FIRST COMMUNITY BANCSHARES, INC. (NASDAQ:FCBC) Files An 8-K Other EventsItem 8.01Other Events.
On September 17, 2018, First Community Bancshares, Inc. (the “Company”) announced its intention to sell its remaining insurance agency assets to Bankers Insurance LLC, Glen Allen, Virginia. The Company expects the transaction to close early in the fourth quarter of 2018, subject to the execution of a definitive agreement. In connection with the transaction, the Company expects to recognize a goodwill impairment in an amount yet to be determined in the third quarter of 2018.
This Current Report on Form 8-K contains forward-looking statements.These forward-looking statements are based on current expectations that involve risks, uncertainties, and assumptions.Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may differ materially.These risks include:changes in business or other market conditions; the timely development, production and acceptance of new products and services; the challenge of managing asset/liability levels; the management of credit risk and interest rate risk; the difficulty of keeping expense growth at modest levels while increasing revenues; and other risks detailed from time to time in the Company’s Securities and Exchange Commission reports, including but not limited to the Annual Report on Form 10-K for the most recent year ended. to the Private Securities Litigation Reform Act of 1995, the Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
About FIRST COMMUNITY BANCSHARES, INC. (NASDAQ:FCBC)
First Community Bancshares, Inc. is a financial holding company. The Company provides commercial banking products and services through its subsidiary First Community Bank (the Bank). The Company operates in the community banking segment. The Bank operates under the trade names First Community Bank in Virginia, West Virginia, and North Carolina and People’s Community Bank, a division of the bank, in Tennessee. The community banking segment consists of commercial and consumer banking, lending activities, wealth management and insurance services. The Company provides insurance services through its full-service insurance agency subsidiary Greenpoint Insurance Group, Inc. The Bank offers wealth management and investment advice through its subsidiary First Community Wealth Management and the Bank’s Trust Division. It serves a diverse customer base of individuals and businesses across various industries, such as manufacturing, construction, retail, healthcare, military and transportation.