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                                                                    Exhibit 10.5


                        FIRST COMMUNITY BANCSHARES, INC.
                                 LIFE INSURANCE
                      ENDORSEMENT METHOD SPLIT DOLLAR PLAN
                                  AND AGREEMENT



Insurer:

Policy Number:

Company:                                    First Community Bancshares, Inc.
                                            and its Affiliates

Insured:

Relationship of Insured to Company:         Executive

The respective rights and duties of the Company and the Insured in the
above-referenced policy shall be pursuant to the terms set forth below:

I.       DEFINITIONS

         Refer to the policy contract for the definition of all terms in this
         Plan and Agreement not defined herein.

II.      POLICY TITLE AND OWNERSHIP

         Title and ownership shall reside in the Company for its use and for the
         use of the Insured all in accordance with this Plan and Agreement.
         Where the Company and the Insured (or assignee, with the consent of the
         Insured) mutually agree to exercise the right to increase the coverage
         under the subject Split Dollar policy, then, in such event, the rights,
         duties and benefits of the parties to such increased coverage shall
         continue to be subject to the terms of this Plan and Agreement.

III.     BENEFICIARY DESIGNATION RIGHTS

         The Insured (or assignee) shall have the right and power to designate a
         beneficiary or beneficiaries to receive the Insured's share of the
         proceeds payable upon the death of the Insured, and to elect and change
         a payment option for such beneficiary, subject to any right or interest
         the Company may have in such proceeds, as provided in this Plan and
         Agreement.

IV.      PREMIUM PAYMENT METHOD

         The Company shall pay, in a single deposit, an amount equal to the
         premiums calculated under provisions of the Executive Retention Plan
         and Agreement.


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V.       TAXABLE BENEFIT

         Annually the Insured will receive a taxable benefit equal to the
         assumed cost of insurance as required by the Internal Revenue Service.
         The Company (or its administrator) will report to the Insured the
         amount of imputed income each year on Form W-2 or its equivalent.

VI.      ENTITLEMENT TO THE CASH SURRENDER VALUE OF THE POLICY

         The Company shall be entitled to an amount equal to the policy's cash
         value, as that term is defined in the policy contract, less any
         applicable surrender charges. Such cash value shall be determined and
         paid as of the date of death.

VII.     DIVISION OF DEATH PROCEEDS

         Subject to Paragraphs VI, IX, and XIV herein, the division of the death
         proceeds of the policy is as follows:

         A.       Should the Insured be employed by the Company, disabled or
                  retired on the date of death, the Insured's beneficiary(ies),
                  designated in accordance with Paragraph III, shall be entitled
                  to an amount equal to eighty percent (80%) of the net at risk
                  insurance portion of the proceeds. The net at risk insurance
                  portion is the total proceeds less the cash value of the
                  policy.

         B.       The Company shall be entitled to the remainder of such
                  proceeds..

         C.       Should the Insured not be employed by the Company for reasons
                  other than disability or retirement at the time of his death,
                  no benefits will be paid the insured's beneficiary(ies).

         D.       The Company and the Insured (or assignees) shall share in any
                  interest due on the death proceeds on a pro rata basis as the
                  proceeds due each respectively bears to the total proceeds,
                  excluding any such interest.


VIII.    TERMINATION OF PLAN AND AGREEMENT

         This Plan and Agreement shall terminate upon the insured leaving the
         employment of the Company (voluntarily or involuntarily).

         Except as provided above, this Plan and Agreement shall terminate upon
         distribution of the death benefit proceeds and the cash value in
         accordance with Paragraph VI and VII above.

IX.      INSURED'S OR ASSIGNEE'S ASSIGNMENT RIGHTS

         The Insured may not, without the written consent of the Company, assign
         to any individual, trust or other organization, any right, title or
         interest in the subject policy nor any rights, options, privileges or
         duties created under this Plan and Agreement.



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X.       PLAN AND AGREEMENT BINDING UPON THE PARTIES

         This Plan and Agreement shall bind the Insured and the Company, their
         heirs, successors, personal representatives and assigns.

XI.      ERISA PROVISIONS

         The following provisions are part of this Plan and Agreement and are
         intended to meet the requirements of the Employee Retirement Income
         Security Act of 1974 ("ERISA"):

         A.       Named Fiduciary and Plan Administrator.

         The "Named Fiduciary and Plan Administrator" of this Endorsement Method
         Split Dollar Plan and Agreement shall be First Community Bank, N.A.
         until resignation or removal by the Board of Directors. As Named
         Fiduciary and Plan Administrator, the Bank shall be responsible for the
         management, control and administration of this Split Dollar Plan and
         Agreement as established herein. The Named Fiduciary may delegate to
         others certain aspects of the management and operation responsibilities
         of the Plan, including the employment of advisors and the delegation of
         any ministerial duties to qualified individuals.

         B.       Funding Policy.

         The funding policy for this Split Dollar Plan and Agreement shall be to
         maintain the subject policy in force by purchasing a single premium
         insurance product.

         C.       Basis of Payment of Benefits.

         Direct payment by the Insurer is the basis of payment of benefits under
         this Plan and Agreement, with those benefits in turn being based on the
         payment of premiums as provided in the Executive Retention Plan and
         Agreement.

