First Community Bank acquisition approved
Published 10:10 am Wednesday, July 20, 2022
The Federal Reserve System’s Board of Governors in Washington, D.C., approved the application by Benchmark Community Bank to purchase the Emporia branch of First Community Bank, Friday, July 1. The application was previously announced on Friday, April 1.
The purchase includes the branch real estate, certain personal property and associated deposit accounts. Loan accounts are not included in the purchase transaction, and loans associated with the Emporia branch will continue to be held and serviced by First Community.
The conversion date has been set for Friday, Sept. 16. Beginning early August 2022, customers of both banks will receive information related to the conversion and how their accounts will be affected by the associated changes.
The sole subsidiary of Benchmark Bankshares, Inc. (OTC Pink: BMBN), Benchmark Community Bank (“Benchmark”) is headquartered in Kenbridge. First Community Bank (“First Community”), the banking subsidiary of First Community Bankshares, Inc. (NASDAQ: FCBC), is headquartered in Bluefield.