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First Community Bancshares Announces Management Changes

 

Aug 19 - The board of directors of First Community Bancshares Inc. and John M. Mendez have announced that Mendez will no longer serve as president and CEO effective Aug. 31, 2013. Simultaneously, the board of directors appointed William P. Stafford II, to serve as chairman and interim CEO effective Aug. 31, 2013. Mendez is assisting the company with this transition. Stafford has served as chairman of the board of the company since 2010, and has been a director since 1994. He has been an attorney with the firm of Brewster, Morhous, Cameron, Caruth, Moore, Kersey & Stafford, PLLC, located in Bluefield, W.Va., for 23 years.

The board also appointed Gary R. Mills to succeed Mendez as CEO of First Community Bank and as president of the company. Mills joined the bank in 1998 as city executive of Princeton, W.Va., and has served as its Chief Credit Officer since 2006. Additionally, Martyn A. Pell was appointed president of the bank. Pell joined the bank in 1993 as a management trainee, and has served in numerous roles, including his present role as an executive vice president since 2011. Both appointments are effective Aug. 31, 2013.

Stafford said, "We are working with John to plan and execute an orderly transition. During John's tenure, the company experienced exponential growth and achieved significant business objectives. John has served our company and our community with uncompromising integrity, ability and dedication, at enormous personal and professional sacrifice. We express our deep gratitude to John for his long-term service and commitment to our company."

Stafford continued, "In his new role, Gary will have oversight over the company's performance. He and Marty will coordinate corporate and market resources to maximize results. Marty will maintain oversight of the community banking markets and certain corporate departments, providing branch staff a voice at the highest level of the organization."

About First Community Bancshares Inc.
First Community Bancshares Inc., headquartered in Bluefield, Va., is a $2.65 billion financial holding company and the parent company of First Community Bank. First Community Bank operates 72 banking locations throughout Virginia, West Virginia, North Carolina, South Carolina and Tennessee. First Community Bank offers wealth management and investment services through its Trust Division and First Community Wealth Management, a registered investment advisory firm. The Trust Division and First Community Wealth Management managed assets with a market value of $900 million as of June 30, 2013. The company is also the parent company of Greenpoint Insurance Group Inc., a full-service insurance agency headquartered in High Point, N.C., that operates seven insurance locations throughout Virginia, West Virginia and North Carolina. The Company's common stock is traded on the Nasdaq Global Select Market under the symbol, "FCBC." Additional investor information can be found on the company's website at www.fcbinc.com.


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