First Bank's CEO Adam Currie Elected Director of the Federal Reserve Bank of Richmond

Rhea-AI Summary

First Bank (NASDAQ:FBNC) announced that Adam Currie, President and CEO of First Bank, was elected a Class A Director of the Federal Reserve Bank of Richmond for the 2025–2027 term on February 13, 2026. Currie joined as President in November 2023 and became CEO in February 2025.

Currie will provide insight on regional economic conditions and banking needs across the Fifth District. First Bank is headquartered in Southern Pines, North Carolina, with approximately $12.7 billion in assets and 113 branches in North Carolina and South Carolina.

Key Figures

CEO experience: over 20 years Director term: 2025–2027 Total assets: $12.7 billion +2 more

5 metrics

CEO experience over 20 years Financial services expertise of Adam Currie

Director term 2025–2027 Richmond Fed Board term for Currie’s Class A Director role

Total assets $12.7 billion First Bank total assets mentioned in announcement

Branch count 113 branches First Bank locations in North Carolina and South Carolina

Founding year 1935 First Bank operating history since 1935

Market Reality Check

Price: $60.93 Vol: Volume 189,904 is below t...

low vol

$60.93 Last Close

Volume Volume 189,904 is below the 20-day average of 309,029, indicating muted pre-news activity. low

Technical Shares at $59.87 were trading above the 200-day MA of $49.90 and about 4% below the 52-week high of $62.64 before this announcement.

Peers on Argus

FBNC was down about 1.1% pre-news with mixed regional bank peers: some like FRME...

FBNC was down about 1.1% pre-news with mixed regional bank peers: some like FRME (-1.47%) and BANR (-2.21%) were weaker, while others such as EFSC (+0.80%) and PPBI (+0.56%) traded higher, pointing to stock-specific rather than uniform sector pressure.

Historical Context

5 past events · Latest: Jan 27 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 27	Director retirement	Neutral	+0.2%	Long‑tenured director Mary Clara Capel retired from FBNC and First Bank boards.
Jan 21	Earnings results	Positive	+0.7%	Reported Q4 and full‑year 2025 results with adjusted earnings detail and loan growth.
Dec 12	Cash dividend	Positive	-0.0%	Declared a cash dividend of $0.23 per share with payment and record dates.
Nov 20	Risk officer hire	Positive	-0.4%	Appointed Bridget Welborn as Chief Risk Officer and Head of Legal at First Bank.
Oct 30	CEO board role	Positive	+0.0%	Adam Currie, CEO of First Bank, joined the Boards of First Bank and First Bancorp.

Pattern Detected

Recent FBNC headlines (earnings, governance, dividends) have generally seen modest price moves, with a slight tilt toward alignment between news tone and reaction but occasional small divergences.

Recent Company History

Over the past few months, FBNC has reported Q4 and full‑year 2025 results, a cash dividend, and several board and management changes, including Adam Currie’s board appointment on Oct 30, 2025 and a director retirement on Jan 27, 2026. Price reactions to these items were modest, typically within +/-1%. Against this backdrop, today’s announcement of Currie’s election as a Class A Director at the Richmond Fed extends the theme of governance and leadership developments supporting the franchise’s regional profile.

Market Pulse Summary

This announcement highlights Adam Currie, First Bank’s President and CEO, being elected as a Class A...

Analysis

This announcement highlights Adam Currie, First Bank’s President and CEO, being elected as a Class A Director of the Federal Reserve Bank of Richmond for the 2025–2027 term. It reinforces First Bank’s profile as a regional institution with about $12.7 billion in assets and 113 branches across the Carolinas. In assessing this news, investors may watch how governance stature complements core metrics such as earnings, credit quality, and balance‑sheet trends mentioned in recent quarterly results.

Key Terms

class a director, state-chartered, member fdic, equal housing lender

4 terms

class a director regulatory

"has been elected as a Class A Director of the Federal Reserve Bank of Richmond"

A Class A director is a member of a company’s board chosen under a specific category of directors that carries particular voting rights, term length, or selection rules. Think of it like a reserved seat at a table with its own rules: who can fill it, how long they stay, and how much say they have. Investors care because these distinctions affect who controls decisions, corporate stability, and how easily the board can change after shareholders push for new leadership.

state-chartered regulatory

"As a state-chartered community-focused bank, First Bank operates 113 bank branches"

A state-chartered company—most often a bank—has its legal license to operate granted by a state government rather than the federal government. That matters to investors because the choice of charter affects which regulators set rules, what kinds of activities and geographic reach are allowed, and how oversight and exit options work; think of it like a business with a local permit versus a national license, which can change costs, risks and growth opportunities.

member fdic regulatory

"Member FDIC, Equal Housing Lender."