         D.       Claim Procedures.

         Claim forms or claim information as to the subject policy can be
         obtained by contacting Benmark. When the Named Fiduciary has a claim
         which may be covered under the provisions described in the insurance
         policy, they should contact the office named above, and they will
         either complete a claim form and forward it to an authorized
         representative of the Insurer or advise the named Fiduciary what
         further requirements are necessary. The Insurer will evaluate and make
         a decision as to payment. If the claim is payable, a benefit check will
         be issued in accordance with the terms of this Plan and Agreement.



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         In the event that a claim is not eligible under the policy, the Insurer
         will notify the Named Fiduciary of the denial pursuant to the
         requirements under the terms of the policy. If the Named Fiduciary is
         dissatisfied with the denial of the claim and wishes to contest such
         claim denial, they should contact the office named above and they will
         assist in making inquiry to the Insurer. All objections to the
         Insurer's actions should be in writing and submitted to the office
         named above for transmittal to the Insurer.

XII.     GENDER

         Whenever in this Plan and Agreement words are used in the masculine or
         neuter gender, they shall be read and construed as in the masculine,
         feminine or neuter gender, whenever they should so apply.

XIII.    INSURANCE COMPANY NOT A PARTY TO THIS PLAN AND AGREEMENT

         The Insurer shall not be deemed a party to this Plan and Agreement, but
         will respect the rights of the parties as herein developed upon
         receiving an executed copy of this Plan and Agreement. Payment or other
         performance in accordance with the policy provisions shall fully
         discharge the Insurer for any and all liability.

XIV.     CHANGE OF CONTROL

         For purposes of this Plan and Agreement, Change of Control shall mean
         the purchase or other acquisition by any person, entity or group of
         persons, within the meaning of Section 13(d)(3) of the Securities
         Exchange Act of 1934 (the "Act"), or any comparable successor
         provision, of beneficial ownership within the meaning of Rule 13d-3
         promulgated under the Act, within any twelve month period, of 30
         percent or more of the outstanding shares of common stock of First
         Community Bancshares, Inc. (the "Holding Company"); or the approval by
         the stockholders of the Holding Company of a reorganization, merger,
         consolidation, share exchange or similar transaction pursuant to which
         persons who were stockholders of the Holding Company immediately prior
         to the effective date of such transaction or series of transactions do
         not, immediately after such date, own more than 60 percent of the
         combined voting power entitled to vote generally in the election of
         directors of the surviving or successor corporation; or a liquidation
         or dissolution of the Holding Company; or the sale of all or
         substantially all of its assets.

         Upon a Change of Control, if the Insured's employment is subsequently
         terminated, except for Cause, then the Insured shall be one hundred
         percent (100%) vested in the benefits promised in this Plan and
         Agreement. Therefore, upon the death of the Insured, the Insured's
         beneficiary(ies) (designated in accordance with Paragraph III) shall
         receive the death benefit provided herein as if the Insured had died
         while employed by the Company, whether or not such Insured remains
         employed by the Company.


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         Cause for this Plan and Agreement shall mean, any of the following that
         result in a material adverse effect on the Company: (i) gross
         negligence or gross neglect; (ii) conviction for a felony involving
         fraud or dishonesty; (iii) a breach of fiduciary duty involving
         personal profit; or (iv) excessive absenteeism without approval of the
         employer (provided such absenteeism is not caused by disability). If a
         dispute arises as to discharge for "cause", such dispute shall be
         resolved by arbitration as set forth in the Executive Retention Plan
         and Agreement.

XV.      AMENDMENT OR REVOCATION

         It is agreed by and between the parties hereto that, during the
         lifetime of the Insured, this Plan and Agreement may be amended or
         revoked at any time or times, in whole or in part, by the mutual
         written consent of the Insured and the Company.

XVI.     EFFECTIVE DATE

         The Effective Date of this Plan and Agreement shall be
         ____________________.

XVII.    SEVERABILITY AND INTERPRETATION

         If a provision of this Plan and Agreement is held to be invalid or
         unenforceable, the remaining provisions shall nonetheless be
         enforceable according to their terms. Further, in the event that any
         provision is held to be overbroad as written, such provision shall be
         deemed amended to narrow its application to the extent necessary to
         make the provision enforceable according to law and enforced as
         amended.

XVIII.   APPLICABLE LAW

         The validity and interpretation of this Plan and Agreement shall be
         governed by the laws of the Commonwealth of Virginia.

Executed at ____________, ____________ this ______ day of _____________, ______.

                                            FIRST COMMUNITY BANCSHARES, INC.
                                            Bluefield, Virginia

___________________________                 By:_________________________________
Witness                                                                    Title

___________________________                 ____________________________________
Witness                                     Insured





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                          BENEFICIARY DESIGNATION FORM
                      FOR THE INSURANCE ENDORSEMENT METHOD
                         SPLIT DOLLAR PLAN AND AGREEMENT


PRIMARY DESIGNATION:


      NAME                       ADDRESS                    RELATIONSHIP
      ----                       -------                    ------------


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SECONDARY (CONTINGENT) DESIGNATION:


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All sums payable under the Life Insurance Endorsement Method Split Dollar Plan
and Agreement by reason of my death shall be paid to the Primary Beneficiary, if
he or she survives me, and if no Primary Beneficiary shall survive me, then to
the Secondary (Contingent) Beneficiary.



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Signature of Participant                    Date










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