SOUTHERN PINES, N.C.,
Aug. 9, 2016 /PRNewswire/ -- First
Bank, the wholly-owned bank subsidiary of First Bancorp (NASDAQ –
FBNC), announces that it has expanded its business banking
solutions to offer SBA 7a, USDA and 504 loans to small business
owners throughout the United
States. With a retail branch network in the Carolinas, First
Bank's entrance into SBA lending allows the company to better serve
its existing communities as well as develop a national footprint to
offer loan products that help small business owners who may not
qualify for conventional loans.
"Founded in 1935, First Bank has already established a strong
reputation across the Carolinas, providing a wide array of personal
and business banking services," stated Richard Moore, Chief Executive Officer. "We are
excited about the addition of our SBA division and the complete
lending services we can offer business owners and entrepreneurs
across First Bank communities and throughout the United States. We will continue to offer
the same level of superior customer service and quality to our new
loan clients that our Carolina customer base has known for so
long."
"The U.S. economy is driven by enormous corporations," commented
Stephanie Dunn, National Sales
Manager with First Bank's SBA division, "yet our country was
founded by small business owners with an entrepreneurial spirit.
For 17 years, I have been passionate about lending to
businesspeople looking for the opportunity to provide goods and
services to customers in their local communities. By lending
entrepreneurs the money to build their local businesses, I feel
that I get to play a small part in helping them realize their
dreams."
"In an effort to deliver an expert and seamless customer
experience, First Bank has hired a number of seasoned SBA lenders
nationally who share the same excitement about helping small
business owners," expressed Dunn. "By connecting experienced
lenders with entrepreneurially-minded small business owners, we
create the perfect partnership and allow our customers the
financial means to meet their long-term business goals."
The First Bank SBA division serves all 50 U.S. states. Visit
www.firstbanksba.com to learn more.
About First Bancorp
First Bancorp is a bank holding company headquartered in
Southern Pines, North Carolina,
with total assets of approximately $3.5
billion. Its principal activity is the ownership and
operation of First Bank, a state-chartered community bank that
operates 87 branches in North and South
Carolina. First Bank also has loan production offices in
Charlotte, Greenville, and Raleigh North Carolina. First Bank's SBA
division provides SBA loans to customers through its nationwide
network of lenders – for more information on First Bank's SBA
lending capabilities, please visit www.firstbanksba.com. First
Bancorp's common stock is traded on the NASDAQ Global Select Market
under the symbol "FBNC."
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.
Logo - http://photos.prnewswire.com/prnh/20160809/396782LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/first-bank-announces-the-launch-of-a-national-sba-lending-division-300311259.html
SOURCE First Bank