First Bank Launches New Corporate Social Responsibility Program: The Power Of Good

Rhea-AI Summary

First Bank, North Carolina's largest community bank, introduces a new corporate social responsibility program named The Power of Good, launching on March 19, 2021. This initiative features two main components: a Good Deeds week where employees receive $20 to perform acts of kindness for strangers, and a quarterly employee donation matching program, starting in April, focusing on food assistance. In total, First Bank has $7.1 billion in assets and operates 101 branches. The program aims to engage employees and enhance community impact.

Positive

• Launch of 'The Power of Good' program enhances corporate social responsibility.
• Employees encouraged to perform good deeds with $20 each during Good Deeds week.
• Donation matching program supports local food banks and community initiatives with up to $10,000 matched quarterly.

Negative

• None.

SOUTHERN PINES, N.C., March 10, 2021 /PRNewswire/ -- First Bank, North Carolina's largest community bank, has created a new corporate social responsibility program its calling the Power of Good.

The Power of Good will launch with two initiatives: the first kicks off on March 19, in celebration of the International Day of Happiness on March 20. That Friday, every First Bank employee (including those of the larger holding company, First Bancorp) will be given $20 to perform good deeds for unsuspecting strangers at any time through the following Friday (March 26).

With every deed done, associates will leave behind a small card encouraging the recipient to continue the chain of good and to visit www.localgooddeeds.com to share what they did to pay it forward.

The second initiative of the Power of Good establishes an approach to employee donation matching. Each quarter, a nonprofit will be selected for all associates to support, and the bank will match up to $10,000 in donations. This will begin in April, and for its inaugural quarter, the bank has chosen to focus on supporting the families and communities across the Carolinas who need food assistance.

Employees are encouraged to pick a food bank that serves their area, and the bank will match:

• Money donations – dollar for dollar
• Food donation – dollars to pounds
• Volunteer time – $10 per hour

Each charity for the remaining three quarters of the initiative will be chosen by the bank's associates across its three regions.

"At its heart, we're aiming to make a tangible, long-term difference in people's lives, to engage and energize our associates, and to further deepen the impact we have across the Carolinas as a force for doing good," said Mike Mayer, First Bank president and CEO. "The Power of Good allows us to accomplish those goals and to find creative ways to support our local communities."

First Bank has a long history of giving back to the community and has donated thousands of dollars to local nonprofit partners, to community groups, and to foster economic growth across North and South Carolina. In 2017, the bank ran the year-long "Dream It, Do It" campaign, in which the bank awarded a total of $100,000 to individuals to help make their dreams come true—with $25,000 given away every three months to winners selected by a committee of First Bank employees in partnership with local nonprofits. The participating organizations also received a $10,000 donation for their help in picking the winners.

"We're excited to announce the Power of Good and look forward to the launch of its first two initiatives," said Mayer. "As we continue to grow, it makes sense to create a formal approach to our giving as a company. This new program is a great first step to do that."

To participate in the Good Deeds week or to learn more, visit www.localgooddeeds.com.

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 $7.1 billion. As a state-chartered community bank, First Bank 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 Bank

FAQ

What is First Bank's new corporate social responsibility program?

First Bank's new program is called 'The Power of Good,' which focuses on community engagement through employee-driven initiatives.

When does the Good Deeds week begin for First Bank employees?

The Good Deeds week begins on March 19, 2021, coinciding with the International Day of Happiness on March 20.

How much will First Bank match in employee donations?

First Bank will match employee donations up to $10,000 each quarter for selected nonprofits.

What is the objective of 'The Power of Good' initiatives?

The objective is to make a tangible difference in communities, engage employees, and enhance First Bank's local impact.

What is the total asset value of First Bank?

First Bank has total assets of approximately $7.1 billion.