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First Community Corporation Acquires Signature Bank of Georgia

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LEXINGTON, S.C., Jan. 9, 2026 /PRNewswire/ -- First Community Corporation (Nasdaq: FCCO) (the "Compa...

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AI Summary

First Community Corporation closed the acquisition of Signature Bank, effective January 2026. The merger adds over $2.3 billion in assets and 23 banking offices. New services like SBA/USDA lending will expand from the merger's business model. The deal valued at approximately $50 million enhances shareholder value opportunities. Management changes include the appointment of two new directors following the merger.

Sentiment Rationale

The acquisition strengthens FCCO's market position, potentially increasing revenue and market share, similar to previous successful bank mergers which saw significant stock price gains post-merger integration.

Trading Thesis

The full benefits of mergers often take years to materialize, as seen in historical bank acquisitions where initial integration led to long-term profitability growth.

Market-Moving

  • First Community Corporation closed the acquisition of Signature Bank, effective January 2026.
  • The merger adds over $2.3 billion in assets and 23 banking offices.
  • New services like SBA/USDA lending will expand from the merger's business model.

Key Facts

  • First Community Corporation closed the acquisition of Signature Bank, effective January 2026.
  • The merger adds over $2.3 billion in assets and 23 banking offices.
  • New services like SBA/USDA lending will expand from the merger's business model.
  • The deal valued at approximately $50 million enhances shareholder value opportunities.
  • Management changes include the appointment of two new directors following the merger.

Companies Mentioned

  • SBNY (SBNY)
  • WFC (WFC)
  • JPM (JPM)
  • BAC (BAC)

Corporate Developments

The merger announcement directly relates to FCCO's growth prospects and operational capabilities, with expected significant financial implications.

First Community Corporation Completes Acquisition of Signature Bank of Georgia

First Community Corporation (Nasdaq: FCCO), the holding company for First Community Bank, has successfully finalized its acquisition of Signature Bank of Georgia, effective January 8, 2026. This significant merger integrates Signature Bank directly into First Community Bank, enhancing the company's footprint and capabilities in the banking sector.

Details of the Merger

Following the merger, the offices previously operated by Signature Bank will continue under the name of First Community Bank d/b/a Signature Bank of Georgia until a complete systems conversion is scheduled for March 2026. This acquisition bolsters First Community's position in the market, bringing total assets to over $2.3 billion, deposits and customer cash management accounts to $2.1 billion, and loans to $1.5 billion.

The merger expands First Community's operational network to 23 full-service banking offices and one loan production office, covering various regions in South Carolina and Georgia, including:

  • The Midlands
  • Upstate and Piedmont regions of South Carolina
  • Central Savannah River Area in South Carolina and Georgia
  • The Atlanta–Sandy Springs–Roswell metropolitan area

Management Insights

Michael C. "Mike" Crapps, President and CEO of First Community, expressed confidence in the merger, stating, “The combination of our banking companies continues our commitment as a community bank focused on local businesses, professionals, and entrepreneurs. We are equipped to serve the banking needs of our communities, while enhancing shareholder value through operational advantages gained from this merger.”

Crapps further emphasized the addition of SBA/USDA lending services through the merger, indicating an intention to scale these offerings across the new markets.

Financial Overview and Shareholder Details

The acquisition, valued at approximately $50.0 million as of December 31, 2025, entails Signature Bank shareholders receiving 0.6410 shares of First Community's common stock for each share held of Signature Bank. This stock exchange reinforces FCCO’s commitment to integrating valuable assets and enhancing its capital base.

Board of Directors Expansion

In conjunction with the merger's completion, two new members have been appointed to the boards of First Community Corporation and First Community Bank. Fred J. "Freddie" Deutsch, former CEO of Signature Bank, has joined as a non-independent director and will assume the role of Executive Vice President of First Community Bank and Director of Specialty Business Lending. Additionally, Jonathan W. "Jon" Been has been appointed as an independent director, having previously served as the Lead Director of Signature Bank.

Forward-Looking Statements

This communication includes forward-looking statements concerning the merger. These projections may include anticipated plans and strategies that could differ significantly from actual outcomes. Factors impacting these results may include:

  • Integration success and timeline of First Community Bank and Signature Bank
  • Realization of expected cost savings and revenue synergies
  • Maintaining relationships with clients and suppliers amidst operational changes
  • Changes in competitive pressures among financial institutions
  • Fluctuations in economic conditions, interest rates, and regulatory frameworks

Investors are encouraged to review additional risk factors detailed in the Company's Annual Report on Form 10-K and other filings with the Securities and Exchange Commission (the "SEC").

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