First Bancorp Completes Purchase of Four Branches From RBC Centura
28 October 2003 - 7:24AM
PR Newswire (US)
First Bancorp Completes Purchase of Four Branches From RBC Centura
TROY, N.C., Oct. 27 /PRNewswire-FirstCall/ -- First Bancorp , the
parent company of First Bank, reports today that it has completed
the purchase of four RBC Centura branches located in Wallace,
Kenansville, Fairmont, and Harmony, all in North Carolina. The
agreement to purchase these branches was announced on August 14,
2003. The branches have a total of approximately $102 million in
deposits and $25 million in loans. Jimmie Garner, President and CEO
of First Bancorp, addressed the customers of RBC Centura, "I'm
delighted to welcome you to First Bank. Each of the four branches
opened this morning as branches of First Bank with the same
friendly staff that served you so well as employees of RBC Centura.
I know they'll continue to take good care of you." Mr. Garner
continued, "We're planning a grand re-opening for each branch on
December 5. I look forward to meeting you and telling you more
about our Banking One-on-One philosophy. I believe you will be very
pleased with the way First Bank operates." Mr. Garner also
addressed his new fellow employees: "It has been a pleasure to get
to know you over the past several months. I would like to thank you
again for your hard work in ensuring a smooth transition. We have a
bright future together in making First Bank the best community bank
possible." Mr. Garner added, "Today's acquisition of the Fairmont
branch increases our deposit base in Robeson County to over $100
million, while the branches in Harmony, Iredell County, and Wallace
and Kenansville, Duplin County, represent new, strategic markets
for First Bank that I believe will contribute to the long-term
growth of our company. I believe today is a good day for our new
customers and employees, as well as for our shareholders." First
Bancorp is a bank holding company based in Troy, North Carolina
with total assets of approximately $1.4 billion. Its principal
activity is the ownership and operation of First Bank, a
state-chartered community bank that operates 55 branch offices,
with 51 branches serving 18 counties across North Carolina, 3
branches in Dillon County, South Carolina, and 1 branch in
Wytheville, Virginia, where First Bank does business as First Bank
of Virginia. First Bancorp's common stock is traded on the Nasdaq
National Market under the symbol FBNC. Please visit our website at
http://www.firstbancorp.com/. This press release contains
statements that could be deemed forward- looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934
and the Private Securities Litigation Reform Act of 1995, which
statements are inherently subject to risks and uncertainties.
Forward- looking statements are statements that include
projections, predictions, expectations or beliefs about future
events or results or otherwise are not statements of historical
fact. Such statements are often characterized by the use of
qualifying words (and their derivatives) such as "expect,"
"believe," "estimate," "plan," "project," or other statements
concerning opinions or judgments of the Company and its management
about future events. Factors that could influence the accuracy of
such forward-looking statements include, but are not limited to,
the financial success or changing strategies of the Company's
customers, the Company's level of success in integrating
acquisitions, actions of government regulators, the level of market
interest rates, and general economic conditions. DATASOURCE: First
Bancorp CONTACT: James H. Garner of First Bancorp, +1-910-576-6171
Web site: http://www.firstbancorp.com/
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