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Posted 04 January, 2023

FIRST BANCORP /NC/ appointed new CEO

CEO Change detected for ticker Nasdaq:FBNC in a 8-K filed on 04 January, 2023.


  Pursuant to the Agreement and Plan of Merger and Reorganization between First Bancorp and GrandSouth, dated June 21, 2022 (the "Merger Agreement"), First Bancorp agreed to appoint two directors of GrandSouth to the boards of directors of First Bancorp and First Bank. Accordingly, Mason Y. Garrett, the former Chairman and Chief Executive Officer of GrandSouth, and J. Randolph Potter were appointed to the boards of directors of First Bancorp and First Bank, effective January 1, 2023.  

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Overview of FIRST BANCORP /NC/
Financial Services • Banking
First Bancorp (North Carolina) operates as a bank holding company, which engages in banking activities, with the acceptance of deposits and the making of loans. It provides a range of deposit products such as checking, savings, NOW, and money market accounts, as well as time deposits, including various types of certificates of deposits and individual retirement accounts. The company's offerings include credit cards, debit cards, letters of credit, safe deposit box rentals, bank money orders and electronic funds transfer services, including wire transfers. It also offers loans for a range of consumer and commercial purposes, including loans for business, agriculture, real estate, personal uses, home improvement and automobiles. The company was founded on December 8, 1983 and is headquartered in Southern Pines, NC.
Market Cap
$1.67B
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FIRST BANCORP /NC/ by TradingView
Relevant filing section
Item 5.02 - Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers 3

Item 5.02 - Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers


Pursuant to the Agreement and Plan of Merger and Reorganization between First Bancorp and GrandSouth, dated June 21, 2022 (the "Merger Agreement"), First Bancorp agreed to appoint two directors of GrandSouth to the boards of directors of First Bancorp and First Bank. Accordingly, Mason Y. Garrett, the former Chairman and Chief Executive Officer of GrandSouth, and J. Randolph Potter were appointed to the boards of directors of First Bancorp and First Bank, effective January 1, 2023. They have also been appointed to serve as members of First Bancorp's Executive and Loan Committee, Audit Committee, Compensation Committee, and Nominating and Corporate Governance Committee. Both boards have been expanded to 17 members. 


Other than their appointment pursuant to the Merger Agreement, there have been no transactions, nor are there any currently proposed transactions, in which First Bancorp has or is to be a participant and the amount involved exceeds $120,000 and in which Mr. Garrett or Mr. Potter had or will have a direct or indirect material interest.