Aug. 20--Seventy-one years after it began operations, Mooresville Savings Bank is merging with First Community Bancshares, Inc. to become First Community Bank.

First Community, headquartered in Bluefield, Va., announced the merger Tuesday. The company is acquiring Coddle Creek Financial Corp., the Mooresville-based holding company and parent of Mooresville Savings Bank, in a transaction valued at approximately $33.1 million.

Shareholders of Coddle Creek will be entitled to receive $19.60 in cash and .9046 shares of First Community common stock for each common share of Coddle Creek.

John M. Mendez, president and chief executive officer of First Community, said Dale W. Brawley, executive vice president and treasurer of Coddle Creek and president and chief executive officer of Mooresville Savings Bank, will serve as First Community's vice president for the Mooresville/Lake Norman region.

The bank's three branches in Mooresville, Cornelius and Huntersville will remain open, Mendez said.

Mooresville Savings Bank was chartered in 1937. As of June 30, 2008, Coddle Creek had $158.6 million in total assets, $136.6 million in total deposits and $19.1 million in shareholders' equity.

"We are very happy to be joining forces with Mooresville Savings Bank as we prepare to expand our banking network into the very attractive Lake Norman region of North Carolina," Mendez said.

"This represents significant progress towards our strategic plan for expanding in the Greater Charlotte area where we currently have a loan production office."

Added Brawley, " We have admired (First Community's) outstanding record of customer service, financial strength and plan for growth. We are looking forward to having the ability to deliver the products and services of a larger institution to our customers."

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