UPDATE: Keefe Bruyette & Woods Upgrades First Community Bancshares to Outperform on Waccamaw Acquisition - First Community (NASDAQ:FCBC)

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Keefe Bruyette & Woods raises its rating on First Community Bancshares (NASDAQ: FCBC) with a price target raised to $16 a share. Keefe Bruyette & Woods notes, "On June 8, FCBC announced the FDIC-assisted acquisition of Waccamaw Bank, adding $513MM of assets, $330MM of covered loans, and $428MM of deposits in eastern NC. Given the $15M discount bid (3% of assets), we assume no BPO, but a short TBV earn back in under two years. Raising 2012E and 2013E EPS to $1.25 and $1.40, price target to $16 and rating to OP. See PDF for model."FCBC closed at $12.84 on Monday.

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