First Community Bank Acquires Signature Bank, Expanding Regional Presence and Services
- First Community Bank acquires Signature Bank, increasing its assets to over $2.3 billion and expanding its regional presence.
- The merger adds $2.1 billion in deposits and $1.5 billion in loans, enhancing services for local businesses and customers.
- First Community plans to expand financial offerings and leadership following the acquisition, reinforcing its commitment to community-focused banking.
First Community Bank Expands Reach Through Signature Bank Acquisition
First Community Corporation, the parent company of First Community Bank, successfully completes its acquisition of Signature Bank of Georgia, effective January 8, 2026. This strategic merger marks a significant milestone for First Community, enhancing its asset base to over $2.3 billion. The integration means that Signature Bank will operate under the First Community Bank name, specifically branded as First Community Bank d/b/a Signature Bank of Georgia, until a full systems conversion is finalized in March 2026. This transition not only solidifies First Community's market position but also broadens its operational footprint across the Midlands, Upstate, and Piedmont regions of South Carolina and into parts of Georgia.
The acquisition adds substantial deposits and loans to First Community's portfolio, bringing in $2.1 billion in customer deposits and $1.5 billion in loans. This bolstered financial position enables First Community to better serve local businesses, professionals, and entrepreneurs, a commitment highlighted by President and CEO Michael C. "Mike" Crapps. He emphasizes that the merger is designed to enhance shareholder value through operational efficiencies while reinforcing First Community's dedication to community-focused banking services. The expansion also increases the bank's physical presence, now boasting 23 full-service offices and a loan production office, thereby improving accessibility and convenience for customers in the newly served areas.
Furthermore, the merger paves the way for an expanded range of financial offerings. First Community plans to enhance its services, particularly in Small Business Administration (SBA) and U.S. Department of Agriculture (USDA) lending, catering to the diverse needs of its growing customer base. The acquisition, valued at approximately $50 million as of December 31, 2025, also leads to changes in leadership, with the appointment of two new directors. Fred J. "Freddie" Deutsch, the former CEO of Signature Bank, steps in as Executive Vice President at First Community Bank, while Jonathan W. "Jon" Been, previously the Lead Director at Signature Bank, joins the board, bringing valuable experience and insights to the combined organization.
In summary, the merger between First Community Corporation and Signature Bank of Georgia signifies a transformative step in the regional banking landscape. With a larger asset base and an expanded network, First Community is poised to enhance its service offerings and strengthen its commitment to the communities it serves. The strategic integration reflects the bank's forward-looking approach to growth and its dedication to fostering local economic development.