First Bancorp Announces Consolidation of Ten Branches

August 28, 2014

SOUTHERN PINES, NC – First Bancorp (FBNC), the parent company of First Bank, announced today the closure and consolidation of ten of its branches across North CarolinaSouth Carolina and Virginia (The specific branches are listed in Exhibit I).  All branches will be consolidated with other First Bank branches near the closing locations and have at least one receiving branch less than 10 miles away.

Subject to regulatory approval, deposits at most closing branches are expected to transition to nearby branches on December 5th, 2014.  Cathy Dudley, Chief Retail Banking Officer of First Bank, stated the closings are the result of changing customer banking preferences and a need for reinvestment to build stronger branch banking centers that will serve larger areas.  “Like many banks, we’ve seen a significant spike in online and mobile banking usage these last few years and a decrease in branch transaction volumes,” Dudley commented.

“Many of the large banks have left rural areas across our footprint, but we believe the small business owners and families in these areas still need a strong banking partner in their communities.  It is why we are consolidating locations and re-investing in new technologies, services and products.”

 

 

 

 

About First Bancorp
First Bancorp is a bank holding company headquartered in Southern Pines, North Carolina with total assets of approximately $3.3 billion.  Its principal activity is the ownership and operation of First Bank, a state-chartered community bank that currently operates 96 branches, with 81 branches operating in North Carolina, 7 branches in South Carolina (CherawDillonFlorence, and Latta), and 8 branches in Virginia (AbingdonBlacksburgChristiansburgDublin, Fort Chiswell, RadfordSalem and Wytheville), where First Bank does business as First Bank of Virginia. First Bank also has loan production offices in Fayetteville, North Carolina, and Greenville, North Carolina. First Bancorp’s common stock is traded on the NASDAQ Global Select Market under the symbol “FBNC.”

Please visit our website at www.LocalFirstBank.com.