First Bank HQ

First Bank's headquarters in Southern Pines. (Courtesy photo)

First Bancorp, the parent company of First Bank, has received all required regulatory approvals to acquire Select Bancorp. The acquisition is expected to be completed Oct. 15.

First Bank and the Dunn-based parent company of Select Bank & Trust, which operates 22 banking locations in North Carolina, South Carolina and Virginia, announced the signing of a definitive merger agreement earlier this year. The combined company is expected to have over $9 billion in assets, $6 billion in loans, and $8 billion in deposits.

"Select Bank is a high quality institution with a long-standing history of service and strong community banking relationships," said Richard Moore, Chief Executive Officer of First Bancorp, in a June 1 press release. "We are thrilled that the Select Bank team will be joining First Bank, and we look forward to the opportunity to serve their customers."

First Bank was founded in 1935 and is the fourth largest bank headquartered in North Carolina. From its Southern Pines base, the company employs over 1,000 full time staff and operates 101 bank branches in North Carolina and South Carolina, serving 300,000 bank customers.

First Bancorp first began expanding its footprint and influence beyond the Sandhills through a remarkable period of growth that kicked off nearly a decade ago.

Back in 2011, First Bank purchased a failed bank in Asheville and opened three branches. There was interest in growing that base. In terms of job growth, Asheville is one of the fastest-moving markets in North Carolina.

In March 2016, First Bank entered into an agreement to exchange seven First Bank branches located in Virginia for six First Community branches located in North Carolina. Four of those branches are in Winston-Salem, one is in Mooresville, and one is in Huntersville.

That effort was well-rewarded when another opportunity for growth in the Triad followed a few months later.

In June 2016, First Bank announced a merger agreement to acquire Carolina Bank Holdings, the parent company of Carolina Bank. Carolina Bank operated eight locations in the Greensboro, High Point, Burlington, and Winston-Salem markets.

The following year, it assumed the assets of ASB Bancorp, the parent company of Asheville Savings Bank. That acquisition complemented First Bank’s existing three branches in the Asheville area, with branches in Buncombe, Madison, McDowell, Henderson and Transylvania counties.

(0) comments

Welcome to the discussion.

Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
PLEASE TURN OFF YOUR CAPS LOCK.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Comments that violate any of the rules above are subject to removal by staff.

Thank you for reading!

Please purchase a subscription to continue reading. Subscribe today and support local community journalism.

Digital Only Subscriptions

The Pilot

Get unlimited digital access and support award-winning local journalism, for just $5 a month. This includes access to the electronic replica edition of The Pilot.

Starting at
$5.35 for 30 days

Already have a Print Subscription? Get Digital Access Free.

The Pilot

As a print subscriber, you also have unlimited digital access. Connect your account now. Or, call customer service at 910-693-2487 for help.

 

Our system has been updated, if you are a current print subscriber and cannot obtain your unlimited access, please contact customer support 910-693-2490. We apologize for any inconvenience.

Home Delivery

The Pilot

Our best deal: Get all the news of Moore County delivered to your home each Wednesday and Sunday — and receive unlimited digital access to thepilot.com.

Starting at
$27.82 for 90 days