First Bank Goes Big into Peer To Peer Payments, Launches "Cent"

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Jan 23, 2018, 05:28 ET

SOUTHERN PINES, N.C., Jan. 23, 2018 /PRNewswire/ -- For personal banking customers of First Bank, the largest community bank headquartered in North Carolina, transferring money to family and friends is now as simple as hitting "Cent."

On January 22, First Bank launched Cent, its new quick-money transfer tool, allowing personal banking users of the bank's mobile banking application to send money to anyone, anytime, anywhere in the U.S., regardless of if the recipient banks with First Bank or not. And there are no fees.

The private and secure transactions are deposited the same day when the recipient uses a debit card to accept them. This process too is simple; recipients only need to provide their name, debit card number and its expiration date. Unclaimed funds are returned to the sender within 10 days.

"First Bank wanted to launch a tool that was not only easy to use, but also secure, flexible and fast for our customers," said Michelle Leibowitz, senior vice president and director of digital channels at First Bank. "Unlike others in the peer to peer payments space, Cent allows users to keep transactions private and for recipients to receive the funds the same day—no matter where the recipient banks. We see Cent as an important step forward in our digital banking offerings."

When asked how customers might use Cent, Leibowitz replied: "Cash isn't always something we have on hand anymore. With Cent, it doesn't matter. If our customers are out with friends at dinner, coming home to pay the babysitter or even participating in the office pool for March Madness, Cent is on hand and available to help with the quick transfer of funds."

For more information, customers can visit https://localfirstbank.com/cent.

About First Bancorp

First Bancorp is the holding company for First Bank and is headquartered in Southern Pines, North Carolina, with total assets of approximately $5.4 billion. Its principal activity is the ownership and operation of First Bank, a state-chartered community bank that operates 104 bank branches in North Carolina and South Carolina. Since 1935, First Bank has taken a tailored approach to banking, combining best-in-class financial solutions, helpful local expertise, and technology to manage a home or business. First Bancorp's common stock is traded on the NASDAQ Global Select Market under the symbol "FBNC." In 2017, Yahoo! recognized First Bank as the second best performing bank stock in the United States. Visit our website at www.LocalFirstBank.com. Member FDIC, Equal Housing Lender

SOURCE First Bank