1st Community Exits Wholesale Biz

First Community Bancshares Inc., Bluefield, Va., has announced the discontinuance of the wholesale portion of its mortgage subsidiary.The company noted that a proposed sale of the mortgage subsidiary was canceled in early July. "While the mortgage banking subsidiary continues to be held for sale, termination of the previously announced sale led to the elimination of the wholesale portion of the mortgage company's business and substantial downsizing of the remaining retail division," the company said. In the second quarter, the company recorded impairment charges of $933,000 to reduce the carrying value of the subsidiary to "its estimated fair value less costs to sell." First Community reported net income of $5.6 million ($049 per share) for the second quarter, compared with $7.0 million ($0.63 per share) a year earlier.