First Bancorp is a bank holding company in Troy, North Carolina

Troy, North Carolina

Troy is a town in Montgomery County, North Carolina, United States. The population was 3,430 at the 2000 census. It is the county seat of Montgomery County. The short story by Charles W...

. It operates as First Bank in North

North Carolina

North Carolina is a state located in the southeastern United States. The state borders South Carolina and Georgia to the south, Tennessee to the west and Virginia to the north. North Carolina contains 100 counties. Its capital is Raleigh, and its largest city is Charlotte...

 and South Carolina

South Carolina

South Carolina is a state in the Deep South of the United States that borders Georgia to the south, North Carolina to the north, and the Atlantic Ocean to the east. Originally part of the Province of Carolina, the Province of South Carolina was one of the 13 colonies that declared independence...

 and First Bank of Virginia in Virginia

Virginia

The Commonwealth of Virginia , is a U.S. state on the Atlantic Coast of the Southern United States. Virginia is nicknamed the "Old Dominion" and sometimes the "Mother of Presidents" after the eight U.S. presidents born there...

. The company has total assets of $3.3 billion.

Description

First Bank is the sixth largest bank in North Carolina. It has 77 branches in 29 counties of North Carolina, and nine branches in the South Carolina communities of Cheraw

Cheraw, South Carolina

Cheraw is a town on the Pee Dee River in Chesterfield County, South Carolina, United States. The population was 5,524 at the 2000 census and center of an urban cluster with a total population of 9,069. It has been nicknamed "The Prettiest Town in Dixie." The harbor tub USS Cheraw was named in the...

, Dillon

Dillon, South Carolina

Dillon, South Carolina, the county seat of Dillon County, was established on December 22, 1888. The name of the city came from James W. Dillon, who was a key component in bringing a railroad through this area of the state, which led to development and formation of the County. Dillon’s population...

, Florence

Florence, South Carolina

-Municipal government and politics:The City of Florence has a council-manager form of government. The mayor and city council are elected every four years, with no term limits...

, Latta

Latta, South Carolina

Latta is a town in Dillon County, South Carolina, United States. The population was 1,410 at the 2000 census. This small town also contains one of the many libraries that were started with funds given by Andrew Carnegie, which is located in the center of town....

, Jefferson

Jefferson, South Carolina

Jefferson is a town in Chesterfield County, South Carolina, United States. The population was 704 at the 2000 census.-Geography:Jefferson is located at ....

, and Little River

Little River, South Carolina

Little River is a census-designated place in Horry County, South Carolina, United States. The population was 7,027 at the 2000 census....

. In Virginia, First Bank of Virginia has branches in Abingdon

Abingdon, Virginia

Abingdon is a town in Washington County, Virginia, USA, 133 miles southwest of Roanoke. The population was 8,191 at the 2010 census. It is the county seat of Washington County and is a designated Virginia Historic Landmark...

, Christiansburg

Christiansburg, Virginia

Christiansburg is a town in Montgomery County, Virginia, United States. The population was 21,041 at the 2010 census. It is the county seat of Montgomery County...

, Dublin

Dublin, Virginia

Dublin is a town in Pulaski County, Virginia, United States. The population was 2,534 at the 2010 census. It is part of the Blacksburg–Christiansburg–Radford Metropolitan Statistical Area...

, Fort Chiswell

Fort Chiswell, Virginia

Fort Chiswell is a census-designated place in Wythe County, Virginia, United States. The population was 911 at the 2000 census.Fort Chiswell is unincorporated, but gains its importance from being used as a control city for Interstate 77 throughout North Carolina. Fort Chiswell is located at the...

, Radford

Radford, Virginia

Radford is a city in Virginia, United States. The population was 16,408 in 2010. For statistical purposes, the Bureau of Economic Analysis combines the city of Radford with neighboring Montgomery County, including the towns of Blacksburg and Christiansburg, calling the combination the...

