LEXINGTON, S.C., Oct. 23, 2017 /PRNewswire/ -- First
Community Corporation, the holding company for First Community
Bank, announced today that it had completed the acquisition of
Cornerstone Bancorp, the holding company for Cornerstone National
Bank. All former Cornerstone banking offices began operations
today as locations of First Community Bank. The combined
company has more than $1.0 billion in
assets, $914 million in deposits and
customer cash management accounts and $628
million in loans with 18 full service banking offices in the
Midlands and Upstate regions of
South Carolina and the Central
Savannah River Area region of South
Carolina and Georgia.
First Community President and CEO Michael C. "Mike" Crapps
commented on the acquisition, "The employees at First Community and
Cornerstone have worked diligently these past months to ensure a
smooth transition for customers and we look forward to serving
them." Crapps continued, "We believe the combination of our
banking companies creates a unique community based bank with the
ability and financial strength to serve the banking needs of our
communities and enhance shareholder value through operating
advantages gained with the merger of our two
institutions."
The deal was valued at approximately $27.0 million. Cornerstone shareholders
will receive either cash or shares of the First Community's common
stock, or a combination thereof, in exchange for their Cornerstone
common stock. Current Cornerstone Board members will have the
opportunity to serve as members of First Community's Upstate
Advisory Board. Additionally, Rodger
Anthony, Cornerstone President and CEO will serve the
combined company in a consulting role for a six month period to
assist with the transition.
FORWARD-LOOKING STATEMENTS
This communication includes statements made in respect of the
proposed merger involving the Company and Cornerstone Bancorp
("Cornerstone"). Certain statements in this news release contain
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, such as statements
relating to future plans, goals, projections and expectations, and
are thus prospective. Such forward-looking statements are subject
to risks, uncertainties, and other factors which could cause actual
results to differ materially from future results expressed or
implied by such forward-looking statements. Such risks,
uncertainties and other factors, include, among others, the
following: (1) the businesses of the Company and Cornerstone may
not be integrated successfully or such integration may take longer
to accomplish than expected; (2) the expected cost savings and any
revenue synergies from the merger may not be fully realized within
the expected timeframes or at all; (3) disruption from the merger
may make it more difficult to maintain relationships with clients,
associates, or suppliers; (4) competitive pressures among
depository and other financial institutions may increase
significantly and have an effect on pricing, spending, third-party
relationships and revenues; (5) the strength of the United States economy in general and the
strength of the local economies in which we conduct operations may
be different than expected resulting in, among other things, a
deterioration in the credit quality or a reduced demand for credit,
including the resultant effect on the company's loan portfolio and
allowance for loan losses; (6) the rate of delinquencies and
amounts of charge-offs, the level of allowance for loan loss, the
rates of loan growth, or adverse changes in asset quality in our
loan portfolio, which may result in increased credit risk-related
losses and expenses; (7) changes in the U.S. legal and regulatory
framework; (8) adverse conditions in the stock market, the public
debt markets and other capital markets (including changes in
interest rate conditions) could have a negative impact on the
company; (9) technology and cybersecurity risks, including
potential business disruptions, reputational risks, and financial
losses, associated with potential attacks on or failures by our
computer systems and computer systems of our vendors and other
third parties; and (10) risks, uncertainties and other factors
disclosed in our most recent Annual Report on Form 10-K filed with
the Securities and Exchange Commission (the "SEC"), or in any of
our Quarterly Reports on Form 10-Q or Current Reports on Form 8-K
filed with the SEC since the end of the fiscal year covered by our
most recently filed Annual Report on Form 10-K, which are available
at the SEC's Internet site (http://www.sec.gov).
Although we believe that the assumptions underlying the
forward-looking statements are reasonable, any of the assumptions
could prove to be inaccurate. We can give no assurance that the
results contemplated in the forward-looking statements will be
realized. The inclusion of this forward-looking information should
not be construed as a representation by our Company or any person
that the future events, plans, or expectations contemplated by our
Company will be achieved. We undertake no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events, or otherwise.
ADDITIONAL INFORMATION ABOUT THE MERGER AND WHERE TO FIND
IT
This material is not a solicitation of any vote or approval of
Cornerstone's shareholders and is not a substitute for the proxy
statement/prospectus or any other documents which the Company and
Cornerstone may send to their respective shareholders in connection
with the proposed merger. This communication shall not constitute
an offer to sell or the solicitation of an offer to buy, nor shall
there be any sale of securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful under the securities
laws of any such jurisdiction.
In connection with the proposed merger with Cornerstone, the
Company filed with the SEC a Registration Statement on Form S-4
that includes a proxy statement/prospectus for the shareholders of
Cornerstone. BEFORE MAKING ANY INVESTMENT DECISION, CORNERSTONE
INVESTORS ARE URGED TO READ THE PROXY STATEMENT/ PROSPECTUS
REGARDING THE MERGER AND ANY OTHER RELEVANT DOCUMENTS CAREFULLY IN
THEIR ENTIRETY. The proxy statement/prospectus, as well as other
filings containing information about the Company, are or will be
available, without charge, at the SEC's website
(http://www.sec.gov). Copies of the proxy statement/prospectus and
the filings with the SEC that will be incorporated by reference in
the proxy statement/ prospectus can also be obtained, without
charge, by directing a request to First Community Corporation, 5455
Sunset Blvd., Lexington, SC 29072,
Attention: Michael Crapps.
SOURCE First Community Corporation