First Community Corporation, the holding company for First Community Bank, announced that it had completed the acquisition of Cornerstone Bancorp, the holding company for Cornerstone National Bank.  All former Cornerstone banking offices began operations as locations of First Community Bank.  The combined company has more than $1.0 billion in assets, $914 million in deposits and customer cash management accounts and $628 million in loans with 18 full service banking offices in the Midlands and Upstate regions of South Carolina and the Central Savannah River Area region of South Carolina and Georgia. 

First Community President and CEO Michael C. "Mike" Crapps commented on the acquisition, "The employees at First Community and Cornerstone have worked diligently these past months to ensure a smooth transition for customers and we look forward to serving them."  Crapps continued, "We believe the combination of our banking companies creates a unique community based bank with the ability and financial strength to serve the banking needs of our communities and enhance shareholder value through operating advantages gained with the merger of our two institutions." 

The deal was valued at approximately $27.0 million.  Cornerstone shareholders will receive either cash or shares of the First Community's common stock, or a combination thereof, in exchange for their Cornerstone common stock.  Current Cornerstone Board members will have the opportunity to serve as members of First Community's Upstate Advisory Board.  Additionally, Rodger Anthony, Cornerstone President and CEO will serve the combined company in a consulting role for a six month period to assist with the transition.