First Bancorp Announces Consolidation of Ten Branches

SOUTHERN PINES, N.C., Aug. 27, 2014 /PRNewswire/ -- First Bancorp (FBNC), the parent company of First Bank, announced today the closure and consolidation of ten of its branches across North Carolina, South Carolina and Virginia (The specific branches are listed in Exhibit I).  All branches will be consolidated with other First Bank branches near the closing locations and have at least one receiving branch less than 10 miles away.

Subject to regulatory approval, deposits at most closing branches are expected to transition to nearby branches on December 5^th, 2014.  Cathy Dudley, Chief Retail Banking Officer of First Bank, stated the closings are the result of changing customer banking preferences and a need for reinvestment to build stronger branch banking centers that will serve larger areas.  "Like many banks, we've seen a significant spike in online and mobile banking usage these last few years and a decrease in branch transaction volumes," Dudley commented.

"Many of the large banks have left rural areas across our footprint, but we believe the small business owners and families in these areas still need a strong banking partner in their communities.  It is why we are consolidating locations and re-investing in new technologies, services and products."

About First Bancorp
First Bancorp is a bank holding company headquartered in Southern Pines, North Carolina with total assets of approximately $3.3 billion.  Its principal activity is the ownership and operation of First Bank, a state-chartered community bank that currently operates 96 branches, with 81 branches operating in North Carolina, 7 branches in South Carolina (Cheraw, Dillon, Florence, and Latta), and 8 branches in Virginia (Abingdon, Blacksburg, Christiansburg, Dublin, Fort Chiswell, Radford, Salem and Wytheville), where First Bank does business as First Bank of Virginia. First Bank also has loan production offices in Fayetteville, North Carolina, and Greenville, North Carolina. First Bancorp's common stock is traded on the NASDAQ Global Select Market under the symbol "FBNC."

Please visit our website at www.LocalFirstBank.com.

Forward Looking Statements
This press release contains 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," "anticipate," 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.  For additional information about the factors that could affect the matters discussed in this paragraph, see the "Risk Factors" section of the Company's most recent annual report on Form 10-K available at www.sec.gov.  Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements.  The Company is also not responsible for changes made to the press release by wire services, internet services or other media.

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SOURCE First Bancorp

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