An update from First Community (FCCO) is now available.
First Community Corporation has announced that J. Ted Nissen will become CEO of First Community Bank starting July 1, 2024, and join the board of directors for both the bank and the holding company. Nissen’s new employment agreement includes an initial three-year term with automatic extensions, an annual salary of $425,000 with potential increases, eligibility for various incentives and benefits, and provisions for severance payments under certain conditions, including a change in control of the company. The agreement aims to avoid constituting “excess parachute payments” under tax law, reducing payments if necessary to comply.
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