Lexington-based First Community Corp. and Cornerstone Bancorp, based in Easley, have announced an agreement where First Community will acquire Cornerstone for approximately $25.8 million in cash and stock.
First Community Corp. is the holding company of First Community Bank which has full-service banking offices in Lexington, Richland, Newberry, Kershaw and Aiken counties. Cornerstone Bancorp is the holding company for Cornerstone National Bank which has offices in Greenville, Easley and Powdersville.
“This is a natural extension of our company in the Greenville market, which we entered with the activation of our loan production office in March of 2016,” said First Community President and CEO Michael C. “Mike” Crapps, in a news release announcing the acquisition. “More importantly, we are excited to partner with the Cornerstone team.
Under the agreement, Cornerstone shareholders will have the right to receive $11 in cash or 0.54 shares of First Community common stock, or a combination thereof, for each share of Cornerstone common stock. Current Cornerstone board members will have the opportunity to serve as members of First Community’s Upstate Advisory Board.
Rodger Anthony, CEO of Cornerstone, will continue to serve as a consultant to the combined company for six months following the completion of the acquisition, according to the release.
“Our customers will continue to receive the same high quality level of service from the bankers that have served them at Cornerstone Bank,” Anthony said, in the release. “With First Community, we have found a shared passion for our work with local businesses and professionals. This focus will continue and we are looking forward to the additional capacity and product lines that this combination of banks will bring to our customers.”
In addition to the acquisition announcement, First Community officials said they have started the site selection process to locate a First Community branch office in downtown Greenville.
The pro forma company will have combined assets of an estimated $1.059 billion, $892.5 million in total deposits and $622.3 million in total loans as of Dec. 31, 2016 figures. The closing of the acquisition is expected to be complete sometime in the fourth quarter of 2017, subject to regulatory and shareholder approval.