Cornerstone Bancorp shareholders approve merger with First Community Corporation

First Community Corporation, the holding company of First Community Bank, and Cornerstone Bancorp, the holding company of Cornerstone National Bank, announced that the previously announced merger under which First Community will acquire Cornerstone has received the necessary approval from the shareholders of Cornerstone.  A special meeting of Cornerstone’s shareholders was held on September 19, 2017, to approve the merger agreement.  First Community and Cornerstone intend to complete the merger effective as of October 20, 2017.

“We are very excited to move forward with the combination of our organizations,” said First Community President and CEO Michael C. “Mike” Crapps.  “As our teams have worked to prepare to combine the operations of our two banks and as we have learned more about each other and our markets, we are even more excited about this partnership.  This is a comfortable extension of our company.   More importantly, we are excited to partner with the Cornerstone team.  The Board of Directors, including director and CEO Rodger Anthony, and the entire team have created a successful banking organization.”

Mr. Anthony, said, “The Board of Directors of the Cornerstone Bancorp, its Executive Officers, and I are pleased that the merger has received all of the necessary approvals and are excited to join together with an excellent company that is well capitalized and has forward momentum.  We are excited about the future of this combined company.”

About First Community Corporation:

First Community Corporation, headquartered in Lexington, South Carolina, is the holding company for First Community Bank. First Community Bank operates three lines of business including a full service commercial bank offering deposits and loan products and services, a residential mortgage lending unit, and financial planning/investment advisory services to businesses and professionals.  The company currently operates 15 full-service banking offices, a loan production office, a residential mortgage lending unit and a financial planning/investment advisory division.   

For more information about First Community, please visit: www.firstcommunitysc.com.

About Cornerstone Bancorp:

Cornerstone Bancorp, headquartered in Easley, South Carolina, is the holding company for Cornerstone National Bank. The company currently operates three full-service financial centers in Greenville, Anderson, and Pickens counties in the Upstate of South Carolina.

For more information about Cornerstone, please visit: www.cornerstonenatlbank.com.