M&A - FIRST COMMUNITY CORP /SC/

Form Type: 8-K

Filing Date: 2025-07-14

Corporate Action: Merger

Type: New

Accession Number: 000155278125000220

Filing Summary: On July 13, 2025, First Community Corporation and Signature Bank entered into a merger agreement allowing Signature Bank to merge with and into First Community Bank. Each share of Signature Bank common stock will be converted into 0.6410 shares of First Community common stock, with cash payments for fractional shares. The agreement includes provisions for shareholder approvals, customary representations, warranties, and termination rights. A termination fee of $1,600,000 will be owed by Signature Bank under certain circumstances. Additionally, support agreements will be required from Signature Bank's directors and executive officers, and employment agreements have been established for certain executives. The merger is subject to regulatory approvals and other closing conditions.