The First Bancorp Names New Director

Rhea-AI Summary

Tony C. McKim, CEO of The First Bancorp, Inc. (Nasdaq: FNLC), announced the election of Kimberly Swan as a Director for the Bank and the Company. Ms. Swan, a prominent real estate broker in Bar Harbor, Maine, joins the Company's Governance Committee and the Bank's Directors Loan and Trust Committees. With 39 years in the real estate industry, she brings substantial expertise. The First Bancorp, founded in 1864, manages $2.4 billion in assets and provides various banking services across 17 locations in Maine.

Positive

• Kimberly Swan's election enhances the Board's expertise.
• Her extensive experience in real estate may provide valuable insights.

Negative

• Transitioning to new board members could pose continuity concerns.

Tony C. McKim, President and Chief Executive Officer of The First Bancorp, Inc., (the “Company”) (Nasdaq: FNLC), and its banking subsidiary, First National Bank, (the “Bank"), announced today that Kimberly Swan of Bar Harbor, Maine has been elected to serve as a Director for the Bank and the Company. “On behalf of the Board of Directors and the management team, I welcome Ms. Swan. We look forward to adding Kim’s expertise, insight and perspective to the Boards of The First Bancorp and First National Bank.” Ms. Swan has been appointed to the Company's Governance Committee and the Bank's Directors Loan Committee and Trust Committee.

Mark Rosborough, Chairman of The First Bancorp, welcomes Kimberly Swan to the Board of Directors (Photo: Business Wire)

Ms. Swan is the sole owner of Trumpeter Inc., d/b/a Swan Agency Real Estate, a leading real estate brokerage headquartered in Bar Harbor, Maine along with offices in Blue Hill and Northeast Harbor. The Swan Agency specializes in all areas of real estate; its Maine Lodging Brokerage is Maine’s leading brokerage of inns and bed & breakfast properties. Kim joined the family company in 1981 and purchased it in 1994. She is also the sole member of Swan Hospitality Inc. and Kennebec Cottage Associates LLC, which own several investment properties. Swan is a partner in Maineville Music and the Executive Producer of two films, Fire of ’47 and CONSOLIDATION. For several seasons Swan produced and created Living Acadia TV on ABC7 - a summer/fall season show focusing on the Acadia National Park lifestyle featuring real estate in the region.

Outside of her work commitments, Ms. Swan is dedicated to her community, working with several animal rescue and sanctuary organizations along with serving as a board member and Secretary of the Bar Harbor Village Improvement Association. She formerly served for ten years on the Bar Harbor Town Council, was awarded the 2017 Cadillac Award by the Bar Harbor Chamber of Commerce, was named one of the 2018 Fifty Mainers Balancing Heritage and Progress by Maine Magazine, and was named a 2019 Woman to Watch Honoree by Maine Biz.

“It’s an honor to have been elected to the Board of Directors of The First Bancorp,” said Swan. “I look forward to contributing to the Board and working with the great team at First National Bank. The Bank’s commitment to the communities it serves aligns with how I strive to operate my own businesses, and the service provided by the Bank to its customers really stands out.”

The First Bancorp, the parent company of First National Bank, is based in Damariscotta, Maine. Founded in 1864, First National Bank is a full-service community bank with $2.4 billion in assets. The Bank provides a complete array of commercial and retail banking services through seventeen locations in mid-coast and eastern Maine. First National Wealth Management, a division of the Bank, provides investment management and trust services to individuals, businesses, and municipalities. More information about The First Bancorp, First National Bank and First National Wealth Management may be found at www.thefirst.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210503005650/en/

FAQ

What recent leadership change occurred at FNLC?

Kimberly Swan has been elected as a Director for The First Bancorp and its banking subsidiary.

What is Kimberly Swan's background?

She is the owner of a leading real estate brokerage and has significant community involvement.

What committees will Kimberly Swan serve on at FNLC?

Swan will be on the Company's Governance Committee and the Bank's Directors Loan and Trust Committees.

What is the significance of Kimberly Swan joining FNLC's Board?

Her experience may contribute positively to the strategic direction and governance of the company.

When was Kimberly Swan elected to FNLC's Board?

She was elected as a Director on the date of the press release, which was recently announced.