First Community Bank in Lexington, S.C., has agreed to acquire First South Bank's deposits in Columbia and some loans for approximately $800,000.
The deal will expand First Community's customer base in the greater Columbia metro area, where the $796 million-asset bank already operates seven branches.
Under a purchase-and-assumption agreement, First Community would acquire all of the branch's $43 million of deposits. First Community would also assume $9 million in loans, a portion of the branch's total portfolio. All of the accounts included in the agreement would be transferred to First Community's branch in downtown Columbia.
"The purchase of these deposits and loans allows First Community to immediately expand our presence in and serve a larger customer base from this key downtown market area," Mike Crapps, the president and chief executive at First Community, said in a press release Monday.
The deal is expected to close in the third quarter.
First Community is a unit of First Community Corp. (FCCO)
First South has assets of $289 million and is headquartered in Spartanburg, S.C. In addition to its Columbia office, the bank operates five other offices throughout the state. It is owned by First South Bancorp (FSBS).