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Under the deal, First Community will pay the government a five percent dividend of $568,000 annually, for each of the first five years of the investment and nine percent thereafter unless the company redeems the shares.
The government also received ten year warrants for 195,915 shares of common stock, which will give the Treasury the opportunity to benefit from an increase in the price of the company's common stock.
Lexington, South Carolina-based First Community is the holding company for First Community Bank, a community bank based in the midlands of South Carolina. First Community Bank operates eleven banking offices. The company posted total assets for of $633.9 million at September 30.
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