First Community Bancshares
Corporate brand
UnclaimedFirst Community Bancshares is a U.S. bank holding company whose principal banking brand is First Community Bank.
Last updated August 25, 2026
AI crawler reads
No AI crawler has read this profile yet.
Overview
First Community Bancshares is a regional bank holding company based in Bluefield, Virginia, and the parent of First Community Bank. Its banking history draws on institutions founded in the late nineteenth and early twentieth centuries, including Princeton Bank & Trust Co. in West Virginia, established in 1874, and Flat Top National Bank of Bluefield, chartered in 1903. The holding company was incorporated in Delaware in 1989 and became the corporate vehicle for the combination of First Community and Flat Top in a 1990 merger of equals. The company expanded primarily through acquisitions, branch purchases, and selected depository-institution transactions across Virginia, West Virginia, North Carolina, and Tennessee. During the 1990s it acquired People's Bank of Richmond, Citizens Bank of Tazewell, and Blue Ridge Bank of Sparta. It later added United First Mortgage, Citizens Southern Bank of Beckley, CommonWealth Bank of Richmond, and People's Community Bank of Johnson City. These transactions broadened its geographic reach from its Appalachian base into central and eastern Virginia, the Piedmont Triad of North Carolina, and parts of Tennessee. First Community's activities extend beyond conventional deposit-taking and lending. The organization has offered wealth-management and investment services through First Community Wealth Management and the bank's Trust Division, as well as insurance products through First Community Insurance Services. It also operated a mortgage subsidiary for part of its history, selling that business to Access National Bank in 2004. The company continued to build scale in the 2000s and 2010s. It acquired TriStone Community Bank in 2009, purchased or assumed branches in several Virginia and North Carolina markets, and expanded through the FDIC-assisted reopening of failed Waccamaw Bank locations in 2012. It also entered into branch-exchange and divestiture transactions, including the sale of selected locations to Carolina Financial and First Bancorp. Highlands Union Bank was merged into First Community Bank in 2019, with fifteen Highlands Union locations adopting the First Community name. In 2023, First Community completed its acquisition of Surrey Bancorp, adding six North Carolina branches and increasing assets by approximately $482 million according to the referenced company history. The organization reported approximately $3.6 billion in assets as of April 21, 2023. Its present business model is that of a community-oriented regional banking group, combining commercial and consumer banking with mortgage, trust, wealth-management, investment, and insurance capabilities. The brand emphasizes local branch relationships and service in smaller and midsized markets rather than national-scale retail banking.
History
First Community Bancshares developed from a consolidation of long-established community banks in the Appalachian region. Princeton Bank & Trust Co. began in Princeton, West Virginia, in 1874. In 1985 it adopted the name First Community Bank of Princeton. In Bluefield, Flat Top National Bank was chartered in 1903 and later consolidated with Bluefield National Bank in 1932. Shareholders reorganized that institution in 1982 under Flat Top Bankshares. First Community Bancshares was incorporated in Delaware on November 7, 1989. On May 9, 1990, First Community and Flat Top joined in a merger of equals, creating the principal corporate platform for subsequent expansion. The holding company purchased People's Bank of Richmond in 1993, Citizens Bank of Tazewell in 1996, and Blue Ridge Bank of Sparta, North Carolina, in 1997. In 1999 it acquired United First Mortgage. The following year it acquired Citizens Southern Bank of Beckley, West Virginia, strengthening its presence in southern West Virginia. By 2001, the company had approximately $1.29 billion in assets and operated a mortgage subsidiary based in Richmond. Branch additions in Clifton Forge, Emporia, and Drakes Branch extended its Virginia network eastward. In 2003, First Community completed the acquisition of CommonWealth Bank of Richmond, adding four branches and expanding its asset and deposit base. New branches in Winston-Salem, North Carolina, established a stronger Piedmont Triad presence. At that point, following the acquisition of First Virginia Banks by BB&T, First Community was described as the largest Virginia-based bank holding company. The company expanded into Tennessee in 2004 through the acquisition of People's Community Bank of Johnson City. That year it also sold its mortgage subsidiary to Access National Bank. By 2006, First Community was described as the largest community bank in North Carolina's Piedmont Triad, with plans for additional Winston-Salem-area locations. Its growth strategy combined de novo branches, market-focused lending, and acquisitions of smaller banks. In 2009, First Community completed a transaction for TriStone Community Bank. The deal increased its Forsyth County branch count and brought TriStone chief executive Simpson “Skip” Brown Jr. into the organization as regional president for the Piedmont Triad. In 2012, First Community announced the purchase of Peoples Bank of Virginia. It also expanded through an FDIC-assisted transaction after Waccamaw Bank failed in June of that year; selected Waccamaw locations reopened as First Community Bank branches. The mid-2010s included both expansion and portfolio reshaping. First Community announced the acquisition of Bank of America branches and deposits in Virginia and North Carolina. It later sold thirteen branches to Carolina Financial's CresCom Bank. In 2016, First Community and First Bancorp agreed to exchange selected branches, with First Community receiving seven Virginia locations while selling five North Carolina branches. These transactions reflected an effort to concentrate operations in markets where the bank had stronger regional density. In 2019, Highlands Union Bank merged into First Community Bank. Fifteen Highlands Union locations adopted the First Community name and continued operating as First Community branches. The next major expansion came through Surrey Bancorp, based in Mount Airy, North Carolina. The transaction was announced in 2022 and completed on April 21, 2023; six branches reopened as First Community branches on April 24. The transaction increased reported assets by approximately $482 million and brought the bank's North Carolina network to eleven locations. The company has also maintained nonbank financial capabilities. First Community Wealth Management and the Trust Division provide investment, fiduciary, and wealth-planning services, while First Community Insurance Services distributes insurance products. As of April 21, 2023, the referenced history reported approximately $3.6 billion in assets. First Community Bancshares therefore represents a regional community-bank holding company whose identity has been shaped by successive mergers, branch transactions, and service diversification across the central Appalachian and southeastern United States.
