First Community in SC confirms ‘preliminary’ talks with Signature Bank of Georgia

First Community in Lexington, S.C., confirmed that it has engaged in “preliminary discussions” with Signature Bank of Georgia in Sandy Springs about a merger.

The $2 billion-asset company referred to a media report and an erroneously issued press release by the $249 million-asset Signature Bank.

“No definitive agreement has been entered into, and there can be no assurance that any agreement will be reached or that any transaction will ultimately occur,” First Community said in a regulatory filing.

The prematurely issued release suggested that First Community would pay about $39.5 million for Signature Bank and that two Signature directors would join First Community’s board. The release said that Freddie Deutsch, Signature’s chairman and CEO, would become director of specialty lending, while Steve Reagin, the bank’s president, would become regional market president for Atlanta.