FIRST BANK COMPLETES SELECT BANK & TRUST CONVERSION

Rhea-AI Summary

On March 21, 2022, First Bank successfully completed its acquisition of Select Bank & Trust, enhancing its network with 11 new locations across North Carolina and South Carolina. This acquisition boosts First Bank's total assets to $10.6 billion, with $6.0 billion in loans and $9.3 billion in deposits. CEO Mike Mayer emphasized their commitment to a smooth transition for new customers. Additionally, the bank launched Project Launch, dedicating up to $500,000 to educational innovations, funding $22,800 in its first month alone.

Positive

• Acquisition of Select Bank & Trust adds 11 locations to the First Bank network.
• Total assets increased to $10.6 billion, with $6.0 billion in loans and $9.3 billion in deposits.
• Commitment of up to $500,000 for educational initiatives through Project Launch.

Negative

• None.

SOUTHERN PINES, N.C., March 21, 2022 /PRNewswire/ -- This weekend saw First Bank finalizing its acquisition of Select Bank & Trust with a successful systems conversion between the banks. With the conversion, First Bank will add 11 locations to its branch/ATM network, including in North Carolina: Sylva, Highlands, Franklin, the Ballantyne area of Charlotte, Elizabeth City, Cornelius, Dunn, Clinton, and Goldsboro; and two in South Carolina: Rock Hill and Blacksburg. The Fayetteville branch of First Bank will be relocating to the former Select Bank & Trust location at 2818 Raeford Road as well. The addition of Select Bank & Trust increased First Bank's total assets to $10.6 billion with $6.0 billion in loans and deposits of $9.3 billion.

Mike Mayer, First Bank president and CEO, said of the conversion weekend, "This is the culmination of many months of work, and at every step we ensured our new customers remained first and foremost. With any conversion there are challenges, but we truly believe our people are equipped and ready to handle anything that happens and have worked very hard to make sure it's smooth. We couldn't be more thrilled to welcome the Select Bank customers and associates to the First Bank team."

First Bank also recently announced an enhanced social responsibility campaign called Project Launch, which sees the bank committing up to $500,000 in support of education-based innovations and ideas. Just in the first month of Project Launch, 8 initiatives were funded totaling $22,800 in the Carolinas, from ideas like a full-scale recording studio for a Harnett County high school to the creation of a StoryWalk in North Brunswick County for visitors to enjoy, as well as a multicultural, dual-language library of books for elementary students in Alamance County and several more. Winners will be chosen each month through the end of 2022. 

In addition to the contest, First Bank will host the "Out-of-this-World Educator Awards" in the fall (more information to come). Learn more about Project Launch here: https://localfirstbank.com/projectlaunch/

About us:

First Bank is the banking subsidiary of First Bancorp and is headquartered in Southern Pines, North Carolina, with total assets of approximately $10.6 billion. As a state-chartered community bank, First Bank operates 112 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 the significance of First Bank's acquisition of Select Bank & Trust for investors in FBNC?

The acquisition enhances First Bank's asset base, increasing total assets to $10.6 billion and expanding its branch network by 11 locations, which could positively impact future financial performance.

How many new locations did First Bank gain from the Select Bank & Trust acquisition?

First Bank gained 11 new locations, enhancing its presence in North Carolina and South Carolina.

What is Project Launch and how much is First Bank investing in it?

Project Launch is a new initiative by First Bank committing up to $500,000 to support educational innovations.

When did First Bank complete its acquisition of Select Bank & Trust?

The acquisition was completed on March 21, 2022.

What are the total assets of First Bank after the acquisition?

After the acquisition, First Bank's total assets increased to $10.6 billion.