Business

June 23, 2014

First Community Bank downtown acquires First South Bank downtown, $49 million in deposits

First Community Bank, newly located to downtown Columbia, Monday acquired First South Bank’s downtown $49 million in deposits and $9 million in loans for $800,000.

Lexington-based First Community Bank Monday acquired Spartanburg-based First South Bank’s Columbia banking operations, the institutions jointly announced.

The $800,000 purchase and assumption agreement gives First Community Bank control of First South Bank’s $43 million deposit portfolio at its downtown Columbia office, the announcement said, and $9 million of the bank office’s loan business.

The deal depends upon regulatory approval.

First South Bank, a wholly subsidiary of First South Bancorp Inc., operates other banking centers in Spartanburg, East Spartanburg, Greenville, Bluffton/Hilton Head.

The acquisition represents all of the deposits and a portion of the loans on file at First South’s Columbia banking office, located at 1333 Main St., the institutions stated.

The deposits and loans will be transferred to First Community Bank’s new offices located at 1213 Lady St., just off Main Street near First South Bank current Columbia location.

The banks said they expect the deal to close by the end of the third quarter.

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