South Carolina's first community expansion goes ahead in the Atlanta region, worth $41.6 million
In a strategic move aimed at expanding into the dynamic and fast-growing Atlanta metropolitan area, First Community Corp., based in Lexington, South Carolina, has announced the acquisition of Signature Bank of Georgia, based in Sandy Springs. The deal, worth approximately $41.6 million, will bring First Community Bank to the Atlanta metro area and create a larger regional banking company spanning multiple adjacent markets in South Carolina and Georgia.
The merger will broaden the combined company’s footprint to 23 offices across both states, including the Midlands, Aiken, Upstate, Piedmont regions, Augusta, and now Atlanta-Sandy Springs-Roswell. This geographic expansion strategy is a key part of First Community's growth plan, targeting the Atlanta-Sandy Springs-Roswell market, which is seen as a significant growth region.
Both institutions emphasize community banking with a local market focus. Signature's presence in the Atlanta area complements First Community’s existing South Carolina markets, suggesting a shared commitment to community-oriented banking and customer service in their respective regions.
The combined entities will have approximately $2.3 billion in assets, $2 billion in deposits, and $1.5 billion in loans, establishing a stronger regional banking competitor focused on customer growth and financial services across contiguous markets.
The Boards of both companies unanimously approved the merger, signifying strong strategic and cultural alignment between them. Two directors from Signature Bank will join First Community’s board as part of the deal.
First Community Bank CEO Ted Nissen finds the Small Business Administration (SBA) lending prospects from the deal "compelling." Mike Crapps, CEO of First Community Corp., stated that Signature's local relationships, leadership team, and specialized lending capabilities, particularly in SBA lending, will enhance their presence and service offerings.
Freddie Deutsch, CEO of Signature Bank, will become a regional market president and director of specialty business lending at First Community Bank as part of the transaction. He finds the deal a meaningful value to Signature's shareholders, including a cash dividend and increased liquidity.
The acquisition is expected to be 4.4% accretive to First Community's earnings per share in 2026. The estimated value of the deal is based on First Community's $24.84-per-share closing price from Friday. The exchange rate for Signature shareholders is 0.6410 shares of First Community stock for each Signature share owned.
The combined entity, after the deal, will be well-positioned to expand small-business lending across their legacy footprint. Together, the banks are set to leverage their complementary regional strengths to serve local businesses and consumers effectively across the broader South Carolina-Georgia region.
The acquisition of Signature Bank of Georgia by First Community Corp. will result in a larger regional banking company, focusing on customer growth and financial services across contiguous markets in South Carolina and Georgia. The combined entities will have a strong emphasis on community banking and local market focus, especially in Small Business Administration (SBA) lending.
