Exhibit 99.1
NEWS RELEASE
| | |
| FOR IMMEDIATE RELEASE: | | |
| December 1, 2006 | | FOR MORE INFORMATION,
CONTACT:David D. Brown
(276) 326-9000 |
First Community Announces Completion of Branch Sale
Bluefield, Virginia – First Community Bancshares, Inc. (NASDAQ: FCBC) (www.fcbinc.com), the holding company for First Community Bank, N. A., announced today that the Bank completed the sale of its branch office located in Rowlesburg, West Virginia, to Clear Mountain Bank. The office held approximately $10.6 million in deposits and repurchase agreements and $2.2 million in loans. Clear Mountain assumed the deposits and purchased substantially all loans. On Monday, December 4, 2006, the branch will reopen as a Clear Mountain office. Customer service will be uninterrupted as the former First Community employees will remain with Clear Mountain.
First Community Bancshares, Inc., headquartered in Bluefield, Virginia, is a $2.01 billion bank holding company and is the parent company of First Community Bank, N. A. First Community Bank, N. A. operates through fifty-eight banking locations and three wealth management offices in the four states of Virginia, West Virginia, North Carolina and Tennessee. The company offers wealth management services through its Trust & Financial Services Division and Investment Planning Consultants, Inc., a registered investment advisory firm. First Community Bancshares, Inc.’s common stock is traded on the NASDAQ Global Select Market under the symbol, “FCBC”. Additional investor information can be found on the Internet at www.fcbinc.com.
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 timely development, production and acceptance of new products and services; 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 Reform Act of 1995, the Company does not undertake to update forward-looking statements contained within this news release.
