Business Context and Reporting Period
This Form 8-K Current Report is filed by First Community Corporation (FCCO), the holding company for First Community Bank, on August 19, 2026. The filing discloses the voluntary retirement of Freddie Deutsch, Director of Specialty Business Lending, effective January 15, 2027.
Key Financial Metrics
The filing does not provide specific financial metrics such as revenue, profit, cash flow, margins, debt, or liquidity. The report focuses exclusively on personnel changes and employment agreement modifications.
Material Changes and Personnel Transition
- Departure: Freddie Deutsch will retire from his role as Director of Specialty Business Lending and from the boards of directors of both the Company and the Bank on January 15, 2027.
- Background: Mr. Deutsch joined in January 2026 following the acquisition of Signature Bank of Georgia to assist with integration and SBA lending development.
- Reason: The retirement is voluntary, driven by the completion of his integration objectives, and is not related to the management succession announced on July 22, 2026, nor any disagreement with the Company.
- Transition Role: Between the filing date and the retirement date, Mr. Deutsch will serve in an advisory role while maintaining full-time employee status with unchanged base salary and benefits.
Compensation, Risks, and Outlook
Compensation Arrangements
- Retention Bonus: Mr. Deutsch will receive the first $50,000 installment of his retention bonus plus related carve-back payments. Remaining installments will be forfeited upon retirement.
- Equity: Outstanding unvested equity awards will be forfeited as of the retirement date.
- Benefits: The Company will provide Bank-subsidized health coverage for up to 18 months post-retirement.
- Conditions: The Letter Amendment is conditioned on Mr. Deutsch executing a general release of claims.
Risks and Contingencies
- Potential adverse effects on client and referral relationships, specifically regarding the acquired Signature Bank of Georgia business and SBA lending.
- Risks associated with retaining key employees and maintaining business continuity during the transition.
- Possibility that the Letter Amendment or general release may not become effective as intended.
- Diversion of management time and attention during the transition period.
Investor Verification Checklist
- Verify the execution of the general release of claims required to finalize the Letter Amendment.
- Monitor the Bank's ability to retain key employees and maintain client relationships in the Specialty Business Lending and SBA sectors post-transition.
- Review the full text of the Letter Amendment (Exhibit 10.1) for complete terms regarding restrictive covenants and post-employment obligations.
- Assess the impact of the forfeiture of remaining retention bonuses and unvested equity on the Company's compensation expense.