First Community completes acquisition of Cornerstone Bancorp

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Lexington-based First Community Corp., the parent company of First Community Bank, has completed its $27 million acquisition of Easley-based Cornerstone Bancorp.

The combined company has more than $1 billion in assets and $914 million in deposits and customer cash management accounts, according to a press release. The new company has branches in Easley, Greenville, and Powdersville.

“The employees at First Community and Cornerstone have worked diligently these past months to ensure a smooth transition for customers, and we look forward to serving them,” said First Community President and CEO Michael C. Crapps, in a statement.

Cornerstone shareholders will receive either cash or shares of the First Community’s common stock or a combination thereof, in exchange for their Cornerstone common stock. Current Cornerstone board members will have the opportunity to serve as members of First Community’s Upstate Advisory Board.

Additionally, Rodger Anthony, Cornerstone president and CEO will serve the combined company in a consulting role for a six-month period to assist with the transition.

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