First Bancorp (NASDAQ: FBNC) is a bank holding company headquartered in Southern Pines, North Carolina. It operates as First Bank in North and South Carolina and First Bank of Virginia in Virginia. The company has total assets of $3.3 billion.
Description
First Bank is the sixth largest bank in North Carolina. It has 77 branches in 29 counties of North Carolina, and nine branches in the South Carolina communities of Cheraw, Dillon, Florence, Latta, Jefferson, and Little River. In Virginia, First Bank of Virginia has branches in Abingdon, Christiansburg, Dublin, Fort Chiswell, Radford, and Wytheville as well as a loan production office in Blacksburg.
First Bancorp has two additional subsidiaries: Montgomery Data Services, Inc. and First Bank Insurance Services, Inc., which in February 2010 bought The Insurance Center, Inc.
History
Bank of Montgomery began in Troy in 1935 and changed its name to First Bank in February 1985.
On December 16, 1999, First Bancorp agreed to buy First Savings Bancorp Inc., parent of First Savings Bank of Moore County, with six branches and $325 million in assets, for $78.4 million in stock.
On October 23, 2000, First Bancorp announced its purchase of Century Bancorp of Thomasville and its subsidiary Home Savings, founded in 1915. At the time, First Bank had 43 branches in 15 counties. In the Thomasville area First Bank already had branches in High Point and Archdale.
On October 1, 2008, First Bancorp announced the completion of its merger with Great Pee Dee Bancorp, Inc., the holding company of Sentry Bank and Trust, headquartered in Cheraw, South Carolina, with branches in Cheraw and Florence, $221 million in assets, and $155 million in deposits.
On June 19, 2009, the Federal Deposit Insurance Corporation closed Cooperative Bank of Wilmington, chartered in 1898 and the second bank in North Carolina to fail in 2009; First Bank took over its 24 branches and $774 million in deposits as of June 22.
In 2013, First Bancorp moved its corporate headquarters from Troy, North Carolina to Southern Pines, North Carolina.
References
External links
- Company website
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