First Community Corp /Sc/ (NASDAQ: FCCO)

First Community Corp (FCCO) is a bank holding company that operates primarily in the commercial banking industry. The company was incorporated in November 1994 and has been offering a range of financial products and services to small-to-medium-sized businesses, professionals, and individuals ever since. Its subsidiary, First Community Bank, commenced operations in August 1995 and is regulated by the Federal Deposit Insurance Corporation (FDIC) and the South Carolina Board of Financial Institutions.

First Community Corp operates 22 full-service offices in South Carolina and Georgia, with approximately $1.8 billion in assets, $1.1 billion in loans, $1.5 billion in deposits, and $131.1 million in shareholders' equity. The company's business activities revolve around providing deposit services, commercial and personal loans, real estate construction and acquisition loans, and fixed and variable-rate mortgage loans.

The company's revenue is generated primarily through its commercial banking segment, which provides a range of financial products and services to small-to-medium-sized businesses, professionals, and individuals. The retail banking segment, on the other hand, offers checking and savings accounts, certificates of deposit, and individual retirement accounts (IRAs) to individuals. Lastly, the mortgage banking segment provides fixed and variable-rate mortgage loans, construction loans, and home equity loans.

First Community Corp's commercial banking services include checking and savings accounts, commercial loans, lines of credit, and cash management services. Its retail banking team is dedicated to providing exceptional customer service and helping individuals achieve their financial goals. The mortgage banking team works closely with clients to understand their mortgage needs and provide tailored solutions to help them achieve their goals.

The company's competitive advantages lie in its focus on providing quality and personal service, with a strong employee base and a commitment to community involvement. This approach has enabled First Community Corp to maintain a loyal customer base and achieve long-term success in a highly competitive banking industry. The company competes with 26 financial institutions in the Midlands market, 20 in the CSRA market, 40 in the Upstate market, and 16 in the Piedmont market.

First Community Corp's customers include small-to-medium-sized businesses, professionals, and individuals across its 22 full-service offices in South Carolina and Georgia. Its brand names include commercial loans, lines of credit, cash management services, checking and savings accounts, certificates of deposit, IRAs, and mortgage loans.

The company is subject to extensive state and federal banking laws and regulations, which impose specific requirements and restrictions on its operations. In response to the COVID-19 pandemic, First Community Corp has implemented various measures to support its customers and employees, including waiving fees, offering payment deferrals, and providing additional resources for small businesses. The company has also participated in government-backed loan programs, such as the Paycheck Protection Program (PPP), to support small businesses and their employees.