FBNC First Bancorp

First Bancorp Completes Purchase of Four Branches From RBC Centura TROY, N.C., Oct. 27 /PRNewswire-FirstCall/ -- First Bancorp , the parent company of First Bank, reports today that it has completed the purchase of four RBC Centura branches located in Wallace, Kenansville, Fairmont, and Harmony, all in North Carolina. The agreement to purchase these branches was announced on August 14, 2003. The branches have a total of approximately $102 million in deposits and $25 million in loans. Jimmie Garner, President and CEO of First Bancorp, addressed the customers of RBC Centura, "I'm delighted to welcome you to First Bank. Each of the four branches opened this morning as branches of First Bank with the same friendly staff that served you so well as employees of RBC Centura. I know they'll continue to take good care of you." Mr. Garner continued, "We're planning a grand re-opening for each branch on December 5. I look forward to meeting you and telling you more about our Banking One-on-One philosophy. I believe you will be very pleased with the way First Bank operates." Mr. Garner also addressed his new fellow employees: "It has been a pleasure to get to know you over the past several months. I would like to thank you again for your hard work in ensuring a smooth transition. We have a bright future together in making First Bank the best community bank possible." Mr. Garner added, "Today's acquisition of the Fairmont branch increases our deposit base in Robeson County to over $100 million, while the branches in Harmony, Iredell County, and Wallace and Kenansville, Duplin County, represent new, strategic markets for First Bank that I believe will contribute to the long-term growth of our company. I believe today is a good day for our new customers and employees, as well as for our shareholders." First Bancorp is a bank holding company based in Troy, North Carolina with total assets of approximately $1.4 billion. Its principal activity is the ownership and operation of First Bank, a state-chartered community bank that operates 55 branch offices, with 51 branches serving 18 counties across North Carolina, 3 branches in Dillon County, South Carolina, and 1 branch in Wytheville, Virginia, where First Bank does business as First Bank of Virginia. First Bancorp's common stock is traded on the Nasdaq National Market under the symbol FBNC. Please visit our website at http://www.firstbancorp.com/. This press release contains statements that could be deemed forward- looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, which statements are inherently subject to risks and uncertainties. Forward- looking statements are statements that include projections, predictions, expectations or beliefs about future events or results or otherwise are not statements of historical fact. Such statements are often characterized by the use of qualifying words (and their derivatives) such as "expect," "believe," "estimate," "plan," "project," or other statements concerning opinions or judgments of the Company and its management about future events. Factors that could influence the accuracy of such forward-looking statements include, but are not limited to, the financial success or changing strategies of the Company's customers, the Company's level of success in integrating acquisitions, actions of government regulators, the level of market interest rates, and general economic conditions. DATASOURCE: First Bancorp CONTACT: James H. Garner of First Bancorp, +1-910-576-6171 Web site: http://www.firstbancorp.com/

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