false 0000859070 0000859070 2024-05-06 2024-05-06
 
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):  May 6, 2024
 
 
 
FIRST COMMUNITY BANKSHARES, INC.
  
(Exact name of registrant as specified in its charter)
 
 
Virginia
  
000-19297
  
55-0694814
(State or other jurisdiction
  
(Commission
  
(IRS Employer
of incorporation)
  
File Number)
  
Identification No.)
 
 
P.O. Box 989
Bluefield, Virginia
  
24605-0989
(Address of principal executive offices)
  
(Zip Code)
 
 
Registrant’s telephone number, including area code: (276) 326-9000
 
 
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:
 
☐ 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 each exchange on which registered
Common Stock ($1.00 par value)
  
FCBC
  
NASDAQ Global Select
 
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 8.01
Other Events
 
On May 6, 2024, First Community Bank (the “Bank”), a Virginia chartered banking institution and wholly-owned subsidiary of First Community Bankshares, Inc., agreed to settle a putative class action lawsuit pending in the United States District Court for the Southern District of West Virginia, filed on June 24, 2022. The civil action alleges the Bank breached its deposit account agreements and was unjustly enriched by collecting overdraft fees with respect to certain debit card transactions and by assessing more than one nonsufficient funds fee on items presented multiple times for payment. Under the settlement, which is subject to documentation and preliminary and final court approval, the Bank agrees to establish a $4.8 million settlement fund and forgive up to $500,000 in assessed but unpaid fees. Attorneys’ fees, settlement administration expenses, and settlement payments to eligible class members will be paid from the settlement fund. Under the settlement, the Bank admitted no wrongdoing and will receive a complete release of all claims asserted in the civil action. The Bank agreed to the settlement in order to resolve the litigation and avoid further expense. The Company previously accrued $3.00 million as an estimated liability relating to this civil action.
 
 
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.
 
 
 
FIRST COMMUNITY BANKSHARES, INC.
     
Date:
May 8, 2024
  
By:
/s/ David D. Brown
     
   
David D. Brown
   
Chief Financial Officer
 
 
v3.24.1.u1
Document And Entity Information
May 06, 2024
Document Information [Line Items]  
Entity, Registrant Name FIRST COMMUNITY BANKSHARES, INC.
Document, Type 8-K
Document, Period End Date May 06, 2024
Entity, Incorporation, State or Country Code VA
Entity, File Number 000-19297
Entity, Tax Identification Number 55-0694814
Entity, Address, Address Line One P.O. Box 989
Entity, Address, City or Town Bluefield
Entity, Address, State or Province VA
Entity, Address, Postal Zip Code 24605-0989
City Area Code 276
Local Phone Number 326-9000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock
Trading Symbol FCBC
Security Exchange Name NASDAQ
Entity, Emerging Growth Company false
Amendment Flag false
Entity, Central Index Key 0000859070
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