First Community Corporation, the holding company for First Community Bank, and Cornerstone Bancorp, the holding company for Cornerstone National Bank, announced that the Federal Deposit Insurance Corporation and the South Carolina Board of Financial Institutions have granted the regulatory approvals necessary for the merger of Cornerstone with and into First Community. The merger is expected to close on October 20, 2017, subject to the approval of Cornerstone's shareholders at a special meeting to be held on September 19, 2017 and the satisfaction or waiver of other customary closing conditions.

On April 12, 2017, First Community and Cornerstone jointly announced the signing of a definitive merger agreement, under which First Community agreed to acquire Cornerstone in a cash and stock transaction with a total value of approximately $25.8 million, based on First Community's closing price of $20.60 per share as of April 10, 2017.  The transaction value at the time of the merger may change due to changes in the price of First Community stock.

Upon the completion of the merger, Cornerstone Bancorp will merge with and into First Community Corporation and Cornerstone National Bank will merge with and into First Community Bank. On a pro forma combined basis, the combined company would have had approximately $1.059 billion in total assets, $892.5 million in total deposits, and $622.3 million in total loans as of December 31, 2016.  The transaction will create a 19-office banking company with locations from the Upstate of South Carolina, through the Midlands of South Carolina and into the Central Savannah River Area to Augusta, Georgia.