LEXINGTON, S.C., May 15, 2012 /PRNewswire/ -- First Community Corporation (Nasdaq: FCCO), the holding company for First Community Bank, N.A., announced today that it has filed a registration statement on Form S-1 with the Securities and Exchange Commission for a proposed public offering of up to $12.5 million in shares of its common stock, par value $1.00 per share. (Logo: http://photos.prnewswire.com/prnh/20030508/FCCOLOGO ) Raymond James & Associates, Inc. will act as the sole book-running manager for the offering. The underwriter will have a 30-day option to purchase up to an additional 15% of the offered amount of common stock from the Company to cover over-allotments, if any. The Company expects to receive net proceeds from this offering of approximately $11.5 million, after deducting underwriting discounts and commissions and other estimated expenses (or approximately $13.3 million if the underwriter exercises its over-allotment option in full). The Company intends to use the proceeds of the offering to repurchase all of its outstanding Series T Preferred Stock and, potentially, the warrant issued to the U.S. Treasury pursuant to the TARP Capital Purchase Program. Additionally, it intends to use any remaining proceeds for general corporate purposes, including contributing a portion of the proceeds to the Bank as additional capital to support organic growth and, potentially, opportunistic acquisitions that meet its investment criteria. The approval of the U.S. Treasury and the Company's banking regulators is required for the repurchase of the Series T Preferred Stock. The Company is consulting with its banking regulators as to its intent to repurchase the Series T Preferred Stock, and the Company understands that the U.S. Treasury will also consult with the Company's regulators upon receipt of notice from the Company of its intention to so repurchase.