# First Community Corp

First Community Corp is an other based in Lexington, United States.

## Overview

- **Organization type:** other
- **Headquarters:** Lexington, United States
- **Region:** North America
- **Address:** Lexington, SC, United States
- **Founded:** 1994
- **Assets under management:** Undisclosed
- **Website:** firstcommunitysc.com

## Regulatory record

- **Reports private funds:** No

## About

Mike Crapps founded First Community Corp in 1994 with a straightforward thesis: a locally governed commercial bank could outperform the rotating cast of regional consolidators entering South Carolina's Midlands. The bank opened in 1995 as a state-chartered commercial institution headquartered in Lexington, South Carolina, and the holding company completed an initial public offering in 1997. Unlike trust-company spinouts or private merchant banks that populate the family-office landscape, First Community operates as a publicly traded commercial bank — its equity trades on the Nasdaq under the symbol FCCO — and maintains no disclosed single-family wealth management mandate. The bank runs three primary business lines: commercial and retail banking, mortgage origination, and trust and investment advisory services. Its commercial lending book skews toward owner-occupied real estate, small-to-middle-market C&I loans, and construction lending across the Midlands, Greenville, and Augusta, Georgia regions. The trust and wealth management division provides discretionary investment management, estate planning, and corporate trustee services — the institutional closest to a family-office function within the structure — but the entity does not disclose separate family-office AUM or dedicated family-office staff. Residential mortgage production runs through its own mortgage division and contributes a recurring fee-income stream that partially offsets net-interest-margin compression during rate cycles. First Community Bank holds membership in the Federal Reserve System and the FDIC, and its deposits are insured accordingly. The holding company's balance sheet crossed $1.8 billion in total assets during 2024 (per SEC filings, 2024), placing it in the community-bank tier well below the Durbin-affected regional banks. Branch locations span Lexington, Greenville, Columbia, and Augusta, with the Augusta presence representing its Georgia footprint. A distinct vehicle is First Community Foundation, a grantmaking entity seeded by the bank but legally separate, funding nonprofits across the bank's operating communities. In April 2024 the board declared a quarterly cash dividend of $0. First Community's structural differentiator is the holding-company architecture that houses a bank — with a genuine, FDIC-insured deposit franchise — alongside a trust and wealth management division under the same public-company umbrella. Most family offices and institutional asset managers cannot originate non-callable core deposits, which gives a bank-owned wealth practice a cost-of-capital advantage that standalone RIAs cannot replicate. The tradeoff is regulatory: First Community must operate inside the bank-regulatory framework, meaning capital ratios, CRA obligations, and public disclosure requirements that family-offices simply do not face. For allocators mapping the intersection of wealth management and banking, that tension defines the strategy.

## Sectors

- Banking & Financial Services

## People

- Michael C. Crapps — President and Chief Executive Officer

## Questions

### Who runs investment decisions at First Community Corp?

President and CEO Michael C. Crapps has led the holding company since its 1994 founding and serves as the principal executive officer. Investment-management decisions within the trust and wealth division are made by a dedicated team of trust officers and portfolio managers operating under the bank's fiduciary charter. The bank does not disclose a distinct CIO for the wealth management unit on its public-facing materials.

### What is First Community Corp's relationship with First Community Foundation?

First Community Foundation is a separate legal entity seeded by First Community Bank to provide grant funding to nonprofit organizations in the bank's operating footprint across South Carolina and Augusta, Georgia. The foundation is governed by an independent board and is not consolidated onto the bank's balance sheet for regulatory capital purposes, though the bank's name and philanthropic alignment create a reputational link.

### How is First Community Corp's trust and wealth management business organized?

First Community Bank's trust and wealth management division operates as a department within the state-chartered bank, not as a separate registered investment advisor. It provides personal trust administration, estate settlement, investment management, and corporate trustee services. The division's fiduciary status falls under the bank's overall regulatory framework with the South Carolina Board of Financial Institutions and the FDIC.

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Last updated: 2026-08-11T02:43:31.692Z

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