First Bank names G. Adam Currie as new CEO

SOUTHERN PINES, N.C. - In a strategic move by First Bancorp (NASDAQ:FBNC), a regional banking institution currently valued at $1.9 billion, G. Adam Currie has been promoted to Chief Executive Officer of First Bank (NASDAQ:FRBA), effective immediately. The company’s stock has shown remarkable strength, delivering a 36% return over the past year, though InvestingPro analysis suggests the stock is currently trading above its Fair Value. Currie succeeds Michael G. Mayer, who will continue as President of First Bancorp until early 2026.

Currie, who has been with First Bank since 2015, previously held the position of President since November 2023. His tenure at the Bank includes roles as Chief Banking Officer and Regional President, where he was pivotal in expanding the Bank’s presence, particularly in Charlotte, NC.

Richard H. Moore, CEO and Chairman of the Board of Directors of First Bancorp, expressed confidence in Currie’s leadership, emphasizing the long-standing succession plan and Currie’s significant contributions to the Bank’s growth and strategic positioning.

Currie’s banking career spans several prestigious roles, including Managing Director at PNC Capital Markets and COO of Commercial Markets at RBC Bank, after starting at Bank of America. A Charlotte native, Currie holds a BA in Economics from the University of North Carolina at Chapel Hill and is a graduate of the Graduate School of Banking at Louisiana State University.

In his new role, Currie expressed gratitude for the opportunity and recognized Mayer’s contributions over the past eleven years. He emphasized his commitment to continuing the Bank’s legacy and guiding it through further growth.

First Bancorp also disclosed the signing of an Amended and Restated Employment Agreement with Mayer, reflecting his new title and responsibilities, effective February 7, 2025. Additionally, Christian Wilson has entered an Employment Agreement beginning the same date to serve as Chief Operating Officer.

With headquarters in Southern Pines, North Carolina, First Bancorp oversees approximately $12.2 billion in assets. The bank has maintained a strong financial position, earning a "FAIR" overall health score from InvestingPro, with particularly strong marks in cash flow management. First Bank operates 113 branches across North Carolina and South Carolina and offers SBA (LON:SBA) loans nationwide. Notably, the company has maintained dividend payments for 38 consecutive years, demonstrating its commitment to shareholder returns. For more information on First Bank’s SBA lending capabilities, one can visit their dedicated website.[Get access to more than 10 additional InvestingPro Tips and comprehensive financial metrics for First Bancorp with an InvestingPro subscription.]

This leadership transition is based on a press release statement from First Bancorp.

In other recent news, First Bancorp announced a cash dividend of $0.22 per share, scheduled for payment to shareholders on January 25, 2025. This declaration reflects First Bancorp’s ongoing profitability and commitment to providing shareholder value, as expressed by CEO Richard Moore. Moore cited the company’s robust capital position as enabling profitable operations and the ability to distribute dividends to shareholders.

First Bancorp, with assets totaling $12.2 billion, continues to manage First Bank, a state-chartered community bank with 113 branches across North Carolina and South Carolina. The company’s recent developments demonstrate its commitment to blending traditional financial services, local expertise, and modern technology for managing personal and business finances.

Please note that these are the latest developments and no predictions or conclusions are being made about the company’s future.

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