FIRST BANK AWARDS $130,000 IN GRANTS TO LOCAL ORGANIZATIONS

Rhea-AI Summary

First Bank launched its Power of Good Grants program by awarding over $130,000 to 20 local organizations in the Carolinas. The grants are part of the corporate citizenship initiative focusing on affordable housing, food insecurity, education, and health. The bank received nearly 200 applications, with funds going to various organizations. First Bank emphasizes community wellness and has donated $1.5 million since 2022. The grants coincide with recent accolades for the bank, including Best Bank by Cary Magazine and Best Employer in the Triad area. Round 2 winners are being considered, with Round 3 applications open. Overall, First Bank's philanthropic efforts are a significant investment in local communities.

Positive

• First Bank awarded over $130,000 to 20 local organizations in the Carolinas through its Power of Good Grants program.
• The grants are part of First Bank's corporate citizenship initiative focusing on affordable housing, food insecurity, education, and health.
• The bank received nearly 200 applications and the funds were distributed to a diverse group of organizations.
• Since 2022, First Bank has donated $1.5 million to various organizations in the Carolinas, showcasing its commitment to community wellness.
• First Bank's recent accolades include being named Best Bank by Cary Magazine and a Best Employer in the Triad area by Triad Business Journal.
• Grant applications for Round 2 winners are currently being considered, with Round 3 applications open for submission and will be awarded in early fall.
• The grants program reflects First Bank's significant investment in local communities and its commitment to giving back.

Negative

• None.

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SOUTHERN PINES, N.C., May 7, 2024 /PRNewswire/ -- First Bank launched its unique Power of Good Grants by awarding 20 grants, totaling over $130,000, to organizations throughout the Carolinas. The first set of awards, with more to come, are a component of the Power of Good initiative, First Bank's corporate citizenship program that steers the organization's philanthropic efforts and volunteerism. The Power of Good focuses on the key areas of affordable housing, food scarcity/insecurity, education and health & wellness. In addition to the grants, the Power of Good encompasses paid volunteer time off and company-matched donations for each associate, the First Bank Book Club, the annual "Out of This World Educator" Awards, Good Deeds Week, Teach Children to Save financial education, multiple housing programs through Habitat for Humanities, and more.

First Bank received nearly 200 applications and a diverse team of reviewers conscientiously evaluated each one. The decision was extremely difficult, but ultimately the following organizations were awarded funds:

From Western North Carolina

• Homeward Bound of WNC
• Children & Family Resource Center
• Sandy Mush Community Center
• Arms Around ASD

From Central North Carolina

• Community Housing Solutions
• Chatham County Arts Council
• NeighborHealth Center
• Home Solutions of Davidson County
• Montgomery County Schools – supporting their Book Bus program
• The Craven Apiary Foundation
• Star Elementary – to help purchase new playground equipment for their school & the Star community

From Eastern North Carolina

• 3HC Home Health & Hospice Care Inc.
• Innovation Early College High School – to help supply their clothing & personal hygiene product closet for their students
• Hope of Glory Ministries
• Northside Food Cooperative

From South Carolina

• House of Hope of the Pee Dee
• Lucy T. Davis Elementary School – two teachers whose projects include a Robotics Revolution program & a Comfy Space to Read in the classroom
• Project Hope Foundation
• Greer Community Ministries
• Lighthouse Ministries

"First Bank firmly believes that the success of our company is directly tied to the wellness of our community. We think giving to these hyperlocal organizations and groups that are instrumental in shaping and supporting that wellness is a good investment. I am extremely proud that First Bank and its associates make such an effort to give back to the communities where we live and work and want to continue doing so as long as we can," said Mike Mayer, First Bank CEO. 

Between 2022 and the first part of 2024 First Bank has donated nearly $1.5million to various organizations and individuals making a difference in communities around the Carolinas. The announcement of the grant recipients coincides with the bank's recent accolades including being named Best Bank by Cary Magazine and a BEST Employer in the Triad area by Triad Business Journal. Furthermore, our associates and others engaged in over 100 "good deeds" for Good Deeds Week observed from April 18-26, 2024.

Grant applications for Round 2 winners are now being considered (winners announced in early July), and Round 3 applications are now being accepted and will be awarded in early fall. Each is reviewed by a panel of First Bank associates as well as community stakeholders. For official information about the grant application and process please visit https://localfirstbank.com/power-of-good-grants/

About us:

First Bank is the banking subsidiary of First Bancorp and is headquartered in Southern Pines, North Carolina, with total assets of approximately $12.1 billion. As a state-chartered community bank, First Bank operates 118 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