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News Breaks | | | | July 6, 2011 | | 15:02 EDT |  | FCCO | First Community acquires assets of Palmetto South Mortgage
First Community Bank announced its plans to expand its residential mortgage business unit with the acquisition of the assets of Palmetto South Mortgage. Founded in 2001 and headquartered in Columbia, South Carolina, Palmetto South offers mortgage loan products for home purchase or refinance in the South Carolina market area. The transaction is scheduled to close effective July 31 and is structured as an asset purchase. The acquisition price will be paid during a three year earn out period with the actual amount calculated based on the achievement of certain profitability metrics. | |
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