First Community Bancshares
| Company type | Public company |
|---|---|
| Industry | Banking |
| Founded | 1874 in Princeton, West Virginia, United States |
| Headquarters | Bluefield, Virginia , United States |
Area served | Virginia, West Virginia, North Carolina, Tennessee |
| Products | Banking, wealth management, insurance |
First Community Bancshares, Inc. is a bank holding company with assets totaling $3.6 billion and serves as the parent organization of First Community Bank, headquartered in Bluefield, Virginia, United States. As of 2023, the bank maintains 45 branch locations across Virginia, West Virginia, and North Carolina, along with two branches operating under the Peoples Community Bank name in Tennessee.
Beyond conventional banking, the company offers expanded financial services through its fully owned subsidiary, First Community Wealth Management, alongside the bank’s Trust Division, which collectively managed $906 million in assets as of 2017. Furthermore, First Community Bancshares delivers insurance solutions through its division, First Community Insurance Services.
History
The institution initially began as Princeton Bank & Trust Co. in Princeton, West Virginia in 1874 and was rebranded as First Community Bank of Princeton in March 1985.
Flat Top National Bank, established in Bluefield, West Virginia in 1903, merged with Bluefield National Bank in 1932 and later reorganized under Flat Top Bankshares, Inc. as a subsidiary in 1982.
On November 7, 1989, First Community Bancshares was incorporated in Delaware. Subsequently, on May 9, 1990, First Community and Flat Top merged in a union regarded as a merger of equals.
The company pursued growth through acquisitions including People's Bank of Richmond, Virginia in 1993 for $250,000; Citizens Bank located in Tazewell, Virginia in 1996 for roughly $8.9 million; and Blue Ridge Bank from Sparta, North Carolina in 1997 for about $24.6 million.
In 1999, First Community acquired United First Mortgage. The following year it purchased Citizens Southern Bank of Beckley, West Virginia, which held $65 million in assets, for $6.5 million. By this time, First Community ranked as the third-largest banking institution headquartered in Virginia with a network of 33 branches spanning Virginia, West Virginia, and North Carolina—approximately two-thirds of its operations were concentrated in West Virginia.
By 2001, the company’s assets grew to $1.29 billion alongside a mortgage subsidiary based out of Richmond. Expansion into eastern Virginia occurred through branch acquisitions in Clifton Forge, Emporia, and Drakes Branch.
In 2003, First Community completed a $26.6 million acquisition of CommonWealth Bank of Richmond, adding four branches and increasing assets by $148.7 million. This expanded its branch count to 46 across Virginia, West Virginia, and North Carolina. CEO John M. Mendez identified Charlottesville, Hampton Roads, and potentially Roanoke as key markets for future growth.
Following BB&T’s acquisition of First Virginia Banks by September 2003, First Community Bancshares became the largest bank holding company headquartered in Virginia with assets totaling $1.6 billion.
On April 1, 2004, the acquisition of People's Community Bank based in Johnson City, Tennessee was completed. That same year saw the divestiture of its mortgage subsidiary to Access National Bank.
By 2006, First Community had established itself as the largest community bank within North Carolina's Piedmont Triad region with assets reaching $1.95 billion and multiple branches including three located in Winston-Salem.
In 2009, the purchase of TriStone Community Bank for $10.5 million augmented Forsyth County branches from four to six and led to relocating the North Carolina regional headquarters to the former TriStone branch on Jonestown Road.
On March 1, 2012, First Community announced it would acquire Richmond-based Peoples Bank of Virginia for $40.6 million; this institution operated four branches with assets totaling $286 million.
Subsequently on June 8, 2012, it took over Whiteville-based Waccamaw Bank after its failure; Waccamaw maintained sixteen branches with $533.1 million in assets and deposits amounting to $472.7 million.
In 2014, First Community acquired several Bank of America branches holding deposits totaling $440 million across various locations in Virginia and Mount Airy, North Carolina.
On December 15 of that year, thirteen branches with deposits worth $230 million were sold to CresCom Bank for $7 million; these branches were situated across North Carolina and South Carolina.
On March 4, 2016, a transaction involved selling five branches (three in Winston-Salem; one each in Huntersville and Mooresville) containing deposits of $130 million to First Bancorp while simultaneously acquiring seven Virginia branches with deposits totaling $150 million from First Bancorp.
In 2019, First Community merged with Highlands Union Bank—rebranding all fifteen Highlands Union locations under its name—adding approximately $612 million in assets by mid-2019.
On November 18, 2022, Surrey Bancorp from Mount Airy, North Carolina agreed to be acquired by First Community Bank for $113.2 million; this deal closed on April 21, 2023. The six Surrey Bancorp branches transitioned to First Community locations on April 24, expanding the bank’s presence to eleven branches within North Carolina and adding $482 million in assets.