News & Press Releases
First Sentinel Bank is proud to announce the hire of Mike McCoy as their Business Development Officer at their Johnson City, TN Loan Production Office. Mr. McCoy will be responsible for Lending Activities in Johnson City and surrounding areas. Mr. McCoy brings over 38 years of banking experience to the role. Throughout his banking career, Mike has served in Senior Management and Senior Lending roles at community banks as well as regional banks. Mike resides in Johnson City with his wife Jenifer. They have two children. Their oldest daughter Meredith is married to Dr. Kevin Metzger. They are the parents of Mike’s grandson, Lincoln. Mike’s youngest daughter Maura is a student at Morehead State University.
“We are excited to have Mr. McCoy join our team of professionals.” said John Thompson, President, First Sentinel Bank “Mike brings with him over 38 years in the banking industry and we feel he will provide a tremendous benefit to our bank and the customers in our footprint.”
Since its original charter in 1978, First Sentinel Bank has grown into one of the leading community banks including a full array of financial services. Our footprint consists of seven full-service branches in Russell, Tazewell, Bland and Wythe Counties in Virginia as well as a full-service branch in Mercer County, West Virginia. First Sentinel bank also has loan production offices in Abingdon, VA and the New River Valley. With a strong dedication to providing for the needs of the community, First Sentinel Bank will strive to be a bank that individuals and all businesses can trust and depend on.
The Johnson City Loan Production Office is located at 206 Princeton Road, Suite 32 in Johnson City. You may contact Mike via email: firstname.lastname@example.org or give him a call at 276-701-4456.
First Region Bancshares, Inc. (the "Company") is pleased to announce that the Company has completed a private placement of $7 million in aggregate principal amount of fixed-to-floating rate subordinated notes due 2032 (the "Notes") to certain qualified institutional buyers and institutional accredited investors.
The Notes will initially bear interest at 3.75% per year, payable semi-annually in arrears. Beginning Feb. 1, 2027, through the maturity date or earlier redemption, the interest rate will reset quarterly based on the then current Three-Month Term SOFR plus 236 basis points, payable quarterly in arrears. Also beginning Feb. 1, 2027, through maturity, the Notes may be redeemed in whole or in part, at the Company’s option. The Notes will mature Feb. 1, 2032.
The Notes are structured to qualify as Tier 2 capital instruments for regulatory capital purposes. The Company intends to utilize the proceeds from the sale of the Notes for repayment of existing debt and general corporate purposes, including investment in First Sentinel Bank, the Company's wholly-owned bank subsidiary.
First Region Bancshares, Inc. President & CEO John C. Thompson stated, "In the very uncertain interest rate environment all banks are operating in, we are excited to have successfully completed this subordinated debt issuance on such favorable terms."
In addition, First Region Bancshares, Inc. Executive Chairman George W. McCall, III stated, “The issuance will provide us the opportunity to grow our existing footprint and expand into new, economically vibrant markets.”
PNC FIG Advisory, part of PNC Capital Markets LLC, served as sole placement agent on the transaction. Jackson Kelly, PLLC served as legal counsel to the Company and Pillar + Aught served as legal counsel to the placement agent.
About First Region Bancshares, Inc.
First Region Bancshares, Inc. and its wholly owned subsidiary, First Sentinel Bank has grown into a leading community bank including a full array of financial services. Our footprint consists of eight full-service branches in Russell, Tazewell, Bland and Wythe Counties in Virginia and Mercer County, West Virginia as well as loan production offices in the New River Valley of Virginia, Abingdon, Virginia and Johnson City, TN. With a strong dedication to providing for the needs of the community, First Sentinel Bank will strive to be a bank that individuals and all businesses can trust and depend on.
Statements made in this press release that are not historical facts are forward-looking statements. These forward-looking statements are not guarantees and involve risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward-looking statements. Expectations and assumptions related to forward-looking statements involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the Company's control. Therefore, there can be no assurance that the expected results contemplated in the forward-looking information will be achieved and should not be relied upon or regarded as the Company's express or implied representation that any strategy, objectives or other plans will be achieved. Forward-looking statements are not a guarantee of future performance or results, are based on information available at the time the statements are made and involve known and unknown risks, uncertainties and other factors that could cause our actual results to differ materially from the information in the forward-looking statements and can change as a result of many possible events or factors, not all of which are known to us or in our control.
CONTACT: John C. Thompson
President & Chief Executive Officer
Phone: (276) 963-3000
First Sentinel Bank is pleased to announce the opening of a new branch in Princeton, WV located at 329 Ingleside Road. The branch opened on September 20th and First Sentinel Bank will host a Grand Opening on September 24th from 11:00am-3:00pm to celebrate with the Princeton community and surrounding areas. The Princeton location marks the 8th full-service branch office for First Sentinel Bank and their first in West Virginia.
