First Bank names Larry Jackson as Chief Credit Officer

GREENSBORO, N.C. - First Bank has announced the appointment of Larry Jackson as the new Chief Credit Officer, effective since April 2025. Jackson, with over two decades of experience in the financial services industry, will operate from the bank’s Greensboro office.

Jackson’s career has been marked by his expertise in credit risk management. He transitions to First Bank from PNC, where he held the position of Market Credit Executive. Adam Currie, CEO of First Bank, highlighted Jackson’s experience and leadership qualities as valuable assets for the bank’s growth trajectory.

Currie also acknowledged the contributions of Mike Brower, the outgoing credit officer, praising the credit culture he established and wishing him well for his upcoming retirement.

Expressing his eagerness to join First Bank, Jackson cited the bank’s alignment with his personal values and his anticipation of contributing to its future success. Jackson, a Michigan native and Spring Arbor University alumnus, will be relocating to Greensboro with his family.

First Bank, a subsidiary of First Bancorp, is based in Southern Pines, North Carolina, and boasts assets of approximately $12.1 billion. The bank serves North and South Carolina with 113 branches, emphasizing personalized banking solutions, local expertise, and modern technology. According to InvestingPro data, the bank maintains a robust financial position with a "GOOD" overall health score and has consistently paid dividends for 39 consecutive years, demonstrating strong shareholder commitment. First Bancorp’s shares are traded on the NASDAQ Global Select Market under the ticker "FBNC."

This leadership change is based on a press release statement from First Bank.

In other recent news, First Bancorp announced a cash dividend of $0.22 per share, set for distribution on April 25, 2025, to shareholders recorded as of March 31, 2025. This follows a strong financial performance in the fourth quarter, with increased adjusted net income and earnings per share, as well as solid capital and liquidity positions. Analyst firm Stephens raised its price target for First Bancorp to $50, maintaining an Overweight rating, after the company reported core pre-provision net revenue of $48.3 million, exceeding Wall Street’s expectations. Keefe, Bruyette & Woods also adjusted their price target to $50, keeping an Outperform rating, following First Bancorp’s first-quarter performance that surpassed their estimates. Piper Sandler initiated coverage with a Neutral rating and a $48 price target, highlighting the bank’s potential for organic growth and mergers and acquisitions. First Bancorp’s annual shareholder meeting resulted in the election of 11 directors and the ratification of its independent auditors. Shareholders approved executive compensation and preferred annual "Say-on-Pay" votes. These developments reflect the company’s ongoing strategic initiatives and financial health.

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