Monday’s ‘other’ bank deal brings S.C. powerhouse into Atlanta
First Community Bank will pay approximately $41.6 million for Signature Bank of Georgia and, in the process, move into the attractive Atlanta banking market.
While much of the banking industry’s attention was focused on Huntington National Bank’s acquisition of Veritex Community Bank Monday – and rightfully so – another, smaller but significant deal may have flown under the radar.
The $249 million-asset Signature Bank of Georgia agreed to sell itself to First Community Corporation, the holding company of First Community Bank in Lexington, South Carolina.
First Community will pay approximately $41.6 million for the bank, although the transaction value may change due to potential swings in the price of First Community’s stock.
The all-stock deal is expected to close early in the first quarter of 2026.
For the $2 billion-asset First Community, the deal represents a footprint expansion into the lucrative Atlanta market as Signature Bank is based in Sandy Springs.
“This partnership marks an exciting step forward as we expand into our next growth market, the dynamic and fast-growing Sandy Springs/Atlanta area,” said First Community Corporation President and CEO Mike Crapps, in a press release.
First Community’s Georgia presence currently consists of three branches in the Augusta market.
The combined company is expected to have $2 billion in total deposits and $1.5 billion in total loans at closing.
The transaction will create a 23-branch company with locations spanning the Midlands, Aiken, Upstate, and Piedmont Regions of South Carolina, the Augusta, Georgia area and the Atlanta-Sandy Springs-Roswell, Georgia MSA.
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In addition to entrance into the metro Atlanta area, the deal gives First Community the opportunity to build on Signature’s “high-performing” SBA lending platform.
“Signature’s team brings deep expertise and a strong track record in small business lending, which aligns perfectly with our strategic focus on supporting entrepreneurs, local businesses and professionals,” said Ted Nissen, President and CEO of First Community Bank.
Signature Chairman and CEO Freddie Deutsch will become Regional Market President and Director of Specialty Business Lending of First Community Bank post-merger.
Other key members of Signature’s leadership team will also continue with First Community Bank, and two Signature directors will be invited to join First Community’s board.
“This transaction provides meaningful value to our shareholders—including a cash dividend and increased liquidity—while positioning the combined company for long-term success,” Deutsch said.
First Community Bank reported net income of $4.7 million in the first quarter compared to $3.1 million in the year-ago quarter, according to the FDIC.
For Signature Bank, net income was $557,000 in the first quarter compared to $210,000 a year ago.
“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.”
– Mike Crapps
President and CEO
First Community Corporation
