First Community Subsidiary Bought

First Community Bancshares, Bluefield, Va., has found a buyer for its United First Mortgage Inc. subsidiary.The buyer is Access National Corp., Reston, Va., which is also a bank holding company. First Community announced on July 8 that it terminated the agreement to sell United First Mortgage to certain members of the mortgage company's management team. It has also announced UFM would exit the wholesale business. But as part of the Access announcement, the buyer said the deal gives it "a network of wholesale mortgage relationships that will be used to accelerate the expansion of a recently launched wholesale mortgage division." Access will take over offices in Midlothian, Fredericksburg and Staunton, Va. Access' office in the Richmond area will be combined into the Midlothian office. Other offices, including origination offices in Lynchburg and West Richmond will be closed and the corporate and back office functions of UFM in Richmond will be wound down. No financial terms of the deal were disclosed.