Business Context and Reporting Period
This Form 8-K filing by First Community Corporation (FCCO), the holding company for First Community Bank, was submitted on May 21, 2020. The report discloses corporate governance changes effective following the Company's 2020 Annual Meeting held on May 20, 2020.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and does not contain financial performance data.
Material Changes
- Chairman of the Board: J. Thomas "Tommy" Johnson, previously a director and Vice Chairman, assumed the role of Chairman of the Board.
- Vice Chairman of the Board: Chimin J. "Jimmy" Chao, a current director, assumed the role of Vice Chairman of the Board.
- Retirement: Mitchell M. "Mitch" Willoughby retired from the Board of Directors pursuant to the Company's mandatory retirement bylaws.
Guidance, Outlook, and Risks
The filing contains no management commentary regarding financial guidance, future outlook, risks, contingencies, or unusual items. The document serves solely to disclose the leadership transition under Regulation FD.
Investor Verification Checklist
- Verify the effective date of the new Board leadership structure (May 20, 2020).
- Confirm the specific bylaws regarding mandatory retirement that triggered the leadership change.
- Review the attached press release (Exhibit 99.1) for additional biographical details on the new Chairman and Vice Chairman.