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Leventis commented by saying, "I have enjoyed my work as Chairman and being involved as the organization has grown to reach $650 million in assets with eleven offices in the Midlands. More importantly, First Community's commitment to quality and integrity has been fundamental to its success. I look forward to my continued service on the Board and especially to my involvement with the employees, customers, and communities that we serve."
Additionally, First Community announced that the Board of Directors has elected Mitchell M. Willoughby to succeed Mr. Leventis as its Chairman. This will also be effective May 19, 2009. Mr. Willoughby has been a member of the Board of Directors of both the Corporation and the Bank since its inception. He currently serves as Chairman of the Audit/Compliance Committee and as a member of its Executive Committee and Nominations and Corporate Governance Committee. Mr. Willoughby has lived in Columbia since 1970 and has practiced law since 1975. He is a founding member of the law firm of Willoughby and Hoefer, P.A. Mr. Willoughby formerly served as general counsel to the Greater Columbia Chamber of Commerce and serves in the South Carolina Army National Guard with the rank of Brigadier General. He received a B.S. degree in 1969 from Clemson University and a J.D. degree from the University of South Carolina in 1975. Mr Crapps commented, "Mitch has been a valuable member of our Board since formation and has served admirably in various committees. He is a strong leader and we look forward to his service as Chairman of the Board." Crapps further remarked, "It is consistent with our history that this succession in the Chairman's role be well thought out and conducted in an orderly fashion."
Willoughby remarked, "I am honored to succeed a great leader and community servant, Jim Leventis, and am delighted to have the benefit of his continued service on the Board of Directors. While I acknowledge the challenges of the current operating environment, I am excited about the future of First Community. Our well capitalized balance sheet and the quality of our loan portfolio position us to successfully navigate this difficult period. Our focus on providing financial solutions for local businesses and professionals positions us well to thrive in the years ahead."
First Community Corporation stock trades on the NASDAQ Capital Market under the symbol "FCCO" and is the holding company for First Community Bank, a local community bank based in the midlands of South Carolina. First Community Bank operates eleven banking offices located in Lexington, Forest Acres, Irmo, Gilbert, Cayce - West Columbia, Chapin, Northeast Columbia, Newberry, Prosperity, Red Bank and Camden.
SOURCE First Community Corporation
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