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UNITED STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT REPORT
PURSUANT TO
SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Date
of Report (Date of earliest event reported):
August 19, 2026
First
Community Corporation
(Exact
name of registrant as specified in its charter)
South
Carolina
(State or other
jurisdiction of incorporation)
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000-28344 |
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57-1010751 |
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(Commission
File Number) |
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(IRS
Employer Identification No.) |
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5455
Sunset Blvd, Lexington, South Carolina |
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29072 |
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(Address
of principal executive offices) |
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(Zip
Code) |
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(803)
951-2265
(Registrant’s
telephone number, including area code)
Not
Applicable
(Former name
or former address, if changed since last report.)
Check the appropriate box below if
the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
(see General Instruction A.2. below):
☐ Written communications pursuant
to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to
Section 12(b) of the Act:
| Title
of each class |
Trading
Symbol(s) |
Name
of exchange on which registered |
| Common
stock, par value $1.00 per share |
FCCO |
The Nasdaq Capital Market |
Indicate by check mark whether the
registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter)
or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If an emerging growth company,
indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment
of Certain Officers; Compensatory Arrangements of Certain Officers.
On August 19, 2026, First Community Corporation (the “Company”),
the holding company for First Community Bank (the “Bank”), and the Bank announced that Freddie Deutsch has notified the Company
and the Bank of his decision to retire from his position as Director of Specialty Business Lending of the Bank, effective January 15,
2027 (the “Retirement Date”). Mr. Deutsch will also retire from the boards of directors of the Company and the Bank, effective
as of the Retirement Date.
Mr. Deutsch joined the Company and the Bank in connection with the Company’s
acquisition of Signature Bank of Georgia, which was completed on January 8, 2026, and was engaged to assist with the integration and transition
of the acquired business and with the development of the Bank’s Small Business Administration lending line of business. Having substantially
completed those objectives, Mr. Deutsch has elected to retire. Mr. Deutsch’s retirement is voluntary and is not in connection with,
or in response to, the management succession and leadership transition previously announced by the Company on July 22, 2026. Mr. Deutsch’s
retirement is not the result of any disagreement with the Company or the Bank on any matter relating to the Company’s or the Bank’s
operations, policies or practices.
In connection with Mr. Deutsch’s retirement, the Company, the Bank
and Mr. Deutsch have entered into a letter amendment (the “Letter Amendment”) to Mr. Deutsch’s Employment Agreement,
dated July 13, 2025 (the “Employment Agreement”), which confirms the terms of his planned retirement and transition. The effectiveness
of the Letter Amendment is conditioned upon Mr. Deutsch’s execution of a general release of claims in favor of the Company and the
Bank effective as of the Retirement Date.
Pursuant to the Letter Amendment, from the date of the Letter Amendment
through the Retirement Date, Mr. Deutsch will serve in an advisory role and will make himself reasonably available to assist the Bank
as requested, and he will no longer serve as Director of Specialty Business Lending. Mr. Deutsch will continue to be treated as a full-time
employee of the Bank during this transition period, and his current base salary and employee benefits will remain unchanged. The Letter
Amendment further provides that Mr. Deutsch will receive the first $50,000 installment of the retention bonus, together with the related
carve back payment, as described in the Employment Agreement, and that the remaining retention bonus installments will be forfeited as
of the Retirement Date. Mr. Deutsch will remain eligible for an award under the Bank’s 2026 incentive plan, subject to the terms
of the plan, and his outstanding equity award will be treated in accordance with its terms, with all unvested shares forfeited as of the
Retirement Date. The Letter Amendment also provides for Bank-subsidized health coverage for up to 18 months following the Retirement Date.
Except as expressly modified by the Letter Amendment, the Employment Agreement
will remain unchanged and continue in full force and effect, including, without limitation, all restrictive covenants, confidentiality,
non-solicitation, non-competition and other post-employment obligations contained therein.
The foregoing description of the Letter Amendment does not purport to be
complete and is qualified in its entirety by reference to the full text of the Letter Amendment, a copy of which is filed as Exhibit 10.1
to this Current Report on Form 8-K and is incorporated herein by reference.
FORWARD-LOOKING STATEMENTS
Certain statements in this Current Report on Form 8-K may contain “forward-looking
statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future plans,
goals, projections and expectations, including statements regarding Mr. Deutsch’s planned retirement and transition, the effectiveness
of the Letter Amendment and the related general release, the transition of Mr. Deutsch’s responsibilities, and the anticipated effect
of his retirement on the Bank’s specialty business lending and Small Business Administration lending activities. Forward-looking
statements can be identified by words such as “anticipate,” “expect,” “intend,” “believe,”
“may,” “likely,” “will,” “plan,” “position,” “future,” “forward,”
or other statements that indicate future periods. Such forward-looking statements are subject to risks, uncertainties and other factors
that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Such
risks, uncertainties and other factors include, among others, the following: (1) the risk that Mr. Deutsch’s retirement and the
transition of his responsibilities may adversely affect the Bank’s client and referral relationships, including relationships associated
with the acquired Signature Bank of Georgia business and the Bank’s Small Business Administration lending line of business; (2)
the ability of the Bank to retain key employees and maintain business continuity during and following the transition period; (3) the risk
that the Letter Amendment and the related general release may not become effective in accordance with their terms; (4) the diversion of
management’s time and attention in connection with the transition; and (5) other risks, uncertainties and factors described in the
Company’s reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K, Quarterly Reports
on Form 10-Q and Current Reports on Form 8-K.
All subsequent written and oral forward-looking statements by the Company
or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. The foregoing review
of important factors should not be construed as exhaustive and should be read in conjunction with other cautionary statements included
herein and in the Company’s other filings with the Securities and Exchange Commission. The Company undertakes no obligation to update
or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| Item |
|
Exhibits |
| 10.1 |
|
Letter Amendment to Employment Agreement, dated August 19, 2026, by and among First Community Bank, First Community Corporation and Freddie Deutsch. |
| 104 |
|
Cover Page Interactive Data File (embedded
within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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FIRST
COMMUNITY CORPORATION |
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By: |
/s/
D. Shawn Jordan
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Name: |
D.
Shawn Jordan
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|
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Title: |
Chief
Financial Officer |
|
Dated: August 19, 2026
