RICHMOND, Va., April 8 /PRNewswire-FirstCall/ -- First Community Bank, N.
A. (FCB) has signed a definitive agreement in pursuit to purchase CommonWealth
Bank pending regulatory and shareholder approval, expected in late May. The
agreement will give FCB four full-service Richmond branches in addition to
41 branches throughout Virginia, West Virginia and North Carolina.
John M. Mendez, President and CEO of First Community Bancshares, Inc., is
excited to be entering the Richmond market. "We think we can offer Richmond a
clear alternative to larger, centralized bank." He added, "We have the
products and services that today's customers demand and the personal service
that makes the FCB banking experience unique."
He added, "The combination of quick, local-level decision making and a
strong credit and analysis department are two advantages that set us apart
from other banks. And with online bill paying and Internet banking, it gives
our customers 'big bank' products, with the flexibility of dealing directly
with a CEO in each branch. They have lending authority which translates to
quicker loan decisions."
The bank also offers wealth management and investment advice through their
Trust and Financial Services Division, as well as through Stone Capital
Management, an investment advisory firm that has been recently acquired by
FCB. The purchase allows FCB to expand its current services to include wealth
management, financial planning and investment advice.
The four branches are conveniently located in high-traffic areas around
Richmond. They are:
-- 8th and Main in downtown Richmond
-- Parham Rd. near the intersection of Patterson Ave.
-- Gayton Rd. near Ridgefield Parkway
-- Midlothian Turnpike near the intersection of the Powhite Parkway
About First Community Bankshares, Inc. First Community Bancshares, Inc. is a $1.5 billion bank holding company
with headquarters in Bluefield, Virginia and is the parent company of First
Community Bank, N. A. also headquartered in Bluefield, Virginia. FCB is listed
on the Nasdaq National Market System under the symbol "FCBC."
First Community Bank operates through 41 full-service offices in the
three-state region of Virginia, West Virginia and North Carolina. First
Community Bank is also the parent company of Stone Capital Management, Inc. --
an SEC registered investment advisory firm and United First Mortgage, Inc.,
headquartered in Richmond. They operates 11 retail mortgage offices throughout
Virginia.
SOURCE First Community Bank, N. A.
-0- 04/08/2003
/NOTE TO EDITORS: To schedule an interview with John Mendez, please
contact Peter Kaufman at +1-804-643-3820./
/CONTACT: Peter Kaufman, Vice President of Charles Ryan Associates,
+1-804-643-3820, or pkaufman@charlesryan.com/
(FCBC)
CO: First Community Bank, N. A.
ST: Virginia
IN: FIN
SU:
BE
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