First Bank Completes Acquisition of Two Branches from Four Oaks Bank & Trust Company

First Bank Completes Acquisition of Two Branches from Four Oaks Bank & Trust Company

  • Posted: 03/25/2013
  • Castle Creek

TROY, N.C.–(PRNewswire)–First Bank, the bank subsidiary of First Bancorp (NASDAQ: FBNC), announces the acquisition of the Rockingham and Southern Pines branches of Four Oaks Bank, which was effective at the close of business last Friday, March 22, 2013.  In the transaction, First Bank assumed approximately $58 million in deposits and $17 million in loans.  The customer accounts of the Southern Pines branch have been assigned to First Bank’s office located nearby at Pinecrest Plaza, while the Four Oaks Bank branch in Rockingham will continue to be open, now as a branch of First Bank.

Richard Moore, Chief Executive Officer of First Bank, addressed the Four Oaks Bank customers, “We are so pleased to welcome you as valued customers of First Bank.  Your account records were successfully converted to our system over the weekend, and you can expect a smooth transition.  You can now access your accounts from any of our convenient locations.  Thank you for the privilege to serve you.”

Mr. Moore added, “I would also like to welcome the Four Oaks Bank employees who have joined us. Your continued great service to our customers is critical to the success of our bank.  Thank you for your dedication.”

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