Business Context and Reporting Period
This Form 8-K is a current report filed by First Community Corporation on May 14, 2021. The Company is the holding company for First Community Bank and is incorporated in South Carolina. Its common stock trades on the Nasdaq Capital Market under the symbol FCCO.
Financial Metrics
This filing does not contain financial performance data. There are no reported values for revenue, profit, cash flow, margins, debt, or liquidity in this document.
Material Changes
The filing reports a material change in corporate governance and leadership structure effective at the 2021 Annual Meeting scheduled for May 19, 2021:
- Chairman of the Board: Chimin J. "Jimmy" Chao, currently a director and Vice Chairman, will assume the role of Chairman upon the mandatory retirement of J. Thomas "Tommy" Johnson.
- Vice Chairman of the Board: W. James "Jim" Kitchens, Jr., currently a director, will assume the role of Vice Chairman.
Guidance, Outlook, and Risks
The filing includes standard forward-looking statements regarding future plans and expectations. Management highlights specific risks related to:
- Unexpected challenges or disruptions associated with the Annual Meeting.
- Potential issues arising from the transition of directors.
- General risks disclosed in the Company's most recent Form 10-K and subsequent Form 10-Q filings.
The Company explicitly states it undertakes no obligation to update forward-looking statements except as required by law.
Key Facts for Investor Verification
- Verify the outcome of the director elections at the Annual Meeting on May 19, 2021, to confirm the leadership transition.
- Review the Company's most recent Form 10-K for comprehensive risk factors and financial health, as this 8-K contains no financial data.
- Confirm the effective date of the new Board leadership roles following the Annual Meeting.