SOUTHERN PINES, N.C. &
SANFORD, N.C., Dec. 16, 2015 /PRNewswire/ -- First Bancorp
(NASDAQ – FBNC), the parent company of First Bank and First Bank
Insurance Services, Inc. ("First Bank Insurance"), and Bankingport,
Inc., an insurance agency based in Sanford, North Carolina ("Bankingport"),
jointly announced today that First Bank Insurance and Bankingport
have entered into a definitive merger agreement, pursuant to which
First Bank Insurance will acquire Bankingport. The
combination represents an opportunity for First Bank Insurance to
expand and enhance the insurance products it provides to customers
and an opportunity to provide Bankingport's insurance customers
with access to First Bank's full range of commercial banking
products and services, all backed by both parties' strong
foundations of local service.
Bill Ray, President of
Bankingport and the son of its founder, said, "It was a goal of my
father to give excellent service and products to our customers. I
feel that we have accomplished this and our commitment to this
founding principal remains. With our growth, we needed to
expand our operation to continue to provide our customers the
service to which they have become accustomed. By combining
with First Bank Insurance, we expect to attain a higher level of
service for our customers. Our clients will still have the
Bankingport agents they have known and our customers will see the
same benefits and service they have for years. First Bank
Insurance has an excellent reputation and we are excited to partner
with them as they bring a wide range of support to the combined
agency, including human resources, information technology, and
marketing. With this support, we have more time to work
harder for our customers."
Tim Maples, Executive Vice
President of First Bank Insurance, agreed, stating that
"Bankingport is an outstanding insurance agency with an excellent
team focused on its customers' needs. Bankingport and First
Bank Insurance share a common goal to provide exceptional customer
service. We are excited about our future together."
Rob Patterson, Regional President of
First Bank, said "Lee County has
been an outstanding market for First Bank and Bankingport, and we
are excited about the opportunities to better serve our customers
through a wide array of banking and insurance products and
services."
The transaction is expected to close on January 1, 2016, subject to customary closing
conditions. Bankingport will continue to operate under its
name for an undetermined period subsequent to the closing and both
parties will continue to operate out of their respective offices
with staff levels unaffected.
About Bankingport, Inc.
Bankingport, Inc. was founded in 1948 with the belief that we
are here to serve the community with integrity. We know that
our success is only as great as the successes for those we
serve. That is why our team of insurance professionals
strives to provide proactive consultation and expertise to our
clients, while providing a full line of property and casualty, life
and health insurance for both individuals and businesses.
About First Bancorp, First Bank & First Bank Insurance
Services, Inc.
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
operates 88 branches, with 75 branches operating in North Carolina, six branches in South Carolina (Cheraw, Dillon, Florence, and Latta), and seven branches in Virginia (Abingdon, Blacksburg, Christiansburg, Fort Chiswell, Radford, Salem and Wytheville), where First Bank does business as
First Bank of Virginia. First Bank also has loan production
offices in Greenville and
Charlotte, North Carolina.
First Bancorp's common stock is traded on the NASDAQ Global Select
Market under the symbol "FBNC." First Bank Insurance
Services, a subsidiary of First Bank, has locations in Southern Pines and Troy, North Carolina.
Please visit our website at www.LocalFirstBank.com.
This news 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 First Bancorp's
customers, First Bancorp'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 First Bancorp'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 First Bancorp
undertakes no obligation to update or revise forward-looking
statements. First Bancorp 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 Bank