Merchants Welcome First Bank Move

Broad Street in downtown Southern Pines Hannah Sharpe

As of Friday, March 15, 2013

The buzz in Lula's Cafe is something that owner Lula Poulos hasn't seen in 10 years of operating a restaurant in downtown Southern Pines.

"Over the last two days we have had about 20 customers ask us if we were excited to have First Bank as our new neighbors," Poulos said. "I said, 'Yes, we are very excited.' I think it will be a positive for our business and for all the businesses downtown."

First Bank on Tuesday announced it plans to move its corporate headquarters from Troy to Southern Pines. The headquarters will be located on the corner of SW Broad Street and Massachusetts Avenue in the Hobbs Upchurch & Associates building, which the company purchased last week for $2.65 million.

The total number of new workers downtown won't be huge - about 30 - but the prospect of serving top-level corporate executives and their guests has many Southern Pines businesses like Lula's excited.

Lula's Cafe is just across the street from the Hobbs Upchurch building, which is going to be the new corporate headquarters for First Bank. No timetable for the move has been announced, but the bank is expected to move in within 60 to 90 days.

"We've already talked about it as a staff," Poulos said. "We want to take care of them as best we can and make them feel welcome."

"This is pretty big news," said Claudia Miller, owner of Morgan Miller, located downtown.

Miller, who has had a business downtown for 15 years, said she can't recall another business opening or relocation that has generated as much buzz as the First Bank move has.

"Southern Pines has sort of evolved," she said. "Over the years one good restaurant opens, followed by a good business, just one good thing after another, and this is sort of the cherry on top."

Anthony Parks, owner of The Ice Cream Parlor, said bringing new people to downtown will be a plus, and having a known entity like First Bank, which is already a big part of the community, will be a boost to downtown.

Amy Natt, president of the Downtown Business Association, agrees

"First Bank has been an active part of the Southern Pines Business Association for many years," she said. "We welcome their corporate headquarters to the downtown community and are happy to see our area continue to attract such high caliber businesses."

First Bank Vice President Andrew Lyons has served on the SPBA Board as the past treasurer, and has been active in the community. Natt said if the corporate executives coming to Southern Pines are as customer-service oriented as Lyons, they will be a welcome addition.

And while the move will certainly have a positive impact on Southern Pines and its downtown, representatives from other towns are expecting the move to be beneficial for Moore County and the region.

"I absolutely think it (relocation) is a positive," said Natalie Dean, assistant village manager in Pinehurst. "I am glad they found a home in the Sandhills. I think it will be great for the whole region."

Dean said she hopes that the relocation could be a boost to the local real estate market.

"Another benefit is community involvement," Dean said. "I think the support First Bank will provide to nonprofit organizations and community events will only help to strengthen community spirit."

Contact Tom Embrey at (910) 964-9535 or tembrey@ thepilot.com.

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TF121 2 months ago

"The total number of new workers downtown won't be huge - about 30. . . " That's really creating a "buzz," is it? How many staff did Hobbs have at that facility? I suspect the "net gain" here is not all that significant. I'm rooting for those downtown businesses, but the impact of this seems, well, very limited. How about the corporate tax angle, though? Will the fact that this bank being headquarted in town and in the county translate to a sizeable tax contribution? How about addressing that Mr. Embrey?

tarheelborn 2 months ago

I was told the new President and CEO of First Bank was said to be trying to move the headquarters to Raleigh... Guess the Shareholders had a say in that decision... Glad to see that lying snake Fred Hobbs career coming to an end. He is headed for Jail and is still fortunate to dump property and take a cash-out before being sent off... What about his 40+ foot boat he boasted about that has been moored down at Wrightsville Beach (among other assets)...

gardengirl 2 months ago

I still do not understand why First Bank has moved its headquarters from Troy to Southern Pines. I would like a straightforward, simple answer please.

Toda 2 months ago

If downtown merchants are so happy to see First Bank move to Southern Pines ... then assess each supporting businesses equal amounts to full fill the County Board of Commissioners Give-away program that continues for political hopefuls in the next State or Federal Elections....

Hey folks who has all the money on Wall Street and in the county ~ BANKS! Who contributes the most to campaigns? BANKS!

Like every other shady deal the BoC involve themselves in by using taxpayer money...

What a sweet deal when water and sewer lines are brought from Carthage to Little River Farm, a political donation; when 150,000$ of taxpayer money goes to potential contributors....

One can't fathom what BoC will give away next ... wait, I know ... the Veterans Memorial Site and adjoining property that belongs to taxpayers.

deidretg 2 months ago

Recent Headlines:----- "Gulistan Carpets Closing...." (Jan 2, 2013 - The Pilot), "Mac's Breakfast Closes...." (Jan 11, '13 - The Pilot), "Lobsteer Inn Closes Doors...." (Jan 24, '13 - Sandhills Tribune), "Popular Eatery (Raffaele's) To Close...." (Jan 25, '13 - The Pilot), "Turkey Plant Closing...." (Mar 15, '13 - The Charlotte Observer).-----All of these disturbing headlines have appeared in the last 75 days or so. Is it any wonder that some of us aren't thrilled by the careless actions of our political leaders with county and town funds sailing out the door to a billion dollar bank for the benefit of just 30 already staffed $100,000+ salaried positions? Dividing 30 into $270,000 comes to $9,000 per position and they are already occupied. Watch the budget process in Moore County and Town of Southern Pines coming up shortly and see if anything close to the $9,000 per job number is given to the non profits and other services that will undoubtedly be flooded with needy folks in this next fiscal year needing help. 400 (Gulistan) + 500 (House Of Raeford - 950 total with 450 in neighboring counties) plus probably 50 in all the restaurant closings comes to almost 1,000 local folks who are hitting the streets.

Toda 2 months ago

deidretg ~ NPR reports that the turkey plant numbers laid off will be around 950. The plant workers, truck drivers, breeder farms, growers, and feed distributors. The trickle down effect. $350.00 a week without health insurance or benefits.