First Community Bancshares 8-K 2008
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
May 29, 2008
Date of Report (Date of earliest event reported)
FIRST COMMUNITY BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
(Registrants telephone number, including area code)
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:
TABLE OF CONTENTS
Item 1.01 Entry into a Material Definitive Agreement.
On May 29, 2008, First Community Bancshares, Inc. (the Company) entered into a $20 million Revolving Credit Agreement with SunTrust Bank, a Georgia corporation (the Credit Agreement). This line of credit, which expires on May 29, 2009, unless extended by SunTrust Bank following a timely request by the Company, will be used to support the growth of the Company and its banking subsidiary.
Interest on the loan is priced at one-month LIBOR plus 115 basis points and will be variable with changes in the one-month LIBOR rate over the term of the line of credit. In addition, the Credit Agreement obligates the Company to pay a commitment fee of 0.25% per annum on the daily amount of any unused commitment.
The information contained in Item 1.01 of this Form 8-K is incorporated by reference into this Item 2.03.
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 thereunto duly authorized.