First Bancorp (FBNC) in Troy, N.C., surprised investors by announcing that it would replace its president and chief executive.
The $3.3 billion-asset company said late Tuesday that Jerry Ocheltree will remain the president of its First Bank. Ocheltree became the company's president and CEO in 2007.
Richard Moore will succeed Ocheltree at the company level on June 11. Moore, who has been on the company's board since 2010, has been a managing director of Relational Investors. Moore's background also includes two terms as the state treasurer for North Carolina and served eight years as the chairman of the North Carolina State Banking Commission.
"These changes in our management structure will provide additional depth to a strong management team," Thomas Phillips, First Bancorp's chairman, said in a press release. "Together, Richard and Jerry form an excellent team to lead First Bancorp into the future."
"Last night's announcement comes as a bit of surprise to us," Will Curtiss, an analyst at Sandler O'Neill & Partners, wrote in a note to clients Wednesday morning. "During Mr. Ocheltree's time as CEO the company has been an active acquirer … and we continue to expect the company will look for any remaining growth opportunities within its core footprint."
