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First Community Bank loans review

Last updated:  

Relationship-based lending during regular business hours.

This Virginia-based bank focuses on relationship-based financing for its small business customers. But it has few branches open outside of regular business hours.

Commercial lines of credit, equipment financing, commercial real estate loans, personal loans, mortgages

Types of loans available

North Carolina, Tennessee, Virginia, West Virginia

Area serviced

No

Online applications

Details

Types of loans availableCommercial lines of credit, equipment financing, commercial real estate loans, personal loans, mortgages
Area servicedNorth Carolina, Tennessee, Virginia, West Virginia
Online applicationsNo
Number of branches53
Branch hoursVaries by branch, ranging from 8 a.m. to 5 p.m. on weekdays. Select branches open on Saturdays, ranging from 8:30 a.m. to 12:30 p.m.
Customer service hours7 a.m. to 6 p.m. on weekdays, 8.a.m. to 12:30 p.m. Saturdays
Customer service optionsLive chat, phone, form email, mail
Mobile appYes
Routing number51501299

Expert review

Anna Serio

Review by


Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 950 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.

Expert review

First Community Bank works to offer personalized service to small businesses and individuals, mainly in Virginia and West Virginia areas of Appalachia. With little information online you’ll have to schedule an appointment to learn about what it has to offer — let alone apply. But customers seem to generally have few complaints about this bank.

But mixed employee reviews could point to a high turnaround with bankers, which isn’t ideal for relationship-based banking. And most branches aren’t open before 9 a.m. or after 5 p.m. on weekdays, so you’ll likely have to meet with your banker during business hours.

What is First Community Bank?

First Community Bank is a local with 53 branches across Virginia and West Virginia, as well as some parts of North Carolina and Tennessee bordering on Virginia. Its mission is to offer quality relationship-based customer service.

It's not ideal for finding fast last-minute funding — there are no online loan applications, even for current customers. But with multiple locations across the area it serves, it could be a convenient option for small businesses that also serve the local community.

What types of loans does First Community Bank offer?

First Community Bank offers a limited selection of loans for individuals and small businesses.

  • Commercial lines of credit. Access to cash as your business needs for working capital or other ongoing expenses, like accounts receivable financing or inventory.
  • Equipment financing. A term loan to buy machinery and other equipment your business needs, using the equipment as collateral.
  • Commercial real estate loans. Financing for purchasing real estate, construction and other property-related expenses.
  • Personal loans and lines of credit. Secured and unsecured financing you can use for any personal expense, like home improvements, buying a car and more. Lines of credit start at $5,000 for new customers.
  • Home loans. A wide range of home equity loan programs and mortgages, including conventional, jumbo, FHA, VA, USDA and other types of home loans.

How does borrowing with First Community Bank work?

First Community Bank uses a traditional bank loan application, where you set up an appointment with a loan officer to discuss your financing needs. This process helps ensure you get the type of financing your business needs — which might be different from what you originally set out to apply for.

It's usually time-consuming the first time around, however. Often this process takes at least a few weeks, sometimes even longer. It's typically faster after you've developed a relationship with the banker. It also can help to move your personal loan and banking accounts with First Community Bank, if you decide to start a business relationship.

How do I get started?

You can get started by scheduling an appointment with First Community Bank loan officer.

  1. Go to the First Community Bank website and hover over About us in the main menu.
  2. Select Branch & ATM locations in the drop-down menu.
  3. Enter your ZIP code and hit Search.
  4. Scroll down to view branch addresses, hours and contact information.
  5. After selecting a branch, call the phone number and ask to set up an appointment with a commercial loan officer.

Pros

  • Multiple branches in the areas it serves
  • Live chat on website
  • Some branches open on Saturdays
  • Mobile app

Cons

  • Most branches closed outside regular business hours
  • Limited information about financing options online
  • No online applications
  • Mixed employee reviews

See other business loans

While you might not get the home-town treatment, you can use this table to compare First Community Bank to other lenders.

Data indicated here is updated regularly

Name Product Filter Values Loan amount APR Requirements
First Down Funding business loans
$5,000 – $300,000
Fee Based
At least 2 years in business, an annual revenue of $300,000+, and a minimum credit score of 400
Alternative financing up to $300K with highly competitive rates.
Lendio business loans
$500 – $5,000,000
Starting at 6%
Operate business in US or Canada, have a business bank account, 560+ personal credit score
Submit one simple application to potentially get offers from a network of over 300 legit business lenders.
ROK Financial business loans
$10,000 – $5,000,000
Starting at 6%
Eligibility criteria 3+ months in business, $15,000+ in monthly gross sales or $180,000+ in annual sales
A connection service for all types of businesses — even startups.
OnDeck small business loans
$5,000 – $250,000
As low as 11.89%
600+ personal credit score, 1 year in business, $100,000+ annual revenue
A leading online business lender offering flexible financing at competitive fixed rates.
Rapid Finance small business loans
$5,000 – $1,000,000
Fee based
Steady flow of credit card sales, bad credit OK
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Compare up to 4 providers

First Community Bank reviews and complaints

BBB accredited No
BBB rating B-
BBB customer reviews 1.5 out of 5 stars, based on 2 customer reviews
BBB customer complaints 3 customer complaints
Yelp 1 out of 5 stars, based on 2 customer reviews
Glassdoor 2.9 out of 5 stars, based on 24 customer reviews
Indeed 3.9 out of 5 stars, based on 178 customer reviews
Customer reviews verified as of 04 November 2020

Like most small financial institutions, First Community Bank gets relatively few customer reviews online. Most are negative reviews that revolve around the bank's slow approach to use new technology. This has lead to clerical errors in some cases.

One borrower was still enrolled in overdraft services seven years after canceling the service. The bank accidentally deleted the electronic statements for another customer.

But overall, there are the low number of complaints compared to the number of First Community Bank branches. This shows that most customers are likely happy with their experience.

What do employees say?

Employees also give mixed reviews. Many cite problems with management and work culture. Some note that there aren't many career advancement opportunities.

These are all signs that could indicate high employee turnaround, which can make it difficult to develop a long-term relationship. This might not be a problem with an online lender. But this bank prides itself in developing strong customer relationships.

What other products does it offer?

First Community Bank has a a limited selection of other products you might want to take advantage of as a business owner:

  • Personal and business checking accounts
  • Personal and business savings accounts
  • Personal and business insurance
  • Personal and business money market accounts
  • Merchant services
  • Business CDs
  • Business treasury services
  • Electronic check recovery program
  • Personal IRAs and CDs
  • Safe deposit boxes

First Community Bank history

Headquartered in Bluefield Virginia, First Community Bank first opened its doors in 1874. Its grown to reach residents of North Carolina, Tennessee and West Virginia mostly after mergers with other local banks. Most recently, it bought out Highlands Union Bank at the end of 2019.

Bottom line

First Community Bank could be a good option it you're looking to develop a long-term personal relationship with a lender and would prefer to work in-person rather than online. But its mixed employee reviews indicate there could be a chance your banker won't stay on your account as long as you might like.

Talk to other business owners in your area who've had experience with this bank before you sign up. And check out our guide to business loans to read about other financing options.

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