First Bank Increases Its Presence In Western North Carolina With Asheville Savings Bank Transition

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Mar 05, 2018, 04:22 ET

SOUTHERN PINES, N.C., March 5, 2018 /PRNewswire/ -- First Bank will continue its expansion into Western North Carolina when it completes the transition of the former Asheville Savings Bank locations, accounts and systems to First Bank the weekend of March 16 to March 19. First Bancorp (Nasdaq: FBNC), the parent company of First Bank, closed on its acquisition of Asheville Savings Bank in October 2017.

"Asheville Savings Bank and First Bank have a very like-minded focus when it comes to serving our communities and putting people first," said Suzanne DeFerie, regional president for First Bank's Western Region and the former president and CEO of Asheville Savings Bank. "First Bank has made this change as seamless as possible for both our employees and our customers, and I believe we will all benefit from being a part of the First Bank family."

When the doors open the morning of Monday, March 19, First Bank, the largest community bank based in North Carolina, will add 13 branches in locations throughout Asheville, Black Mountain, Brevard, Candler, Fletcher, Hendersonville, Marion and Mars Hill, and all Asheville Savings Bank customers will become customers of First Bank. First Bank will be the third-largest bank based on market share in the Asheville area and will employ approximately 110 people throughout the region.

"We are excited about the final transition of Asheville Savings Bank to First Bank and to have this opportunity to expand our footprint in a rapidly growing and beautiful part of North Carolina," said Richard Moore, CEO of First Bancorp. "We have tried to make this process as smooth as possible for our new customers and look forward to providing them with both our high-quality, local service as well as our state-of-the-art banking technologies."

New customers to First Bank will enjoy the more than 100 locations across the Carolinas, from the mountains to the coast, as well as the suite of First Bank's digital banking tools, including Cent, First Bank's new peer-to-peer payment tool, and its nationwide ATM network.

For more information about the transition, Asheville Savings Bank customers can visit https://localfirstbank.com/ashevillesavingsbank. To learn more about First Bank, you can visit https://localfirstbank.com.

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 102 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." Visit our website at www.LocalFirstBank.com. Member FDIC, Equal Housing Lender

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.

SOURCE First Bank