Regulators clear merger of SC banks


Federal and state regulators have approved a merger between two small banks based in South Carolina.

First Community Bank, a 15-branch bank based in Lexington, said the Federal Deposit Insurance Corp. and the state Board of Financial Institutions have approved its holding company’s plan to absorb the Easley-based Cornerstone National Bank.

The cash-and-stock transaction, valued at $25.8 million, is expected to close on Oct. 20, First Community said in a news release.

Cornerstone operates branches in Easley, Greenville, and Piedmont.



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