A “Member FDIC” is a bank or savings institution that participates in the U.S. federal deposit insurance program, meaning customer deposits up to the insured limit are protected if the bank fails. For investors and savers this matters because it lowers the risk of losing cash held at that institution and signals that the bank is subject to federal oversight and safety rules—think of it like a backup guarantee on money kept in an account.

equal housing lender regulatory

"Member FDIC, Equal Housing Lender."

A lender who uses the phrase or logo “Equal Housing Lender” is signaling compliance with U.S. fair‑housing and anti‑discrimination rules that require mortgage and housing-related credit decisions to be based on financial factors, not race, gender, national origin, disability or similar traits. For investors, that label matters because it indicates the institution is managing legal and reputational risk associated with discriminatory lending; compliance helps protect a lender’s ability to originate loans, maintain regulatory standing and avoid costly fines or lawsuits — similar to a restaurant displaying health inspection compliance to reassure patrons and regulators.

AI-generated analysis. Not financial advice.

SOUTHERN PINES, N.C., Feb. 13, 2026 /PRNewswire/ -- First Bank is pleased to announce that Adam Currie, President and CEO of First Bank, has been elected as a Class A Director of the Federal Reserve Bank of Richmond. 

Currie brings over 20 years of financial services expertise to his role at First Bank. He was appointed President in November 2023 and Chief Executive Officer in February 2025. Previously, he served as Chief Banking Officer, overseeing retail banking, commercial banking, and community markets. Currie earned a Bachelor of Arts in Economics from the University of North Carolina at Chapel Hill and is a graduate of the Graduate School of Banking at Louisiana State University.

His appointment is part of the 2025–2027 term for the Richmond Fed's Board of Directors, which includes business and community leaders from across the Fifth Federal Reserve District comprising North Carolina, South Carolina, Virginia, Washington, D.C., Maryland, and most of West Virginia. 

"I am honored to serve as a Director of the Federal Reserve Bank of Richmond," said Currie. "This role presents a valuable opportunity to contribute to the economic vitality of our region while bringing the perspective of regional banking to important policy discussions. I look forward to working alongside my fellow directors to support the Federal Reserve's mission and serve the Fifth District."

As a Class A Director, Currie will help provide insight into regional economic conditions and the needs of the banking industry, supporting the Federal Reserve's ongoing mission to foster economic stability and strength across the Fifth District. 

First Bank is the banking subsidiary of First Bancorp and is headquartered in Southern Pines, North Carolina, with total assets of approximately $12.7 billion. As a state-chartered community-focused bank, First Bank operates 113 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 and helpful local expertise to help our customers achieve their dreams. 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.

View original content to download multimedia:https://www.prnewswire.com/news-releases/first-banks-ceo-adam-currie-elected-director-of-the-federal-reserve-bank-of-richmond-302686936.html

SOURCE First Bank

FAQ

What role was Adam Currie of First Bank (FBNC) elected to on February 13, 2026?

Adam Currie was elected a Class A Director of the Federal Reserve Bank of Richmond for the 2025–2027 term. According to the company, this role involves representing banking industry perspectives and advising on regional economic conditions.

How does Adam Currie's election to the Richmond Fed affect First Bank (FBNC) leadership profile?

The election enhances First Bank's leadership visibility in regional policy circles, showcasing CEO Adam Currie's banking expertise. According to the company, Currie brings over 20 years of financial services experience and tenure as First Bank CEO since February 2025.

What is First Bank's (FBNC) footprint and asset size mentioned in the February 13, 2026 announcement?

First Bank is described as having approximately $12.7 billion in total assets and operating 113 branches across North Carolina and South Carolina. According to the company, it is a state-chartered, community-focused bank headquartered in Southern Pines, North Carolina.

When did Adam Currie become President and CEO of First Bank (FBNC)?

Adam Currie was appointed President of First Bank in November 2023 and became Chief Executive Officer in February 2025. According to the company, he previously served as Chief Banking Officer overseeing retail, commercial, and community markets.

What responsibilities will Adam Currie have as a Class A Director at the Federal Reserve Bank of Richmond?

As a Class A Director, Currie will provide insight into regional economic conditions and banking industry needs to support the Fed's mission. According to the company, he will work with fellow directors to foster economic stability across the Fifth District.