First Bancorp Added to the S&P SmallCap 600® Index

Rhea-AI Summary

First Bancorp (NASDAQ: FBNC) will be added to the S&P SmallCap 600 Index effective November 13, 2020. This inclusion signals a recognition of its financial viability and liquidity, as the index comprises 600 small-cap stocks with market capitalizations between $600 million and $2.4 billion. CEO Richard Moore expressed optimism about the addition, anticipating increased liquidity for shareholders. First Bancorp, headquartered in Southern Pines, NC, manages approximately $7.1 billion in total assets and operates First Bank, which has 101 branches in North and South Carolina.

Positive

• Inclusion in the S&P SmallCap 600 Index expected to enhance stock liquidity.
• Recognition indicates financial viability and stability of First Bancorp.

Negative

• None.

SOUTHERN PINES, N.C., Nov. 6, 2020 /PRNewswire/ -- First Bancorp (NASDAQ - FBNC), the parent company of First Bank, has received notice that S&P Global will add First Bancorp to the S&P SmallCap 600® Index effective Friday, November 13, 2020.  This Index is comprised of 600 stocks in various sectors with market capitalizations of between $600 million and $2.4 billion and seeks to measure the small-cap segment of the U.S. equity market.  The Index is designed to track companies that meet specific inclusion criteria to ensure that they are liquid and financially viable.

Richard Moore, the Chief Executive Officer of First Bancorp, stated, "We are pleased with the addition of our stock to this widely followed stock index and expect that it will increase the liquidity of the stock for our shareholders."

First Bancorp is a bank holding company headquartered in Southern Pines, North Carolina, with total assets of approximately $7.1 billion. Its principal activity is the ownership and operation of First Bank, a state-chartered community bank that operates 101 branches in North Carolina and South Carolina.  First Bank also provides SBA loans to customers through its nationwide network of lenders – for more information on First Bank's SBA lending capabilities, please visit www.firstbanksba.com.  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.

 

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SOURCE First Bancorp

FAQ

When will FBNC be added to the S&P SmallCap 600 Index?

FBNC will be added to the S&P SmallCap 600 Index effective November 13, 2020.

What does the inclusion in the S&P SmallCap 600 Index mean for FBNC?

The inclusion means First Bancorp is recognized for its financial viability, potentially increasing stock liquidity.

What is the market capitalization range for companies in the S&P SmallCap 600 Index?

The S&P SmallCap 600 Index includes companies with market capitalizations between $600 million and $2.4 billion.

What is the total asset value of First Bancorp?

First Bancorp has total assets of approximately $7.1 billion.

How many branches does First Bank operate?

First Bank operates 101 branches in North and South Carolina.