“We are thrilled to expand our footprint into the very vibrant community of Princeton,” said John C. Thompson, President and CEO of First Sentinel Bank. “As a community-focused financial institution, we believe our core values and relationship-based banking philosophy meet the personal and business banking needs of Princeton. We look forward to supporting the commercial and small businesses in the community, as well as growing families that call Mercer County home.”
As a full-service bank, First Sentinel Bank offers the Princeton community in-branch solutions, as well as online and digital solutions to meet customer banking preferences. The branch provides an extensive array of consumer and commercial products and services, as well as investment products through First Sentinel Financial Services. To efficiently serve the needs of the community, First Sentinel Bank has hired a number of local professionals for the branch. Fred Farley, a Mercer County resident and active member of the community, has been named Branch Manager.
“We believe in investing in communities where we live and are connected to personally and professionally,” said Thompson. “Fred not only has experience in financial services, but he also has deep roots within the city of Princeton and Mercer County. We’re confident he will uphold First Sentinel Bank’s commitment to putting our customers at the forefront of everything we do and giving back to our communities.”
“Today’s announcement is another reminder of the Bank’s continued promise to support and invest in the communities we serve,” said George W. McCall, III, Executive Chairman. “We are excited for the opportunity to grow in the Princeton community while also expanding our presence in Mercer County,” said McCall.
Branch Manager Fred Farley and the team of professionals are ready to serve both personal and business banking customers at the new branch.
You may contact Fred via email: email@example.com or give him a call at 276-963-3000.
The Board of Directors of First Region Bancshares and First Sentinel Bank, are proud to announce the hiring of Adam Kidd as Financial Advisor for First Sentinel Financial Services. Mr. Kidd will be responsible for researching all retail investment products and providers available and presenting unbiased recommendations to meet our customer’s financial needs. He will also evaluate the marketplace and recommend strategies clients can use to achieve their financial goals and objectives, including specific recommendations in such areas as wealth management, retirement, insurance coverage, and investment planning.
Mr. Kidd has several years of experience in investment services in Southwest Virginia and Southern West Virginia. He currently lives in Bastian, VA, graduated from Rocky Gap High School, Radford University, and Southern New Hampshire University where he received his MBA. Please join us in wishing Adam great success in his new role with First Sentinel Bank.
“We are pleased and excited to have a person with such extensive experience like Mr. Kidd join our team.” said John Thompson, President, First Sentinel Bank “Adam brings with him valuable financial services experience and we feel he will provide a tremendous benefit to our clients as we expand our customer base.”
You may visit Adam Kidd at our Bland office located at 427 Main Street, Bland, VA (You may visit Adam at your local branch by appointment). You can also contact him by phone: 276-963-3000 or by email at firstname.lastname@example.org
First Sentinel Bank is proud to announce the hire of Brad Hughes as their VP-Loan Production Officer for the New River Valley. Mr. Hughes will be responsible for Lending Activities in the New River Valley and surrounding areas.
Mr. Hughes has over 10 years of experience in this line of work in Southwest Virginia. Brad is a Wythe County native and attended Wytheville Community College in Business Administration. He also earned certificates in Business Lending and Commercial & Industrial Lending from East Carolina University and Raleigh Business School. He still resides in Wythe County with his wife Heather and their four children: Greyson, Aubrey, Mallaury and Ella. Please join us in welcoming Brad to the First Sentinel Bank family.
"We are excited to have Mr. Hughes join our team of talented professionals," said John Thompson, President and CEO of First Sentinel Bank. "Brad brings with him over 10 years of experience in this industry and we feel he will provide a tremendous benefit to the customers as we expand our footprint. In addition, he will be working to expand our product lines and improve customer service for each of our clients."
You may contact Brad via email: email@example.com or give him a call at 276-963-3000.
First Sentinel Bank announces an organization-wide increase to its hourly minimum wage rate. The Board of Directors of First Region Banchares and its subsidiary, First Sentinel Bank, has announced its decision to increase its investment in staff development at First Sentinel Bank by raising the hourly minimum wage offered to employees. Effective August 6, 2018, the hourly minimum wage is increasing to $12.50 an hour.
John Thompson, President and CEO of First Sentinel Bank, stated that, “First Sentinel Bank is proud of our corporate culture and of the hard work from our staff day in and day out. This increase allows us to invest more fully in our employees and their continued development and growth with the bank. We are thankful to the Board of Directors for approving this increase and are excited to continue developing our staff and our organization as we move forward.”
Since its original charter in 1978, First Sentinel Bank has grown into one of the leading community banks in the area with seven full service branches in Tazewell, Russell, Bland and Wythe Counties, as well as loan production offices in Princeton, WV and Abingdon, VA. With a strong dedication to providing for the needs of the community, First Sentinel Bank strives to be a bank that offers a full range of financial services for personal and business needs.