, and Wytheville

Wytheville, Virginia

Wytheville is a town in Wythe County, Virginia, United States. The population was 8,211 at the 2010 census. It is the county seat of Wythe County. The town is home to a Chautauqua Festival, held the third weekend in June every year since 1985...

 as well as a loan

Loan

A loan is a type of debt. Like all debt instruments, a loan entails the redistribution of financial assets over time, between the lender and the borrower....

 production office in Blacksburg

Blacksburg, Virginia

Blacksburg is an incorporated town located in Montgomery County, Virginia, United States, with a population of 42,620 at the 2010 census. Blacksburg, Christiansburg, and Radford are the three principal jurisdictions of the Blacksburg-Christiansburg-Radford Metropolitan Statistical Area which...

.

First Bancorp has two additional subsidiaries: Montgomery Data Services, Inc. and First Bank Insurance

Insurance

In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...

 Services, Inc., which in February 2010 bought The Insurance Center, Inc.

History

Bank of Montgomery

Montgomery County, North Carolina

-Demographics:As of the census of 2000, there were 26,822 people, 9,848 households, and 7,189 families residing in the county. The population density was 55 people per square mile . There were 14,145 housing units at an average density of 29 per square mile...

 began in Troy in 1935 and changed its name to First Bank in February 1985.

On December 16, 1999, First Bancorp agreed to buy First Savings Bancorp Inc., parent of First Savings Bank of Moore County

Moore County, North Carolina

Moore County is a county located in the U.S. state of North Carolina. As of 2000, the population was 74,769. Its county seat is Carthage.- History :The county was formed in 1784 from Cumberland County...

, with six branches and $325 million in assets, for $78.4 million in stock.

On October 23, 2000, First Bancorp announced its purchase of Century Bancorp of Thomasville

Thomasville, North Carolina

Thomasville is a city in Davidson County in the U.S. state of North Carolina. The population was 21,354 at the 2010 census. The city is notable for its furniture industry as are its neighbors of High Point and Lexington. This Piedmont Triad community was established in 1852 and hosts the state's...

 and its subsidiary Home Savings, founded in 1915. At the time, First Bank had 43 branches in 15 counties. In the Thomasville area First Bank already had branches in High Point

High Point, North Carolina

High Point is a city located in the Piedmont Triad region of North Carolina. As of 2010 the city had a total population of 104,371, according to the US Census Bureau. High Point is currently the eighth-largest municipality in North Carolina....

 and Archdale

Archdale, North Carolina

Archdale is a city in Guilford and Randolph counties in the U.S. state of North Carolina. The population was 9,014 at the 2000 census.-Geography:Archdale is located at ....

.

On October 1, 2008, First Bancorp announced the completion of its merger with Great Pee Dee

Pee Dee River

The Pee Dee River, also known as the Great Pee Dee River, is a river in North Carolina and South Carolina. It originates in the Appalachian Mountains in North Carolina, where its upper course above the mouth of the Uwharrie River is known as the Yadkin River. It is extensively dammed for flood...

 Bancorp, Inc., the holding company of Sentry Bank and Trust, headquartered in Cheraw, South Carolina, with branches in Cheraw and Florence, $221 million in assets, and $155 million in deposits.

On June 19, 2009, the Federal Deposit Insurance Corporation

Federal Deposit Insurance Corporation

The Federal Deposit Insurance Corporation is a United States government corporation created by the Glass–Steagall Act of 1933. It provides deposit insurance, which guarantees the safety of deposits in member banks, currently up to $250,000 per depositor per bank. , the FDIC insures deposits at...

 closed Cooperative Bank of Wilmington

Wilmington, North Carolina

Wilmington is a port city in and is the county seat of New Hanover County, North Carolina, United States. The population is 106,476 according to the 2010 Census, making it the eighth most populous city in the state of North Carolina...

, chartered in 1898 and the second bank in North Carolina to fail in 2009; First Bank took over its 24 branches and $774 million in deposits as of June 22.