First Community Corporation (87Z)

Overview

First Community Corporation is the bank holding company for First Community Bank, a provider of a wide range of banking services aimed at small-to-medium sized businesses, professionals, and individuals. The company, incorporated in 1994 and based in Lexington, South Carolina, operates through various segments, including Commercial and Retail Banking, Mortgage Banking, and Investment Advisory and Non-Deposit. With its comprehensive service suite, First Community Corporation is dedicated to fulfilling the diverse financial needs of its clientele through personalized and efficient banking solutions.

Products and Services

Deposit Products: The bank offers a variety of deposit products tailored to meet the needs of its customers. These include checking accounts, NOW accounts, savings accounts, and individual retirement accounts, alongside demand deposits. The bank also provides other time deposits such as daily money market accounts and longer-term certificates of deposit, catering to the varied savings and investment preferences of its clients.

Loan Portfolio: First Community Corporation’s loan portfolio is extensive, encompassing commercial loans for working capital, business expansion, and equipment acquisition. It also includes consumer loans for personal investments, such as financing for automobiles, home improvements, and education. Additionally, the bank offers real estate construction and acquisition loans, as well as fixed and variable rate mortgage loans, supporting both business and personal estately needs.

Online and Internet Banking: Emphasizing convenience and accessibility, the company provides robust online and internet banking services. These platforms enable customers to manage their finances effectively, facilitating transactions such as account monitoring, funds transfer, and bill payments seamlessly.

Cash Management: Catering to the needs of businesses, the bank offers cash management services, which are crucial for efficient business operations. These services include managing payables and receivables, cash flow analysis, and other functionalities crucial for business financial health.

Other Banking Services: Beyond traditional banking products, First Community Corporation provides additional services such as safe deposit boxes, direct deposit of payroll and social security checks, and automatic drafts for various accounts, enhancing the banking experience for its customers.

Non-Deposit Investment Products and Brokerage Services: Recognizing the diverse investment needs of its clients, the company offers a range of non-deposit investment products and brokerage services. These allow customers to explore various investment avenues under the guidance of experienced professionals.

Credit Card Services: In collaboration with VISA and MasterCard, the bank offers credit card services, providing a convenient and secure payment method for its customers across numerous transactions.

Investment Advisory Services: The company provides investment advisory services, aiding clients in their decision-making processes regarding investments. These services are tailored to match the individual financial goals and risk profiles of clients.

Insurance Services: Understanding the importance of risk management, First Community Corporation also offers insurance services, providing an added layer of security for its customers’ financial futures.