Bailout Bank Bio: First Bancorp (First Bank)

May 18, 2009 | 2 min read | Print Article

First Bancorp is a bank holding company. The principal activity of the Company is the ownership and operation of First Bank (the Bank), a state chartered bank with its main office in Troy, North Carolina. The Company also owns and operates a nonbank subsidiary, Montgomery Data Services, Inc. (Montgomery Data), a data processing company. The Bank conducts business from 70 branches located within a 120-mile radius of Troy covering principally a geographical area from Latta, South Carolina to the southeast, to Wilmington, North Carolina to the east, to Radford, Virginia to the north, to Wytheville, Virginia to the northwest, and to Harmony, North Carolina to the west. In April 2008, First Bancorp completed the acquisition of Great Pee Dee Bancorp, Inc., which is the holding company for Sentry Bank & Trust. The company was founded in 1934.

In January the company announced that it was participating in the Treasury Department’s Capital Purchase Program. Under the program the company received $65 million in exchange for preferred stock.

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Bailout Bank Bio: First Bancorp (First Bank)


Federal Equity Investment	$65 million
Total Revenue	$167.425 million
Net Income	$21.810 million
Number of Employees	574
Corporate Headquarters	Troy, North Carolina
Business Sector	Bank
Officers and Directors	Ocheltree, Jerry, President, Chief Executive Officer, Director; President and CEO of First Bank Burns, David, Chairman of the Board Other Officers and Directors
Corporate Website	https://www.firstbancorp.com
Executive Compensation	First Bancorp (First Bank)