TruPoint Bank to acquire First Community Bank of East Tennessee
GRUNDY, VA, April 24, 2025 – Miners and Merchants Bancorp, Inc. (“Miners and Merchants”), the parent company of TruPoint Bank (“TruPoint”), located in Grundy, Virginia, and First Community Corporation (“First Community”), the parent company of First Community Bank of East Tennessee (“FCB”), located in Rogersville, Tennessee, today jointly announced the signing of a definitive merger agreement whereby Miners and Merchants will acquire First Community and FCB. The transaction, which has been approved by the Board of Directors of each company and is subject to shareholder and regulatory approval, is expected to close late in the third quarter of 2025 or early in the fourth quarter of 2025.Based on the most recently reported financials, the combined institution is expected to have approximately $700 million in total assets and 16 banking offices located in North Carolina, Tennessee, and Virginia.
“We are excited to welcome First Community to the TruPoint family.” said Barry Elswick, President and CEO of TruPoint. “First Community has built a strong reputation by consistently delivering premier service to customers and fostering deep connections in the community. For our current customers, this merger broadens our resources and footprint to serve them. For our shareholders, we believe that the transaction will drive returns through the benefits of scale and a more diversified customer base.”
Tyler Clinch, President and CEO of First Community commented on the announcement stating, “We are thrilled to join the TruPoint team as it continues to be a leading community bank in the region. TruPoint is the ideal partner to carry forward our legacy as a local economic engine for the communities we serve. Together, we will fulfill our mission to make banking better and easier for all of our customers across this expanded footprint.”
FCB opened in 1993 and has successfully grown to approximately $200 million in total assets and over 40 full-time employees. TruPoint is a 50-year-old bank with approximately $500 million in total assets and over 115 employees. TruPoint has 12 banking offices located in North Carolina, Tennessee, and Virginia.
Williams Mullen is serving as legal counsel to Miners and Merchants and Olsen Palmer LLC is serving as its financial advisor. Godfrey & Kahn S.C. is serving as legal counsel to First Community and Janney Montgomery Scott LLC is serving as its financial advisor.
Contacts:
Miners and Merchants Bancorp, Inc.
Barry Elswick
President and Chief Executive Officer
(276) 935-8161
First Community Corporation
First Community Corporation
Tyler K. Clinch
President and Chief Executive Officer
(423) 272-5800
Forward-looking statements: This release contains forward-looking statements within the meaning of federal securities laws. These include statements regarding future results, objectives and expectations relating to Miners and Merchants’ acquisition of First Community and other statements that are not historical facts. These forward-looking statements (generally identified by the use of words such as “believe,” “expect,” “will” or similar expressions) are based on certain assumptions and current beliefs and expectations and are subject to significant risks and uncertainties. Actual results may differ materially from those expressed or implied in the forward-looking statements. Miners and Merchants and First Community assume no obligation to revise, update, or clarify forward-looking statements to reflect events or conditions after the date of this release.