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Richard Moore became First Bancorp's CEO two years after losing a bid to become the state's governor. Investors are hoping his loss is the company's gain.
March 12 -
First Bancorp (FBNC) in Troy, N.C. and Community Financial Shares in Glen Ellyn, Ill. have completed capital raises.
December 24 -
First Bancorp (FBNC) in Troy, N.C., surprised investors by announcing that it would replace its president and CEO, Jerry Ocheltree, with Richard Moore, a former chairman of the North Carolina State Banking Commission. Ocheltree will remain president of the company's bank.
May 23
First Bancorp in Troy, N.C., is planning to move its headquarters.
The $3.3 billion-asset company has applied for regulatory approval to move its headquarters to Southern Pines, N.C., it said Wednesday. Last week, the company bought office space in downtown Southern Pines in Moore County, N.C., about 35 miles southeast of Troy.
First Bancorp said that about 150 of its 190 corporate jobs will remain in Troy, though most senior management will be moved to the new space.
First Bancorp's largest deposit base is in Moore County, where Southern Pines is located; Troy is in Montgomery County. Eleven of First Bancorp's 98 branches are in Moore County, and the company also operates facility management and legal divisions there, as well as a loan origination office and a training facility.
"Our bank has grown dramatically over the past few years, and this new location will help us better serve our customers going forward," Richard Moore, the company's president and chief executive, said in a press release.
Moore, a former state treasurer who ran to be the Democratic Party's nominee for North Carolina governor in 2008, has been selling bad loans in an
