Question 1

What is First Community Bank (Virginia)?

Accepted Answer

First Community Bank (Virginia) is a full-service community bank headquartered in Bluefield, Virginia. As the wholly-owned banking subsidiary of First Community Bankshares, Inc. (NASDAQ: FCBC), the bank operates as a regional community banking institution serving the Appalachian region and beyond. With approximately $3.2 billion in total assets and 60 branch locations, First Community Bank specializes in providing personalized banking services to individuals, small businesses, and commercial customers across Virginia, West Virginia, North Carolina, and Tennessee.

The bank emphasizes relationship-based banking with local decision-making authority, combining traditional community banking values with modern digital capabilities.

Question 2

When was First Community Bank (Virginia) founded?

Accepted Answer

First Community Bank was officially chartered on July 17, 1989, in Bluefield, Virginia. The bank was founded by a group of local business leaders, including John M. Mendez and William P. Stafford, who raised an initial capital of $2.5 million through a community-subscribed stock offering.

The founding was a direct response to the consolidation of larger regional banks that left a void for local, personalized financial services in the Appalachian region. However, the institution's roots extend much deeper—the holding company traces its heritage back to 1874 through predecessor institutions, including Princeton Bank & Trust Co. (established in Princeton, West Virginia in 1874) and Flat Top National Bank (chartered in Bluefield, West Virginia in 1903).

In 1990, First Community merged with Flat Top Bankshares in a merger of equals, creating the foundation for the modern institution. The bank went public in 1997 with an initial public offering on NASDAQ under the ticker symbol FCBC, providing capital for aggressive expansion throughout the late 1990s and 2000s.

Question 3

Where is First Community Bank (Virginia) headquartered?

Accepted Answer

First Community Bank is headquartered in Bluefield, Virginia, a twin city straddling the Virginia-West Virginia border in Tazewell County. The headquarters location reflects the bank's Appalachian roots and its commitment to serving smaller communities in the region.

Bluefield serves as the administrative and operational center for the bank's extensive branch network across four states.

Question 4

Where does First Community Bank (Virginia) operate?

Accepted Answer

First Community Bank operates 60 branch locations across four states in the mid-Atlantic and southeastern Appalachian region:
• Virginia: Extensive presence in southwestern and central Virginia, including locations in Abingdon, Blacksburg, Bristol, Christiansburg, Marion, Pulaski, Radford, Tazewell, Wytheville, and Richmond (with multiple branches in the state capital)
• West Virginia: Strong footprint across the state, including Athens, Beckley, Bluefield, Buckhannon, Grafton, Hinton, Princeton, and Summersville
• North Carolina: Northwestern presence with branches in Banner Elk, Boone, Elkin, Mount Airy, North Wilkesboro, Sparta, and Taylorsville
• Tennessee: Operations in Johnson City area, including Boones Creek and Sunset Drive locations

The bank's geographic strategy focuses on serving communities from Grafton, West Virginia in the north, extending east to Richmond, Virginia, and west into northwestern North Carolina and eastern Tennessee. This regional concentration allows the bank to maintain its community banking model while achieving operational scale.

Question 5

What services does First Community Bank (Virginia) offer?

Accepted Answer

First Community Bank provides a comprehensive array of banking services designed for personal, small business, and commercial customers:

Personal Banking: Checking and savings accounts, certificates of deposit, consumer loans, mortgage lending, home equity lines of credit, and credit cards with rewards programs.

Commercial Banking: Business checking and savings, commercial real estate financing, equipment loans, lines of credit, merchant services, and cash management solutions. The bank emphasizes local lending decisions with experienced commercial banking teams.

Wealth Management Services: Through its Trust Division and wholly-owned subsidiary First Community Wealth Management, Inc., the bank offers trust services, estate administration, investment management, financial planning, and retirement account management. The wealth management division oversees approximately $1.58 billion in combined assets.

Digital Banking: The bank offers free online banking and the Xpress by FCB Mobile App, featuring bill pay, fund transfers, mobile check deposit, account alerts, budget planning tools, and card controls. The digital platform includes Money Management tools that help customers track spending, create budgets, and set financial goals.

Additional Services: XpressBanker ATMs with extended functionality, notary services, safe deposit boxes, and wire transfers.

Question 6

What makes First Community Bank (Virginia) unique?

Accepted Answer

First Community Bank distinguishes itself through several key characteristics:

Deep Community Roots with Nearly 150 Years of Heritage: While chartered in 1989, the bank traces its lineage to institutions dating back to 1874, giving it an unparalleled understanding of Appalachian communities and their unique financial needs.

Relationship Banking in the Modern Era: The bank maintains a commitment to local decision-making and personalized service—a rarity in an era of mega-bank consolidation. Local loan officers have authority to make lending decisions based on relationship knowledge, not just algorithms.

Strategic Counter-Cyclical Growth: First Community has grown significantly through strategic acquisitions, particularly during challenging times. The bank acquired failed bank assets from the FDIC during the 2008 financial crisis when other institutions were retrenching, demonstrating financial strength and opportunistic management.

Hybrid Banking Model: The bank successfully combines traditional community banking values with sophisticated digital capabilities, offering the Xpress by FCB mobile app with features like card controls, credit score monitoring, and comprehensive money management tools while maintaining an extensive physical branch network.

Strong Financial Performance: With a return on assets (ROA) of 1.55% and return on equity (ROE) of 10.71%, the bank demonstrates solid profitability metrics that exceed many community bank peers, while maintaining approximately $2.7 billion in deposits.

Question 7

What type of financial institution is First Community Bank (Virginia)?

Accepted Answer

First Community Bank (Virginia) is a Community Bank and State-Chartered Commercial Bank. It operates as a traditional full-service community banking institution with both retail and commercial banking operations.

As a community bank, First Community emphasizes relationship-based banking with local market knowledge, personalized service, and community involvement. The bank is structured as the wholly-owned subsidiary of a publicly-traded bank holding company (First Community Bankshares, Inc.), which provides access to capital markets while maintaining operational focus on community banking principles.

The bank holds FDIC insurance (Certificate #13012) and operates under state banking regulations, giving it flexibility in its product offerings and operational structure while maintaining federal deposit insurance protections for customers.

First Community Bank (Virginia)

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About First Community Bank (Virginia) in the United States