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Regulators OK $25.8M merger of First Community, Cornerstone banks

Banking & Finance
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Federal and state regulators have greenlighted the merger of Lexington-based First Community Corp., holding company for First Community Bank, and Cornerstone Bancorp, the Easley-based holding company for Cornerstone National Bank.

Regulatory approvals necessary for the merger were obtained from the Federal Deposit Insurance Corp. and the S.C. Board of Financial Institutions, according to a news release.

The merger is expected to close Oct. 20 subject to the approval of Cornerstone's shareholders at a special meeting on Sept. 19 along with the waiver of other customary closing conditions.

On April 12, First Community and Cornerstone announced that the Midlands bank company would acquire Cornerstone in a cash and stock transaction deal valued at $25.8 million.

Upon the completion of the merger, the combined company would have had approximately $1.06 billion in total assets, $892.5 million in total deposits, and $622.3 million in total loans as of Dec. 31.

The transaction will create a 19-office banking company with locations from the Upstate, through the Midlands and into the central Savannah River area to Augusta.

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