First Community Corporation, the holding company of First Community Bank, and Savannah River Financial Corporation, the holding company of Savannah River Banking Company, jointly announced today that the previously announced merger under which First Community will acquire Savannah River has received the necessary approvals from the shareholders of both companies.  A special meeting of First Community's shareholders was held on January 29, 2014, to approve the issuance of shares of common stock of First Community as merger consideration.  A special meeting of Savannah River's shareholders was also held on January 29, 2014, to approve the merger agreement.  First Community and Savannah River intend to complete the merger effective as of February 1, 2014.

"We are very excited to move forward with the combination of our organizations," said First Community President and CEO Michael C. "Mike" Crapps.  "As our teams have worked to prepare to combine the operations of our two banks and as we have learned more about each other and our markets, we are even more excited about this partnership.  This is a comfortable extension of our company into a contiguous county, and beyond into Augusta.  The Central Savannah River Area (CSRA) and the midlands of South Carolina have many economic similarities, and both are experiencing nice momentum in business growth.  More importantly, we are excited to partner with the Savannah River Banking Company team.  The Board of Directors, CEO Randy Potter, President Jeff Spears, and the entire team have created a successful banking organization, with a commitment to quality that permeates all aspects of their business.  This includes the talent of the staff, their approach to serving their clients, and is evident in the quality of their balance sheet." 

Mr. Paul S. Simon, Chairman of the Board of SRFC, said, "The Board of Directors of the Savannah River Financial Corporation, its Executive Officers, and I are pleased that the merger has received all of the necessary approvals and are excited to join together with an excellent company that is well capitalized and has forward momentum.  We are excited about the future of this combined company."  

Savannah River President Jeff Spears commented, "Our clients will continue to receive the same high quality level of service from the same bankers that have served them at SRFC.  With First Community, we have found a shared passion for our work with local businesses and professionals.  This focus will continue and we are looking forward to the additional capacity and product lines that this combination of banks will bring to our clients."