Dexter V. Perry Joins First Bancorp, First Bank Board Of Directors

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Dexter V. Perry has joined the boards of First Bancorp and First Bank, North Carolina's largest community bank, as of July 9, 2021. With a background as a Certified Financial Planner and extensive banking experience, Perry aims to leverage his skills in the finance industry. First Bank was recently named the Best-In-State Bank in North Carolina by Forbes and is set to acquire Select Bank, potentially growing its total assets to over $9 billion. First Bancorp's common stock trades under the symbol FBNC.

Positive

• Appointment of Dexter V. Perry expected to enhance board expertise in finance.
• Forbes recognized First Bank as Best-In-State Bank in North Carolina.
• Upcoming acquisition of Select Bank anticipated to increase total assets to over $9 billion.

Negative

• None.

SOUTHERN PINES, N.C., July 9, 2021 /PRNewswire/ -- This month, Dexter V. Perry joined the boards of First Bancorp and First Bank, North Carolina's largest community bank.

Perry, age 51, is a Certified Financial Planner and a registered Investment Advisor Representative with One Providence Capital, LLC, a registered Investment Adviser Firm based in Cary, North Carolina (NC). He began his career as a consumer bank manager and investment sales producer with First Union National Bank. After earning a Bachelor of Arts degree in Economics from Duke University in 1991, Perry served on the Board of Trustees of the NC Supplemental Retirement Plan, chairing the audit committee and the investment subcommittee, the latter of which was charged with overseeing and monitoring plan assets in excess of $6 billion and reviewing the investment manager performance of over 25 individual mandates stipulated by the plan. 

Perry also served for three years on the board of directors for the John Rex Endowment as a member of its finance committee, which oversaw investment assets of over $75 million.  Additionally, he served on the credit committee for Generations Community Credit Union in Durham, NC until its merger with Self-Help Credit Union in 2014, and was on the boards of directors of Mechanics & Farmers Bank in Durham, NC, and its holding company, M&F Bancorp, Inc.

"We are pleased to have Dexter join our boards and look forward to leveraging his experience in the banking and finance industry," said Richard Moore, First Bancorp CEO. "We believe he will be an outstanding addition."

First Bank, whose holding company is First Bancorp, was recently recognized by Forbes as the Best-In-State Bank in North Carolina and was the only company on the list for the state. This was the third time the bank had made the list and the second year in a row that it appeared as the top selection in NC by the publication. First Bank also recently announced the acquisition of Select Bank, a deal that is expected to close in the fourth quarter of this year. Upon completion of the acquisition, the combined company is expected to have over $9 billion in assets, $6 billion in loans, and $8 billion in deposits.

First Bank's website is at www.LocalFirstBank.com.

About First Bancorp

First Bancorp is a banking holding company headquartered in Southern Pines, North Carolina, with total assets of approximately $7.7 billion. Its principle activity is the ownership and operation of First Bank, a state-chartered community bank that operates 101 bank branches in North Carolina and South Carolina. Since 1935, First Bank has taken a tailored approach to banking, combining best-in-class financial solutions, helpful local expertise, and technology to manage a home or business. First Bancorp's common stock is traded on the NASDAQ Global Select Market under the symbol "FBNC." Visit our website at www.LocalFirstBank.com. Member FDIC, Equal Housing Lender.

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SOURCE First Bancorp

FAQ

Who is Dexter V. Perry in relation to First Bancorp?

Dexter V. Perry has joined the boards of First Bancorp and First Bank as of July 9, 2021.

What is the significance of the upcoming acquisition of Select Bank for FBNC?

The acquisition is expected to increase First Bank's total assets to over $9 billion, enhancing its market position.

How has First Bank been recognized recently?

First Bank was named the Best-In-State Bank in North Carolina by Forbes, marking its third appearance on the list.

What is the trading symbol for First Bancorp?

First Bancorp's common stock is traded under the symbol FBNC.