March 25, 2013
/PRNewswire/ -- First Bank, the bank subsidiary of First Bancorp (NASDAQ: FBNC), announces the acquisition of the
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
in deposits and
in loans. The customer accounts of the
branch have been assigned to First Bank's office located nearby at Pinecrest Plaza, while the Four Oaks Bank branch in
will continue to be open, now as a branch of First Bank.
, 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."
First Bancorp is a bank holding company headquartered in
Troy, North Carolina
with total assets of approximately
. Its principal activity is the ownership and operation of First Bank, a state-chartered community bank that operates 98 branches, with 82 branches operating in
, 9 branches in
), and 7 branches in
, Fort Chiswell,
), where First Bank does business as First Bank of
. First Bank also has loan production offices in
Greenville, North Carolina
. First Bancorp's common stock is traded on the NASDAQ Global Select Market under the symbol "FBNC."
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