FIRST BANCORP ANNOUNCES RETIREMENT OF DIRECTOR

Rhea-AI Summary

First Bancorp (NASDAQ: FBNC) has announced the retirement of Mason Y. Garrett from its Board of Directors, effective July 26, 2024. Garrett, with over 50 years of banking experience, was the Founder and Chairman of GrandSouth Bank and CEO of GrandSouth Bancorporation until its merger with First Bancorp in 2023. He served on First Bank's Executive & Loan Committee.

First Bancorp, headquartered in Southern Pines, North Carolina, is a bank holding company with total assets of $12.1 billion. Its primary activity is operating First Bank, a state-chartered community bank with 113 branches across North and South Carolina. First Bank offers tailored banking solutions, local expertise, and technology for home and business management since 1935.

Positive

• First Bancorp has $12.1 billion in total assets
• First Bank operates 113 branches across North and South Carolina
• The company provides SBA loans through a nationwide network of lenders

Negative

• None.

News Market Reaction – FBNC

%

1 alert

% News Effect

On the day this news was published, FBNC declined NaN%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

SOUTHERN PINES, N.C., July 30, 2024 /PRNewswire/ -- The Board of Directors of First Bancorp (NASDAQ: FBNC) (the "Company") announces the retirement of Mason Y. Garrett from the First Bancorp and First Bank Board of Directors (the "Board of Directors") effective July 26, 2024.

Mr. Garrett was the Founder and Chairman of the Board of Directors of GrandSouth Bank and CEO of GrandSouth Bancorporation from 1998 until its merger with the Company in 2023, at which time he joined the Company's Board of Directors. He was a member of the Executive & Loan Committee of First Bank.

Mr. Garrett has over 50 years of banking experience, including roles as President and Chief Executive Officer and Chairman of the Board of several Upstate South Carolina banks. He co-founded First United Bancorporation, an Anderson, SC bank, in 1984 and served as its Chief Executive Officer until its sale to Regions Financial Corporation in March 1998, prior to co-founding GrandSouth Bank and GrandSouth Bancorporation.

Board of Directors Chairman and First Bancorp CEO, Richard Moore, said of Mr. Garrett's retirement, "On behalf of the Board of Directors, I want to thank Mason for his years of dedicated service and commitment to the banking industry in the Carolinas. He offered many valuable contributions to the success of our organization and all of his prior organizations, and we all wish him much joy in his well-earned retirement."

About us:
First Bancorp is a bank holding company headquartered in Southern Pines, North Carolina, with total assets of $12.1 billion. Its principal activity is the ownership and operation of First Bank, a state-chartered community bank that operates 113 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 Bank also provides SBA loans to customers through its nationwide network of lenders.

Please visit our website at www.LocalFirstBank.com for more information.

First Bancorp's common stock is traded on The NASDAQ Global Select Market under the symbol "FBNC." Member FDIC, Equal Housing Lender.

View original content to download multimedia:https://www.prnewswire.com/news-releases/first-bancorp-announces-retirement-of-director-302210249.html

SOURCE First Bancorp

FAQ

When did Mason Y. Garrett retire from First Bancorp's (FBNC) Board of Directors?

Mason Y. Garrett retired from First Bancorp's (FBNC) Board of Directors effective July 26, 2024.

What was Mason Y. Garrett's role before joining First Bancorp (FBNC)?

Before joining First Bancorp (FBNC), Mason Y. Garrett was the Founder and Chairman of GrandSouth Bank and CEO of GrandSouth Bancorporation from 1998 until its merger with First Bancorp in 2023.

How many branches does First Bank, a subsidiary of First Bancorp (FBNC), operate?

First Bank, a subsidiary of First Bancorp (FBNC), operates 113 branches in North Carolina and South Carolina.

What is the total asset value of First Bancorp (FBNC) as mentioned in the press release?

According to the press release, First Bancorp (FBNC) has total assets of $12.1 billion.