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Virginia's First Community to reincorporate from Nevada

First Community Bancshares Inc.'s shareholders will vote on a proposal to reincorporate the company into Virginia.

Incorporated in Nevada, First Community is headquartered in Bluefield, Va., and does much of its business in the latter state. The company's board, in recommending reincorporation, said the legal move could "result in increased operational efficiencies and may reduce costs."

As part of the reincorporation, First Community's board also wants the company renamed to Bankshares from Bancshares to "minimize confusion."

The vote will be held at the company's annual shareholder meeting April 24.