First Bancorp Reduces Dividend
Company CEO Jerry L. Ocheltree said the board made the move, "Consistent with our historically conservative approach and in light of current economic conditions."
He added that, "First Bank remains a strong and profitable bank, and our earnings thus far in 2009 are in line with expectations. However, we believe it is prudent to conserve capital during these uncertain times.
Ocheltree said that, on an annualized basis, the reduction will enable the company to retain an additional $7 million in common equity per year.
Troy, North Carolina-based First Bancorp is a bank holding company whose principal activity is the ownership and operation of First Bank, a state-chartered community bank that operates 74 branches.
The company has 63 branches operating in a 21-county market area in the central piedmont and coastal regions of North Carolina, six branches in South Carolina and five branches in Virginia, where First Bank does business as First Bank of Virginia.
First Bank also has a loan production office in Blacksburg, Virginia.
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