Management ChangeAug 10, 2026, 04:13 PM
First Community Announces Leadership Transition & Acquisition Details
AI Summary
First Community Corporation announced a planned leadership transition for First Community Bank, with Ted Nissen retiring as CEO/President on December 31, 2026. Vaughan Dozier will become CEO and Drew Painter will become President, effective January 1, 2027. The company also highlighted the successful acquisition of Signature Bank of Georgia, which closed in January 2026, and provided an investor presentation detailing strong financial performance including loan growth, NIM expansion, and a dividend increase.
Key Highlights
- Ted Nissen to retire as First Community Bank CEO/President effective December 31, 2026.
- Vaughan Dozier to be promoted to First Community Bank CEO effective January 1, 2027.
- Drew Painter to be promoted to First Community Bank President effective January 1, 2027.
- Signature Bank of Georgia acquisition closed January 8, 2026, with systems conversion on March 13, 2026.
- Acquisition resulted in a pro forma TCE/TA improvement of approximately 35 basis points.
- Total assets reached $2.4 billion as of June 30, 2026, with 23 banking offices.
- Loan portfolio showed 11.0% annualized growth for 2026 YTD, excluding acquisition impact.
- Net Interest Margin (NIM) has seen nine consecutive quarters of expansion, with inflection beginning 2Q24.
- Cash dividend increased to $0.17 per share, payable August 18, 2026, marking 98 consecutive quarters of dividends.
Price Impact
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