Recently, news reports were released regarding an assurance of discontinuance agreement that First Sentinel Bank entered into with the West Virginia Attorney General's office in 2017. We disagree with some of the details outlined in these reports regarding the assurance agreement and would like to clarify a few material points.
As a result of a complaint by an individual in West Virginia, First Sentinel Bank entered into an assurance of discontinuance in December of 2017. While we acknowledged no wrongdoing on our part, in the interest of integrity and the dedication of serving our community with excellence, we entered into the agreement, which had a positive impact on 324 of our former West Virginia customers. The terms of the agreement are part of the public record and were approved and accepted in December 2017.
We appreciate the work of the West Virginia Attorney General's office and their assistance with this matter. We consider this chapter closed and behind us, as all terms of the agreement have been honored and it has been officially closed for several months.
First Sentinel Bank prides itself on serving our customers with integrity and dedication. We work diligently to comply with all state and federal regulations and have a strong compliance program to ensure that we follow all laws regarding our practices. We are always willing to work with state and federal agencies to make sure all customer rights are honored and protected.
We look forward to a strong future with many exciting things on the horizon. We are thankful for our communities and local agencies and their support of the services we provide to our customers.
First Sentinel Bank announces one-time Tax Cut bonuses for its employees. Changes in the Tax Cuts and Jobs Act implemented at the beginning of 2018 will benefit many organizations, including First Sentinel Bank, in the form of lower corporate tax rates. The Board of Directors of First Region Banchares and its subsidiary, First Sentinel Bank, has announced its decision to share the estimated 2018 corporate tax savings with the employees of First Sentinel Bank. All employees of the bank will receive a one-time cash bonus of $750 each in recognition of their continued hard work, dedication, and contributions to the ongoing success of the bank.
John Thompson, President and CEO of First Sentinel Bank, stated that, “First Sentinel Bank believes in sharing its success with the people who drive that success. To that end, we are happy to have the opportunity to share our 2018 corporate tax savings with our employees as a one-time bonus. We are proud of the overall compensation package we provide to our employees, and this Tax Cut Bonus is an exciting supplement to that package.”
“The Board of Directors and Executive Team appreciate the hard work our employees put in day in and day out, and we are pleased to recognize their efforts with this bonus opportunity,” said George W. McCall III, Executive Chairman of First Sentinel Bank. “The tax savings we will see this year as a result of the Tax Cuts and Jobs Act are allowing us to invest more robustly in our employees and our operations, and we are excited about the positive impact this will have on the bank.”
The employees of First Sentinel Bank will receive the one-time bonus in March 2018. Mr. Thompson commented, “First Sentinel Bank could not be a success without the contributions of our employees. We appreciate each and every employee and we look forward to a successful 2018 and beyond.”
The Board of Directors of First Region Bancshares and its subsidiary First Sentinel Bank is proud to announce the addition of Mr. John J. Breedlove to the Board of Directors.
Mr. Breedlove is the President of Heintzmann Corporation in Richlands, Virginia. He is a 1974 graduate of Richlands High School and completed his B.S. in Mining Engineering at Virginia Tech in 1979. While pursuing his degree, he worked summers and most holidays at Jewell Smokeless Coal Company. After earning his degree, Mr. Breedlove continued his career there serving as Foreman and General Inside Foreman, and later as Jewell’s Longwall Coordinator. He was promoted to Project Engineer in 1982. Mr. Breedlove started working at the Heintzmann Corporation as Sales Manager for longwall roof supports in 1984. In 1991, he was promoted to President of the company.
Mr. Breedlove is the 2013 recipient of the Virginia Tech Department of Mining and Minerals Engineering Distinguished Alumnus Award. He is involved in many professional organizations including the West Virginia Mine Institute, King Coal Club, Eastern Coal Council, and the Richlands Chamber of Commerce. He is a member of the Society for Mining, Metallurgy and Exploration (SME), serving as a board member for the Central Appalachian Section. He is also a board member for the Virginia Mine Institute and serves on the Advisory Board of Virginia Tech’s Mining Department.
Mr. Breedlove resides in Richlands with his wife, Diane. He has two children, Michael and Sarah.
“We are very excited that Mr. Breedlove has joined the board at First Sentinel Bank,” said John Thompson, President and CEO of First Sentinel Bank. “He provides a new perspective and we look forward to learning from his experiences and expertise. He will be a great asset to First Sentinel Bank in the coming years.”
“We are pleased to welcome Mr. Breedlove as a new board member,” said George McCall, Executive Chairman of First Sentinel Bank. “Mr. Breedlove brings a wealth of knowledge and experience in many fields, and will be a tremendous asset to our board as we continue to develop new markets.“