the nature, extent, and timing of governmental actions and reforms; and extended disruption of vital infrastructure; and other factors described in First Community's Annual Report on Form 10-K and documents subsequently filed by First Community with the Securities and Exchange Commission. All forward-looking statements included in this Form 8-K are based on information available at the time of the release. Neither First Community nor First South Bank assume any obligation to update any forward-looking statement.


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Source: Edgar Glimpses


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