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First Bancorp Announces Consolidation of Ten Branches

SOUTHERN PINES, N.C., Aug. 27, 2014 /PRNewswire/ -- First Bancorp (FBNC), the parent company of First Bank, announced today the closure and consolidation of ten of its branches across North Carolina, South 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.

First Bancorp Logo

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 (Cheraw, Dillon, Florence, and Latta), and 8 branches in Virginia (Abingdon, Blacksburg, Christiansburg, Dublin, Fort Chiswell, Radford, Salem 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.

Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, which statements are inherently subject to risks and uncertainties.  Forward-looking statements are statements that include projections, predictions, expectations or beliefs about future events or results or otherwise are not statements of historical fact.  Such statements are often characterized by the use of qualifying words (and their derivatives) such as "expect," "believe," "estimate," "plan," "project," "anticipate," or other statements concerning opinions or judgments of the Company and its management about future events.  Factors that could influence the accuracy of such forward-looking statements include, but are not limited to, the financial success or changing strategies of the Company's customers, the Company's level of success in integrating acquisitions, actions of government regulators, the level of market interest rates, and general economic conditions.  For additional information about the factors that could affect the matters discussed in this paragraph, see the "Risk Factors" section of the Company's most recent annual report on Form 10-K available at www.sec.gov.  Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements.  The Company is also not responsible for changes made to the press release by wire services, internet services or other media.

 

Exhibit I



Closing Branch

Receiving Branch

Transition Date

North Asheboro

1724 North Fayetteville Street

Asheboro, NC 27204

Asheboro

176 North Fayetteville Street

Asheboro, NC 27203

December 5, 2014

Candler

6 Dogwood Road

Candler, NC 28715

Asheville – Leicester

349 New Leicester Highway

Asheville, NC 28806

December 5, 2014

Candor

129 South Main St

Candor, NC 27229

Biscoe

104 National Drive

Biscoe, NC 27209

December 5, 2014

Cheraw Market St.

515 Market Street

Cheraw, SC 29520

Cheraw – Main

901 Chesterfield Hwy

Cheraw, SC 29520

December 5, 2014

Dublin, VA

205 Broad Street

Dublin, VA 24084

Radford

1400 Tyler Avenue

Radford, VA 24141

December 5, 2014

Maxton

107 West Central Street

Maxton, NC 28364

Laurinburg

601 South Main Street

Laurinburg, NC 28353

December 5, 2014

Pinebluff

140 North Walnut Street

Pinebluff, NC 28373

Aberdeen

105 South Sandhills Boulevard

Aberdeen, NC 28315

December 5, 2014

Rockingham

1305 East Broad Ave

Rockingham, NC 28379

Rockingham –Main

1401 Fayetteville Rd.

Rockingham, NC 28379

To Be Determined

Washington – J. Small

1296 John Small Ave

Washington, NC 27889

Washington –Second St.

132 West Second Street

Washington, NC 27889

December 5, 2014

Thomasville

22 Winston Street

Thomasville, NC 27360

Thomasville-Liberty Square

201 Kennedy Road

Thomasville, NC 27360

December 5, 2014

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SOURCE First Bancorp

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