First Community Bankshares agrees to $4.8M settlement over overdraft fee class action

FIRST COMMUNITY BANKSHARES INC /VA/

Settlement establishes a $4.8 million fund and forgives up to $500,000 in unpaid fees.
Lawsuit alleged improper overdraft and NSF fees on debit card transactions.
Bank admits no wrongdoing and will receive a complete release of claims.
Company previously accrued $3.0 million for this liability; settlement total is ~$5.3 million.
Settlement is subject to documentation and preliminary and final court approval.

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