Tommy Johnson Retires from First Community Bank's Board of Directors
First Community Corporation announces the retirement of J. Thomas "Tommy" Johnson from its board after 17 years of service, effective May 19, 2021. His successor, Chimin J. "Jimmy" Chao, will take over as chairman, with W. James "Jim" Kitchens, Jr. becoming vice chairman. Mr. Johnson, who has been on the board since 2004, played a significant role during the acquisition of Newberry Federal Savings Bank. Mr. Chao and Mr. Kitchens bring extensive industry experience to their new leadership roles, positioning the board to continue its commitment to First Community's growth.
- Chimin J. Chao and W. James "Jim" Kitchens, Jr. bring decades of experience and leadership to the board.
- Mr. Chao has a long history with the company since its formation in 1994, providing continuity.
- Mr. Kitchens holds professional qualifications as a certified public accountant and Chartered Financial Analyst.
- The retirement of Mr. Johnson may create concerns regarding continuity in the board's vision and strategy.
- Potential experience gaps as Mr. Johnson had a long tenure and significant industry knowledge.
COLUMBIA, S.C., May 14, 2021 /PRNewswire/ -- First Community Corporation, headquartered in Lexington, South Carolina, and the holding company of First Community Bank, would like to congratulate J. Thomas "Tommy" Johnson on his retirement from its board of directors on May 19, 2021 after 17 years of service. With Mr. Johnson's retirement, Chimin J. "Jimmy" Chao will assume the role of chairman of the board and W. James "Jim" Kitchens, Jr. will serve as vice chairman of the board.
Mr. Johnson has served on the board since 2004 through the acquisition of Newberry Federal Savings Bank (Dutchfork BancShares), where he served as chair and chief executive officer. He took on the role of First Community chairman after serving as vice chair for 16 years. Mr. Johnson's banking career spanned more than 53 years.
"It has been a pleasure to work with Tommy for the past 17 years," said President and CEO Mike Crapps. "He has been a valuable member of our board and has set a wonderful example for future board members and chairpersons."
With decades of experience, Mr. Chao and Mr. Kitchens bring a wealth of knowledge of their specific industries and unique perspectives to the board leadership positions.
Mr. Chao, who will assume the role of chairman upon his reelection to the board and the retirement of Mr. Johnson, joined the board during the bank's formation in 1994 and has been president of the engineering firm Chao and Associates, Inc. since 1987. He currently serves as an adjunct professor at the University of South Carolina Department of Civil & Environmental Engineering. Mr. Chao also is a past chair of the Educational Foundation of Lexington County School District One, a member of the University of South Carolina's Design Review Committee, and in 2017, he was appointed by the Governor of South Carolina to the Board of Registration for Professional Engineers and Surveyors.
Mr. Kitchens, who will assume the role of vice chair, has served as a director of First Community Corporation since its formation in 1994. Mr. Kitchens is a certified public accountant and holds the Chartered Financial Analyst designation. He is president of The Kitchens Firm, LLC, a certified public accounting firm in Columbia, South Carolina. Mr. Kitchens earned a bachelor's degree in mathematics from The University of the South and a Master of Business Administration from Duke University.
"We look forward to the contributions Jimmy and Jim will make in their new roles," said Mr. Crapps. "We are grateful for their leadership and continued commitment to First Community."
First Community Bank, founded in 1995 and headquartered in Lexington, South Carolina, is a wholly owned subsidiary of First Community Corporation (NASDAQ: FCCO). First Community is a full-service commercial bank offering deposit and loan products and services, residential mortgage lending, and financial planning/investment advisory services for businesses and consumers. First Community serves customers in the Midlands, Aiken and Greenville, South Carolina, markets, as well as Augusta, Georgia. For more information on First Community Bank, visit www.firstcommunitysc.com.
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SOURCE First Community Corporation
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