SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): May 21, 2020
First Community Corporation
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation)
|(Commission File Number)||(IRS Employer Identification No.)|
|5455 Sunset Blvd, Lexington, South Carolina||29072|
|(Address of principal executive offices)||(Zip Code)|
(Registrant’s telephone number, including area code)
(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):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o 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 Capital 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 o
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. o
Item 7.01 Regulation FD Disclosure.
On May 21, 2020, First Community Corporation (the “Company”), the holding company for First Community Bank, announced that current director and Vice Chairman, J. Thomas “Tommy” Johnson, assumed the role of Chairman of the Board upon the mandatory retirement, pursuant to the Company’s bylaws, of Mitchell M. “Mitch” Willoughby at the Company’s 2020 Annual Meeting held on May 20, 2020. The Company also announced that current director Chimin J. “Jimmy” Chao assumed the role of Vice Chairman of the Board.
A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is hereby incorporated by reference.
Item 9.01 Financial Statements and Exhibits.
|99.1||Press Release dated May 21, 2020|
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.
|FIRST COMMUNITY CORPORATION|
|By:||/s/ D. Shawn Jordan|
D. Shawn Jordan
|Title:||Chief Financial Officer|
Dated: May 21, 2020
Executive Vice President
Mitch Willoughby Retires from First Community
Board of Directors
Tommy Johnson and Jimmy Chao to Serve as Chair and Vice Chair
May 21, 2020 (Lexington, SC) – First Community Corporation, headquartered in Lexington, South Carolina and the holding company of First Community Bank, would like to congratulate Mitchell M. “Mitch” Willoughby on his retirement from its board of directors after 25 years of service. With Mr. Willoughby’s retirement, J. Thomas “Tommy” Johnson will assume the role of Chairman of the Board and Chimin J. “Jimmy” Chao will serve as Vice Chairman of the Board.
As a founding member, Mr. Willoughby has served on the board since it’s formation in 1994 and in 2011, took on the role of Chairman when Jim Leventis retired from the position. Originally from Mullins, SC, Mr. Willoughby has practiced law for more than 38 years and is currently a partner at Willoughby & Hoefer in Columbia, SC.
“It has been a pleasure to work with Mitch for the past 25 years,” said Mike Crapps, President and CEO. “As only the second person to serve as chairman, Mitch has been a true advocate for our company and has set a wonderful example for future chairpersons.”
With more than 85 years of combined experience, Mr. Johnson and Mr. Chao bring a wealth of knowledge of their specific industries, and unique perspectives to the leadership positions of the board.
Mr. Johnson, who will assume the role of Chairman, has been in banking since 1968 and joined the First Community board in 2004 through the acquisition of Newberry Federal Savings Bank (Dutchfork BancShares), where he served as chair and chief executive officer. Although retired from banking, Mr. Johnson currently serves on the board of the Greenville Housing Fund, is Chair of the Palmetto State Growth Fund and has served as First Community’s Vice Chairman for 16 years.
Mr. Chao, who will assume the role of Vice Chair, joined the board during its formation in 1994 and has been president of the engineering firm Chao and Associates, Inc. since 1987 and currently serves as an adjunct professor at the University of South Carolina Department of Civil & Environmental Engineering. Mr. Chao is also a past chair of the Educational Foundation of Lexington County School District One, a member of the University of South Carolina’s Design Review Committee, and in 2017, he was appointed by the Governor of South Carolina to the Board of Registration for Professional Engineers and Surveyors.
“We look forward to the contributions Tommy and Jimmy will make in their new roles,” said Mr. Crapps.
First Community Bank, founded in 1995 and headquartered in Lexington, South Carolina, is a wholly owned subsidiary of First Community Corporation (NASDAQ: FCCO). First Community 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 and Greenville, South Carolina, markets, as well as Augusta and Evans, Georgia. For more information on First Community Bank, visit www.firstcommunitysc.com.