Item 2.01 Completion of Acquisition or Disposition of Assets.

Effective as of 5:01 p.m. on April 21, 2023 (the "Effective Time"), First Community Bankshares, Inc. ('First Community") completed its previously announced merger (the "Merger") with Surrey Bancorp, a North Carolina corporation headquartered in Mount Airy, North Carolina ("Surrey"), pursuant to an Agreement and Plan of Merger (the "Agreement") dated November 17, 2022, by and between First Community and Surrey. At the Effective Time, Surrey merged with and into First Community, with First Community as the surviving corporation in the Merger.

Immediately following the Merger, Surrey Bank & Trust, a wholly-owned subsidiary of Surrey, merged with and into First Community Bank, a wholly-owned subsidiary of First Community (the "Bank Merger"), with First Community Bank as the surviving bank in the Bank Merger.

Under the terms of the Agreement, each outstanding share of common stock of Surrey was converted into the right to receive 0.7159 shares of First Community common stock, par value $1.00 per share.

There were no material relationships, other than in respect of the Merger, between First Community and Surrey, its directors or officers or any of its affiliates.

The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Agreement, a copy of which is attached as Exhibit 2.1 to First Community's Current Report on Form 8-K filed on November 18, 2022 and incorporated herein by reference.

Item 8.01 Other Events

On April 24, 2023, First Community issued a press release announcing the completion of the Merger. A copy of the press release is attached hereto as Exhibit 99.1 and is being furnished to the Securities and Exchange Commission ("SEC") and shall not be deemed "filed" for any purpose.

Item 9.01 Financial Statements and Exhibits



(a) Financial Statements of business acquired.
Not required.

(b) Pro forma financial information. No pro forma financial information is required to be filed for the acquisition of Surrey.



(c) None

(d) Exhibits

2.1 Agreement and Plan of Merger, dated as of November 17, 2022, by and between First Community Bankshares, Inc. and Surrey Bancorp (incorporated by reference to Exhibit 2.1 to the Form 8-K dated November 17, 2022 filed by First Community Bankshares, Inc. on November 18, 2022 (File No 000-19297)*

99.1 Press Release, dated April 24, 2023, issued by First Community Bankshares, Inc.

104 Cover-Page Interactive Data File (embedded within the Inline XBRL document)

*Listed disclosure schedules have been omitted pursuant to Regulation S-K item 601(b)(2). First Community agrees to furnish a supplemental copy of such schedules upon request of the SEC.

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