FIRST BANK ANNOUNCES PROJECT LAUNCH, COMMITMENT TO BOOSTING EDUCATION

Rhea-AI Summary

First Bank has announced Project Launch, a new initiative aimed at enhancing educational opportunities in the Carolinas with a $500,000 fund. Starting February 1, 2022, the program will include a year-long contest encouraging community members to propose educational improvement ideas, with monthly winners receiving funding and mentorship. The initiative also introduces the Learning Lab, offering online financial education courses for teens. Additional awards for educators and partnerships with nonprofits will be part of the project throughout the year.

Positive

• Commitment of $500,000 to local education initiatives.
• Launch of Learning Lab for financial education targeting teens.
• Monthly funding for educational projects encourages community involvement.

Negative

• None.

SOUTHERN PINES, N.C., Jan. 25, 2022 /PRNewswire/ -- First Bank continues to build on the Power of Good, its corporate social responsibility program, with the announcement today of Project Launch and the commitment of $500,000 in support of local education initiatives.

Lifting off February 1, 2022, Project Launch is a multi-faceted campaign that involves a year-long contest that seeks answers to one crucial question: "What would you do to improve or support learning and create more educational opportunities in your community?"

Anyone in the Carolinas is invited to enter. Winners will be selected once a month and will receive funds to help get their education-focused projects launched. They will also work with a First Bank associate, who will provide mentorship, financial coaching, or an extra set of hands, as needed. Entries will be accepted until December 17, 2022.

In addition to the contest, Project Launch includes the start of the Learning Lab, a new set of online financial education courses built for teens that focus on budgeting, investing, and saving. These will join the expansive content library and the courses that First Bank has made available to boost financial literacy in the community.

Later in the year, Project Launch will also encompass special awards for educators, key partnerships with local nonprofits, and more. In total, First Bank plans to give away $500,000 to improve or create new educational opportunities.

"Project Launch is the natural next step in the Power of Good and reflects our commitment to going the extra mile as a financial and community partner to the many individuals, families, organizations, and businesses throughout North and South Carolina," said Mike Mayer, First Bank president and CEO. "With a good education, anyone can change the world for the better. It's a cause that's long been important to me personally, and it's exciting to think we're helping teachers, nonprofits, and others do something truly special with the funds that will be awarded this year."

More details about the contest and additional aspects of Project Launch can be found on the Project Launch website throughout 2022: www.localfirstbank.com/projectlaunch.

About First Bank

First Bank is the banking subsidiary of First Bancorp and is headquartered in Southern Pines, North Carolina, with total assets of approximately $10.5 billion. As a state-chartered community bank, First Bank operates 122 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 Bank

FAQ

What is Project Launch by FBNC?

Project Launch is an initiative by First Bank aimed at improving educational opportunities in the Carolinas with a commitment of $500,000.

When does Project Launch start?

Project Launch begins on February 1, 2022.

How can individuals participate in Project Launch?

Individuals can participate by entering a contest to propose ideas for improving education in their community.

What is the total amount allocated for educational initiatives in Project Launch?

First Bank has allocated $500,000 for educational initiatives as part of Project Launch.

What programs are included in Project Launch?

Project Launch includes a contest for educational project funding and the Learning Lab for online financial education for teens.