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Carlie C. McLamb Jr., a director at First Bancorp (NASDAQ:FBNC), a $1.77 billion regional bank that has maintained dividend payments for 38 consecutive years according to InvestingPro, recently made a notable acquisition of company shares, according to a recent SEC filing. On June 24, McLamb purchased 811 shares of First Bancorp common stock at a price of $30.47 per share, totaling $24,711. This purchase was made indirectly through his spouse, increasing the total shares owned to 33,139. The stock, currently trading at $42.77, has shown resilience with a 25% return over the past year. InvestingPro analysis shows the company remains profitable with healthy financials.
Earlier in June, McLamb also reported a transaction involving the transfer of 1,189 shares of common stock, with no monetary value attached, reflecting a change in ownership structure. Following these transactions, McLamb’s direct ownership stands at 19,221 shares, while his indirect holdings through his spouse amount to 33,139 shares. Trading at a P/E ratio of 22.9, First Bancorp continues to demonstrate strong market presence.
In other recent news, First Bancorp has announced a cash dividend of $0.22 per share, scheduled for payment on January 25, 2025, to shareholders of record as of December 31, 2024. This decision underscores the company’s ongoing profitability and commitment to shareholder value, as highlighted by CEO Richard Moore. In a strategic leadership change, G. Adam Currie has been promoted to Chief Executive Officer of First Bank (NASDAQ:FRBA), succeeding Michael G. Mayer. Mayer will continue as President of First Bancorp until early 2026. Currie, who joined First Bank in 2015, has held significant roles including Chief Banking Officer and Regional President. Richard H. Moore expressed confidence in Currie’s leadership and his contributions to the bank’s growth. Additionally, First Bancorp has signed an Amended and Restated Employment Agreement with Mayer, effective February 2025, and Christian Wilson will begin his role as Chief Operating Officer. These developments reflect First Bancorp’s strategic positioning and leadership succession plans.
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