First Community Bancshares Exits Mortgage Banking After Management Buyout Bid Falters
September 2, 2004
First Community Bancshares found a new buyer for its mortgage banking operations after a planned management buyout of the unit ran out of gas. The Bluefield, VA-based community bank announced in April that it planned to sell its mortgage banking subsidiary, United First Mortgage, because of declining profits. First Community’s first quarter earnings were off $1.9 million from the same period in 2003 largely as a result of reduced loan production and margins – as well