First Bancorp
| Company type | Public |
|---|---|
| Industry | Banking |
| Founded | 1935 |
| Headquarters | Southern Pines , United States |
Area served | North Carolina, South Carolina, Virginia |
| Products | Banking services |
| Website | www |
First Bancorp is a United States-based bank holding company with its main office located in Southern Pines, North Carolina. It conducts its banking operations under the name First Bank within both North Carolina and South Carolina.
By 2023, First Bancorp operated 118 branch locations and managed assets totaling roughly $12 billion. Within North Carolina, First Bank holds the position of the sixth largest banking institution, with branches situated in prominent cities such as Asheville, Charlotte, Winston-Salem, and Wilmington. Additionally, it maintains a presence in South Carolina through twelve branches in key markets including Greenville, Columbia, Charleston, and Rock Hill.
The company also controls subsidiaries Montgomery Data Services, Inc. and First Bank Insurance Services, Inc., the latter having expanded through the acquisition of The Insurance Center, Inc. in February 2010.
History
The institution was originally established in 1935 under the name Bank of Montgomery County in Troy, North Carolina. It adopted the First Bank name in 1985.
Key expansions include the 1999 acquisition of First Savings Bancorp Inc., which contributed six branches and $325 million in assets for $78.4 million paid in stock; the 2000 purchase of Century Bancorp along with its subsidiary Home Savings; and the 2008 merger with Great Pee Dee Bancorp that extended its footprint into South Carolina with $221 million in assets.
In 2009, following the FDIC closure of Cooperative Bank of Wilmington, First Bank took over 24 branches and assumed $774 million in deposits. Two years later, in 2011, it acquired five Bank of Asheville branches holding $210 million in assets after regulatory shutdown.
The company relocated its corporate headquarters from Troy to Southern Pines in 2013.
During 2016, First Bancorp grew by acquiring four branches from First Community Bank within North Carolina while simultaneously selling seven Virginia branches to that same institution.
A transaction valued at $93 million was finalized in March 2017 with Carolina Bank Holdings, adding $706 million in assets, $601 million in deposits, eight branches, and three mortgage offices primarily near Greensboro.
The March 2018 purchase of ASB Bancorp Inc. for $175 million incorporated $803 million in assets and 13 branches from Asheville Savings Bank across Western North Carolina counties.
In June 2021, First Bancorp declared a $314.3 million acquisition of Select Bancorp Inc., which brought an additional $1.8 billion in assets and 22 branches spanning South Carolina and Virginia. This acquisition elevated First Bancorp to fifth place among deposit holders in North Carolina with $7.2 billion and was completed by October 2021.
Most recently, on January 3, 2023, First Bancorp finalized a $181.1 million acquisition of GrandSouth Bancorp based in Greenville. This transaction increased assets by $1.3 billion and added eight new branches including the company's inaugural locations within Charleston and Columbia, South Carolina.