Exhibit 99.1

                                  NEWS RELEASE

FOR IMMEDIATE RELEASE:                          FOR MORE INFORMATION,
DECEMBER 31, 2003                               CONTACT: ROBERT L. SCHUMACHER
                                                        AT (276) 326-9000


        FIRST COMMUNITY BANCSHARES, INC. (FCBC) ANNOUNCES EXPANSION INTO
         TENNESSEE; TRANSACTION EXPECTED TO BE IMMEDIATELY ACCRETIVE TO
                                    EARNINGS

        BLUEFIELD, VIRGINIA - First Community Bancshares, Inc. (the "Company")
(Nasdaq: FCBC; www.fcbinc.com) announced today the signing of a definitive
merger agreement pursuant to which the Company will acquire PCB Bancorp, Inc., a
Tennessee-chartered bank holding company ("PCB Bancorp"). This acquisition,
which is expected to be immediately accretive to earnings, will expand First
Community Bank's commercial banking operations into East Tennessee, the
Company's first entry into the Tennessee market. PCB Bancorp has five full
service branch offices located in Johnson City, Kingsport and surrounding areas
in Washington and Sullivan Counties in East Tennessee. PCB Bancorp, which is
headquartered in Johnson City, Tennessee, had total assets of $172 million,
total deposits of $150 million and total stockholders' equity of $13.8 million
as of September 30, 2003.

        Under the terms of the merger agreement, shares of PCB Bancorp common
stock will be purchased for $40.00 per share in cash. The total deal value,
including the cash-out of outstanding stock options, is approximately $36
million. Concurrent with the PCB Bancorp merger, Peoples Community Bank, the
wholly-owned subsidiary of PCB Bancorp, will be merged into First Community
Bank, N.A., a wholly-owned subsidiary of First Community Bancshares, Inc. The
merger is expected to close during the first quarter of 2004, pending the
receipt of all requisite regulatory approvals and the approval of PCB Bancorp's
shareholders.

        John M. Mendez, President and Chief Executive Officer of First Community
Bancshares, Inc. noted that "PCB Bancorp represents a natural extension of the
Company's community banking network. The people and the banking philosophy of
People's Community Bank are  closely aligned with that of First Community Bank
and create a natural fit within our company. We are very excited about this
merger and partnership and we believe that the synergies of our two companies
will create a dynamic banking organization within Washington and Sullivan
counties and in the East Tennessee market."

        Phillip R. Carriger, Chairman and Chief Executive Officer of PCB
Bancorp, will remain in charge of the region as President-East Tennessee Region
for First Community Bank, N.A. Mr. Carriger expressed his enthusiasm for the
upcoming merger noting that "In its present markets, First Community Bank has a
community banking philosophy and strong personal service orientation similar to
ours. First Community will be an excellent vehicle for the continued growth of
our community banking focus in East Tennessee."

        First Community expects that the transaction will produce first year
accretion of $.04 to $.06 per common share to the shareholders of First
Community Bancshares in the first full year of operations following the merger.
In commenting on First Community's most recent





acquisition, The CommonWealth Bank in Richmond, Virginia, which closed in June
2003, Mr. Mendez indicated that "the transaction was projected to produce
dilution of $.03 to $.05 per share; however, operations in the first seven
months indicate first year accretion in that transaction of approximately $.01
per share."

        First Community Bancshares did not utilize an investment banking firm in
the transaction and was represented by Patton Boggs LLP. PCB Bancorp's
investment banker was Professional Bank Services, Inc. and its legal counsel was
Bass, Berry and Sims, PLC.

        First Community Bancshares, Inc. is a $1.7 billion bank holding company
with headquarters in Bluefield, Virginia and the parent company of First
Community Bank, also headquartered in Bluefield, Virginia. First Community Bank
operates through 47 full-service offices in the three-state region of Virginia,
West Virginia and North Carolina. With the addition of PCB Bancorp, Inc. the
Company will add its fourth state and expand its branch network to a total of 52
full service offices. First Community Bank is also the parent company of United
First Mortgage, Inc., which operates 10 retail mortgage offices throughout
Virginia. The Company's common stock is traded on the Nasdaq National Market
under the symbol "FCBC."

                                   DISCLAIMER

        This news release may include forward-looking statements. These
forward-looking statements are based on current expectations that involve risks,
uncertainties, and assumptions. Should one or more of these risks or
uncertainties materialize, or should underlying assumptions prove incorrect,
actual results may differ materially. These risks include: securing all
necessary governmental and other approvals, the satisfaction of all conditions
to the merger, changes in business or other market conditions, and the success
of the business combination as planned by the parties. These and other factors
could adversely affect the outcome and financial effects of the plans and events
described herein.

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