- 2023
Surrey Bancorp acquisition completed
[1]The acquisition added six North Carolina branches and approximately $482 million in reported assets.
- 2019
Highlands Union Bank locations rebranded
[1]Fifteen Highlands Union Bank locations adopted the First Community Bank name.
- 2012
Waccamaw branches reopen under First Community
[1]Selected Waccamaw Bank locations reopened as First Community Bank following an FDIC-assisted transaction.
- 2009
TriStone Community Bank acquired
[1]The transaction expanded First Community's presence in Forsyth County, North Carolina.
- 2003
CommonWealth Bank acquisition completed
[1]The acquisition added four Richmond branches and expanded First Community's Virginia and North Carolina footprint.
- 1990
First Community and Flat Top merge
[1]The two banking organizations completed a merger of equals on May 9.
- 1989
Holding company incorporated
[1]First Community Bancshares was incorporated in Delaware on November 7.
- 1903
Flat Top National Bank is chartered
[1]Flat Top National Bank was chartered in Bluefield, West Virginia.
- 1874
Princeton Bank & Trust Co. begins operations
[1]A predecessor institution, Princeton Bank & Trust Co., was established in Princeton, West Virginia.
Products and positioning
A community-focused regional banking group serving Appalachian and southeastern U.S. markets through local branches, relationship banking, business lending, wealth management, trust services, and insurance.
Retail and commercial banking
First Community Bank
The principal banking brand provides deposit accounts, consumer and business lending, mortgages, branch banking, and related treasury and payment services. Its network has been built through a combination of inherited community-bank franchises, acquisitions, branch openings, and FDIC-assisted transactions across Virginia, West Virginia, North Carolina, and Tennessee.
Wealth management
First Community Wealth Management
A wholly owned wealth-management business serving individuals, families, and institutions with investment and financial-planning capabilities. The service complements the bank's deposit and lending relationships and is part of the group's broader financial-services offering.
Trust and fiduciary services
Trust Division
The bank's Trust Division provides fiduciary and investment-related services. Together with First Community Wealth Management, it was reported to manage approximately $906 million in combined assets as of March 31, 2017.
Insurance services
First Community Insurance Services
The organization's insurance business offers insurance products alongside banking and wealth-management services, extending the group beyond traditional lending and deposit products.
Brand decisions
2023
Surrey Bancorp acquisitionM&ABackground
Surrey Bancorp was based in Mount Airy, North Carolina, and operated six branches relevant to the transaction.
Action taken
First Community completed the acquisition announced in 2022 on April 21, 2023.
Aftermath
The six acquired branches opened as First Community branches on April 24, and reported assets increased by approximately $482 million.
Increase in total assets. $482 million increase (April 21, 2023)
2019
Highlands Union Bank mergerM&ABackground
Highlands Union Bank had approximately $612 million in assets as of June 30, 2019.
Action taken
First Community Bank merged with Highlands Union Bank and adopted the First Community name at all fifteen Highlands Union locations.
Aftermath
The transaction expanded First Community's regional branch network and consolidated the acquired locations under a single consumer-facing brand.
Highlands Union Bank total assets. $612 million (June 30, 2019)
2016
Branch exchange with First BancorpStrategyBackground
The two banking groups operated overlapping or strategically adjacent markets in Virginia and North Carolina.
Action taken
First Community agreed to sell five North Carolina branches to First Bancorp and receive seven Virginia branches in exchange.
Aftermath
The exchange was intended to improve geographic concentration and market efficiency for both institutions.
2004
Mortgage subsidiary divestitureStrategyBackground
First Community operated a mortgage subsidiary based in Richmond during its expansion period.
Action taken
The company sold the mortgage subsidiary to Access National Bank.
Aftermath
The transaction reduced the group's direct mortgage-subsidiary structure while leaving banking and branch operations as its core activities.
Sources1 sources
Cite this profile: Cite the canonical profile. /brand-wiki/first-community-bancshares · Editorial policy · How profiles are compiled