Benchmark Community Bank Application Approved

July 14, 2022 - The Federal Reserve System’s Board of Governors in Washington, D.C., on July 1, 2022, approved the application by Benchmark Community Bank to purchase the Emporia, Virginia branch of First Community Bank. The application was previously announced on April 1, 2022. The purchase includes the branch real estate, certain personal property, and associated deposit accounts. Loan accounts are not included in the purchase transaction, and loans associated with the Emporia branch will continue to be held and serviced by First Community.

The conversion date has been set for Friday, September 16, 2022. Beginning early August, 2022, customers of both banks will receive information related to the conversion and how their accounts will be affected by the associated changes.

The sole subsidiary of Benchmark Bankshares, Inc. (OTC Pink: BMBN), Benchmark Community Bank ("Benchmark") is headquartered in Kenbridge, Virginia. First Community Bank ("First Community"), the banking subsidiary of First Community Bankshares, Inc. (NASDAQ: FCBC), is headquartered in Bluefield, Virginia.

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About Benchmark Community Bank
Benchmark Community Bank, Member FDIC, Equal Housing Lender, opened in 1971 as The Lunenburg County Bank and added its Victoria branch in 1974. In 1989, the bank expanded operations to neighboring Prince Edward and Mecklenburg Counties as Benchmark Community Bank. The bank operates 16 full-service branches, one loan production office, and 14 ATMs. To learn more about Benchmark, please visit one of their branch locations or their website at www.bcbonline.com.

About First Community Bankshares, Inc.
First Community Bankshares, Inc., a financial holding company headquartered in Bluefield, Virginia, provides banking products and services through its wholly owned subsidiary First Community Bank. First Community Bank operated 49 branch banking locations in Virginia, West Virginia, North Carolina, and Tennessee as of December 31, 2021. First Community Bank offers wealth management and investment advice through its Trust Division and First Community Wealth Management, which collectively managed and administered $1.32 billion in combined assets as of December 31, 2021. The Company reported consolidated assets of $3.19 billion as of December 31, 2021. The Company’s common stock is listed on the NASDAQ Global Select Market under the trading symbol, "FCBC." Additional investor information is available on the Company’s website at www.firstcommunitybank.com.

This news release may include forward-looking statements. These forward-looking statements are based on current expectations that involve risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may differ materially. These risks include: changes in business or other market conditions; the timely development, production and acceptance of new products and services; the challenge of managing asset/liability levels; the management of credit risk and interest rate risk; the difficulty of keeping expense growth at modest levels while increasing revenues; and other risks detailed from time to time in the Company’s Securities and Exchange Commission reports including, but not limited to, the Annual Report on Form 10-K for the most recent fiscal year end. Pursuant to the Private Securities Litigation Reform Act of 1995, the Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

Contact: Helen Person, VP/Director of Marketing & Public Relations
(434) 676-2666 ext. 1103
[email protected]

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