In a significant move within the banking sector, First Community Corporation, headquartered in Lexington, South Carolina, has announced its plan to acquire Signature Bank of Georgia. The merger agreement, confirmed on July 14, 2025, involves an all-stock transaction valued at approximately $41.6 million, based on First Community’s stock price of $24.84 per share as of July 11, 2025.
Officials from both banks have noted that the total transaction value may fluctuate with market changes in First Community’s stock prices leading up to the closure of the deal.
Once the merger is completed, the combined entity is projected to boast around $2.3 billion in total assets, $2.0 billion in deposits, and $1.5 billion in loans. The merger will create a banking presence with 23 locations that extend across key regions including the Midlands, Aiken, Upstate, and Piedmont areas of South Carolina, as well as the Augusta area in Georgia, and extending into the Atlanta-Sandy Springs-Roswell metropolitan area.
The boards of directors from both institutions have unanimously endorsed the merger, which is expected to finalize in the early part of the first quarter of 2026. However, the transaction still requires customary regulatory approvals and the consent of Signature’s and First Community’s shareholders.
Michael C. “Mike” Crapps, President and CEO of First Community, expressed enthusiasm about this strategic expansion into the quickly evolving Sandy Springs and Atlanta markets. He highlighted the alignment in culture between the two organizations during the initial discussions.
Crapps emphasized the strengths that Signature Bank brings to the table, noting its strong local relationships, skilled leadership team, and specialized lending capabilities, particularly in the Small Business Administration (SBA) lending sector.
He stated, “Signature’s deep local relationships, talented leadership team, and specialized lending capabilities – especially in SBA – will significantly enhance our presence and service offerings across all of our combined markets. We’re proud to welcome Signature’s experienced team and look forward to building on their strong foundation together.”
Ted Nissen, President and CEO of First Community Bank, also recognized the value of integrating Signature’s renowned SBA lending platform into their operations. Nissen remarked on how Signature’s expertise in small business lending aligns perfectly with First Community’s strategic focus.
“Together, we’re well positioned to expand this line of business across our legacy footprint while also enhancing Signature’s existing franchise with our wealth management and residential mortgage lines of business,” Nissen added.
Under the terms of the merger agreement, shareholders of Signature Bank will receive 0.6410 shares of First Community common stock for each share of Signature common stock they hold.
The merger is also expected to enhance First Community’s tangible common equity to tangible assets (TCE/TA) ratio by roughly 35 basis points, increasing the pro forma ratio to 7.45 percent.
Financial analysts project that the merger will yield a 4.4 percent increase in First Community’s earnings per share in 2026, the first year after the merger becomes effective.
Moreover, the structure of this deal anticipates a tangible book value dilution of approximately 2.6 percent, featuring a projected earnback period of 2.2 years.
Officials indicated that the internal rate of return for this transaction is estimated at around 27.6 percent, showcasing its strong financial and strategic advantages.
As part of this merger, Signature’s Chairman and CEO, Freddie J. Deutsch, will assume the role of Regional Market President and Director of Specialty Business Lending at First Community Bank. Key members of Signature’s management team will remain with the bank, and two current Signature directors are set to join the Board of Directors of First Community Bank.
In terms of advisory roles, First Community has engaged Hovde Group, LLC as its financial advisor, with legal counsel provided by Nelson Mullins Riley & Scarborough, LLP. Signature Bank, on the other hand, was guided by Olsen Palmer LLC for financial advisement and by Fenimore Kay Harrison LLP for legal counsel.
Signature Bank of Georgia, established in 2005, stands out as Sandy Springs’ only locally owned and operated community bank.
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