First Bancorp Announces Completion of Branch Exchange

First Bancorp Announces Completion of Branch Exchange

  • Posted: 07/18/2016
  • Castle Creek

SOUTHERN PINES, N.C., July 18, 2016–(PRNewswire)–First Bancorp (NASDAQ: FBNC), the parent company of First Bank, announces today that it has completed the exchange of its seven First Bank branches located in Virginia, where it does business as First Bank of Virginia, to First Community Bank in return for six of that bank’s branches located in North Carolina.

As a result of the exchange, the First Community Bank branches located in Mooresville and Huntersville, and the four branches located in Winston-Salem opened today as branches of First Bank.  Customer accounts were successfully converted between the two banks over the weekend, and the transition is expected to be smooth.

In the exchange, First Bank acquired approximately $154 million in loans and $111 million in deposits, while transferring approximately $152 million in loans and $134 million in deposits to First Community Bank.

Richard Moore, Chief Executive Officer of First Bancorp, addressed First Bank’s new customers, “We welcome you to First Bank.  We are eager to serve you, and we thank you for the opportunity to do so.”  Mr. Moore further commented, “We are pleased to complement our recent investments in the Triad and Charlotte-Metro Regions with these new offices.  Our pending acquisition of Carolina Bank in Greensboro will further increase our presence in the Triad when completed.”

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