BLUEFIELD, Va.--(BUSINESS WIRE)--April 1, 2004--First Community
Bancshares, Inc. (the "Company") (Nasdaq: FCBC)(www.fcbinc.com)
announced today that it has completed its acquisition of PCB Bancorp,
Inc., a Tennessee-chartered bank holding company ("PCB Bancorp"). The
acquisition expands First Community Bank's commercial banking
operations into East Tennessee, the Company's first entry into the
Tennessee market. PCB Bancorp has six full-service offices located in
Johnson City, Kingsport and surrounding areas of Washington and
Sullivan Counties in East Tennessee. These offices will continue to
operate under the name "People's Community Bank," as a division of
First Community Bank, N. A., the wholly-owned national bank subsidiary
of First Community Bancshares, Inc. PCB Bancorp, which is
headquartered in Johnson City, Tennessee, has total assets of $168
million and total deposits of $146 million.
The merger was accomplished through the purchase of PCB Bancorp
common stock at $40 per share in cash. The total deal value, including
the cash-out of outstanding stock options, is approximately $36
million.
Phillip R. Carriger, Chairman and Chief Executive Officer of PCB
Bancorp, will remain in charge of the area as President, East
Tennessee Region, for First Community Bank, N. A.
The merger brings First Community Bancshares, Inc.'s assets to
$1.9 billion. The Company is headquartered in Bluefield, Virginia.
With the addition of the PCB Bancorp locations, First Community Bank
will be operating through 52 full-service offices in the four-state
region of Virginia, North Carolina, Tennessee, and West Virginia and
two trust and investment management offices. First Community Bank is
also the parent company of Stone Capital Management, Inc., an SEC
registered investment advisory firm and United First Mortgage, Inc.,
which operates eight mortgage brokerage facilities throughout
Virginia. First Community Bancshares, Inc.'s common stock is traded on
the Nasdaq National Market under the symbol "FCBC."
DISCLAIMER
This news release may include forward-looking statements. These
forward-looking statements are based on current expectations that
involve risks, uncertainties, and assumptions. Should one or more of
these risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may differ materially.
These risks include: changes in business or other market conditions,
the success of the business combination as planned by the parties, the
timely development, production and acceptance of new products and
services and their feature sets; the challenge of managing
asset/liability levels; the management of credit risk and interest
rate risk; the difficulty of keeping expense growth at modest levels
while increasing revenues; and other risks detailed from time to time
in the Company's Securities and Exchange Commission reports, including
but not limited to the Annual Report on Form 10-K for the most recent
year ended. Pursuant to the Private Securities Litigation Act of 1995,
the Company does not undertake to update forward-looking statements
contained within this news release.
CONTACT: First Community Bancshares, Inc.
Robert L. Schumacher, 276-326-9000
SOURCE: First Community Bancshares, Inc.