8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): July 30, 2024

First Bancorp

(Exact Name of Registrant as Specified in its Charter)

North Carolina	0-15572	56-1421916
(State or Other Jurisdiction	(Commission	(I.R.S. Employer
of Incorporation)	File Number)	Identification Number)

300 SW Broad Street,
Southern Pines,	NC	28387
(Address of Principal Executive Offices)		(Zip Code)

(910) 246-2500

(Registrant’s telephone number, including area code)

Not Applicable

(Former Name or Former Address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: 

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol	Name of each exchange on which registered:
Common Stock, No Par Value	FBNC	The Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

1

First Bancorp

INDEX

 

	Page
Item 5.02 - Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers	3
Item 9.01 – Financial Statements and Exhibits	3
Signatures	4
Exhibit 99.1 News Release dated July 30, 2024	5

2

ITEM 5.02. DEPARTURE OF DIRECTORS OR PRINCIPAL OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF PRINCIPAL OFFICERS

On July, 26, 2024, First Bancorp (the “Company”), the parent company of First Bank announced that Mason Y. Garrett has resigned as a director of the Board of Directors of the Company, and as a director of the Board of Directors of First Bank. Mr. Garrett’s resignation was not the result of any disagreement between the Company and Mr. Garrett concerning any matters relating to the Company’s operations, policies or practices.

A copy of First Bancorp’s Press Release making this announcement is attached as Exhibit 99.1 and is incorporated herein by reference.

ITEM 9.01 – FINANCIAL STATEMENTS AND EXHIBITS

Exhibit 99.1 – News Release dated July 30, 2024

3

SIGNATURES

    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

		FIRST BANCORP
July 30, 2024	By:	/s/ Richard H. Moore
		Richard H. Moore
		Chief Executive Officer

4

EX-99.1

For immediate release

Inquiries to:

Hillary Kestler, PR Director

704.644.4137

hkestler@localfirstbank.com

July 30, 2024

FIRST BANCORP ANNOUNCES RETIREMENT OF DIRECTOR

SOUTHERN PINES, NC– The Board of Directors of First Bancorp (NASDAQ: FBNC) (the “Company”) announces the retirement of Mason Y. Garrett from the First Bancorp and First Bank Board of Directors (the “Board of Directors”) effective July 26, 2024.

Mr. Garrett was the Founder and Chairman of the Board of Directors of GrandSouth Bank and CEO of GrandSouth Bancorporation from 1998 until its merger with the Company in 2023, at which time he joined the Company’s Board of Directors. He was a member of the Executive & Loan Committee of First Bank.

Mr. Garrett has over 50 years of banking experience, including roles as President and Chief Executive Officer and Chairman of the Board of several Upstate South Carolina banks. He co-founded First United Bancorporation, an Anderson, SC bank, in 1984 and served as its Chief Executive Officer until its sale to Regions Financial Corporation in March 1998, prior to co-founding GrandSouth Bank and GrandSouth Bancorporation.

Board of Directors Chairman and First Bancorp CEO, Richard Moore, said of Mr. Garrett’s retirement, “On behalf of the Board of Directors, I want to thank Mason for his years of dedicated service and commitment to the banking industry in the Carolinas. He offered many valuable contributions to the success of our organization and all of his prior organizations, and we all wish him much joy in his well-earned retirement.”

###

About us:

First Bancorp is a bank holding company headquartered in Southern Pines, North Carolina, with total assets of $12.1 billion. Its principal activity is the ownership and operation of First Bank, a state-chartered community bank that operates 113 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 Bank also provides SBA loans to customers through its nationwide network of lenders.

Please visit our website at www.LocalFirstBank.com for more information.

First Bancorp's common stock is traded on The NASDAQ Global Select Market under the symbol "FBNC." Member FDIC, Equal Housing Lender.

XML

Cover Page	Jul. 30, 2024
Cover [Abstract]
Document Type	8-K
Document Period End Date	Jul. 30, 2024
Entity Registrant Name	First Bancorp
Entity Incorporation, State or Country Code	NC
Entity File Number	0-15572
Entity Tax Identification Number	56-1421916
Entity Address, Address Line One	300 SW Broad Street,
Entity Address, City or Town	Southern Pines,
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	28387
City Area Code	(910)
Local Phone Number	246-2500
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, No Par Value
Trading Symbol	FBNC
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Amendment Flag	false
Entity Central Index Key	0000811589