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UNITED STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT REPORT
PURSUANT TO
SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Date
of Report (Date of earliest event reported): December 14, 2023
First
Community Corporation
(Exact
name of registrant as specified in its charter)
South
Carolina
(State or other
jurisdiction of incorporation)
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000-28344 |
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57-1010751 |
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(Commission
File Number) |
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(IRS
Employer Identification No.) |
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5455
Sunset Blvd, Lexington, South Carolina |
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29072 |
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(Address
of principal executive offices) |
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(Zip
Code) |
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(803)
951-2265
(Registrant’s
telephone number, including area code)
Not
Applicable
(Former name
or former address, if changed since last report.)
Check the appropriate box below if
the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
(see General Instruction A.2. below):
☐ Written communications pursuant
to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to
Section 12(b) of the Act:
Title
of each class |
Trading
Symbol(s) |
Name
of exchange on which registered |
Common
stock, par value $1.00 per share |
FCCO |
The Nasdaq Stock Market |
Indicate by check mark whether the
registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter)
or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If an emerging growth company,
indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 14, 2023, First Community Corporation (the “Company”)
and its wholly owned subsidiary, First Community Bank (the “Bank”) announced that J. Ted Nissen will become Chief Executive
Officer of the Bank and a director of the Company and the Bank effective July 1, 2024. Effective July 1, 2024, the Board will expand to
13 directors and appoint Mr. Nissen as a director of the Company and the Bank to fill such vacancy. Mr. Nissen currently serves as President
and Chief Banking Officer of the Bank and Executive Vice President and Chief Banking Officer of the Company. He is a founding member of
the First Community Bank Leadership Team and has been with the Company and the Bank for over 28 years and since inception. Mr. Nissen
has served as the Chief Banking Officer of the Company and the President and Chief Banking Officer of the Bank since March 2021. Prior
to March 2021, Mr. Nissen served as the Chief Commercial and Retail Banking Officer of the Company since June 2019; and Executive Vice
President and Chief Commercial and Retail Banking Officer of the Bank since February 2013. Current First Community Bank Chief Executive
Officer Michael C. Crapps will continue to serve as Chief Executive Officer and President of the Company and as a director of the Company
and the Bank. Mr. Crapps has served as Chief Executive Officer and President of the Company and Chief Executive Officer of the Bank
for over 28 years and since its inception.
In connection with Mr. Nissen’s promotion, he will receive an annual
salary of $425,000 beginning July 1, 2024, and will continue to be eligible to participate in the company’s cash and equity executive
incentive plans and all of the employee benefit plans, policies and arrangements available to other executive officers of the Company.
The information called for by Item 401(b), (d) and (e) and Item 404(a)
of Regulation S-K with respect to Mr. Crapps and Mr. Nissen is set forth in the Company’s proxy statement filed with the U.S. Securities
and Exchange Commission on April 4, 2023 and in the Company’s Annual Report on Form 10-K filed with U.S. Securities and Exchange
Commission on March 22, 2023, which information is incorporated herein by reference.
Attached and incorporated herein by reference as Exhibit 99.1 is a copy
of the Company’s press release dated December 14, 2023, reporting the management transitions of Mr. Crapps and Mr. Nissen.
Item 7.01. Regulation FD Disclosure.
On December 14, 2023, the Bank announced the promotion of Joseph A. “Drew”
Painter from Regional Market President to Executive Vice President, Chief Commercial and Retail Banking Officer – North Region of
the Bank, and the promotion of Vaughan R. Dozier, Jr. from Regional Market President to Executive Vice President, Chief Commercial and
Retail Banking Officer – South Region of the Bank, each effective as of January 1, 2024.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
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FIRST
COMMUNITY CORPORATION |
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By: |
/s/
D. Shawn Jordan
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Name: |
D.
Shawn Jordan
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Title: |
Chief
Financial Officer |
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Dated: December 14,
2023
Exhibit 99.1
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News Release |
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For Release December 14, 2023 |
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9:00 A.M. |
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Contact: (803) 951- 2265 |
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Michael C. Crapps, Chief Executive Officer |
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J. Ted Nissen, President |
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Robin D. Brown, EVP & Chief Marketing Officer |
First Community Announces Leadership Moves
Lexington, SC – December 14, 2023 Today, First Community Corporation
(Nasdaq: FCCO), the holding company for First Community Bank, announced promotions and additions to its Executive Leadership Team. Effective
July 1, 2024, J. Ted Nissen will become the CEO of First Community Bank while still retaining the role of President and will also be joining
First Community’s Board of Directors. Effective January 1, 2024, Joseph A. “Drew” Painter and Vaughan R. Dozier, Jr.
will become Executive Vice Presidents in the roles of Co-Chief Commercial and Retail Banking Officers. Michael C. “Mike” Crapps
will continue in his role as President and CEO of First Community Corporation.
In his role as CEO of the bank, Mr. Nissen will be responsible for the
leadership of day-to-day operations of the bank including its mortgage and financial planning lines of business. In their roles as Co-Chief
Commercial and Retail Banking Officers, Mr. Painter and Mr. Dozier will be responsible for leading First Community’s network of
banking offices. Mr. Crapps will continue to focus on board governance, investor relations, strategy development and growth decisions,
client retention and prospecting, and leadership development.
Mr. Crapps commented on the changes, “We are excited about Ted’s
promotion to CEO of First Community Bank. He is a founding member of our Executive Leadership Team and understands our business and our
culture at a deep level. Drew and Vaughan have been with our bank for twenty and fifteen years, respectively, each incredibly successful
in their various roles with our bank, having most recently served as Regional Market Presidents. Each has also been recognized by the
South Carolina Bankers Association as the Young Banker of the Year. These changes to our Executive Leadership Team will preserve our bank’s
culture and prepare for the long-term success and sustainability of our bank which will benefit us now and in the years ahead.”
About First Community Corporation
First Community Corporation stock trades on The NASDAQ Capital Market
under the symbol “FCCO” and is the holding company for First Community Bank, a local community bank based in the Midlands
of South Carolina. First Community Bank is a full-service commercial bank offering deposit and loan products and services, residential
mortgage lending and financial planning/investment advisory services for businesses and consumers. First Community serves customers in
the Midlands, Aiken, Upstate and Piedmont Regions of South Carolina as well as Augusta, Georgia. For more information, visit www.firstcommunitysc.com.
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Grafico Azioni First Community (NASDAQ:FCCO)
Storico
Da Set 2024 a Ott 2024
Grafico Azioni First Community (NASDAQ:FCCO)
Storico
Da Ott 2023 a Ott 2024