Business Context and Reporting Period
Company: First Community Corporation
Filing Type: Form 8-K (Current Report)
Date of Report: April 12, 2004
Event: The Registrant entered into a definitive agreement to acquire DutchFork Bancshares, Inc. ("DFBS"), the parent holding company for Newberry Federal Savings Bank.
Key Financial Metrics
The filing does not provide standard financial metrics such as revenue, profit, cash flow, margins, debt, or liquidity for the reporting period. The document focuses exclusively on the terms of a proposed merger.
| Metric | Value |
|---|---|
| Consideration: Common Stock | 1,182,412 shares |
| Consideration: Cash | $18,934,061 |
| Total Consideration | Stock and Cash combination for all outstanding DFBS shares |
Material Changes
This filing reports a material change in corporate structure via a proposed merger. DFBS will be merged into First Community Corporation, and Newberry Federal Savings Bank will be merged into First Community Bank (a wholly-owned subsidiary of the Registrant).
Guidance, Outlook, and Risks
- Transaction Structure: DFBS shareholders may elect to receive cash, common stock of the Registrant, or a combination of both.
- Conditions Precedent: The merger is subject to approval by shareholders of both the Registrant and DFBS, as well as appropriate regulatory approvals.
- Outlook: No specific financial guidance or management commentary regarding future earnings or operational outlook is provided in this filing.
Investor Verification Checklist
- Verify the final approval status of the merger by shareholders of both entities.
- Confirm receipt of all necessary regulatory approvals for the bank merger.
- Review the definitive "Agreement and Plan of Merger" (Exhibit 99.2) for specific terms regarding the cash/stock election process.
- Monitor subsequent filings for the closing date and final consideration paid.