First Bancorp (NC) Files 8-K on Executive Changes & Agreements
Ticker: FBNC · Form: 8-K · Filed: Feb 6, 2025 · CIK: 811589
Sentiment: neutral
Topics: corporate-governance, executive-changes, material-agreement
Related Tickers: FBNC
TL;DR
First Bancorp (NC) filed an 8-K on Feb 6, 2025, covering exec changes, new agreements, and financial updates.
AI Summary
On February 6, 2025, First Bancorp (NC) filed an 8-K report detailing several key events. These include the entry into a material definitive agreement, the departure and election of directors, the appointment of certain officers, and the establishment of compensatory arrangements for these officers. The filing also covers other events and financial statements/exhibits.
Why It Matters
This filing signals potential shifts in the company's leadership and strategic direction, which could impact its operational and financial performance.
Risk Assessment
Risk Level: medium — Changes in directors and officers, along with new material agreements, can introduce uncertainty and potential strategic shifts.
Key Players & Entities
- First Bancorp /NC/ (company) — Registrant
- February 6, 2025 (date) — Date of Report
FAQ
What specific material definitive agreement did First Bancorp enter into?
The filing indicates the entry into a material definitive agreement, but the specific details of this agreement are not provided in the provided text.
Who are the directors or officers that have departed or been elected/appointed?
The filing mentions the departure of directors or certain officers and the election/appointment of others, but specific names are not listed in the provided text.
What are the details of the compensatory arrangements for certain officers?
The filing notes the establishment of compensatory arrangements for certain officers, but the specifics of these arrangements are not detailed in the provided text.
What is the primary business of First Bancorp (NC)?
First Bancorp (NC) is classified under 'STATE COMMERCIAL BANKS' with SIC code 6022.
Where is First Bancorp (NC) headquartered?
First Bancorp (NC) is headquartered at 300 SW Broad Street, Southern Pines, NC 28387.
Filing Stats: 876 words · 4 min read · ~3 pages · Grade level 10.3 · Accepted 2025-02-06 16:05:36
Key Financial Figures
- $40.0 million — ement a stock repurchase plan for up to $40.0 million of the Company's outstanding Common Sto
Filing Documents
- fbnc-20250206.htm (8-K) — 52KB
- exhibitamendedandrestatede.htm (EX-10.K) — 113KB
- exhibit10uemploymentagreem.htm (EX-10.U) — 126KB
- exhibit991newsreleasedated.htm (EX-99.1) — 9KB
- image.jpg (GRAPHIC) — 47KB
- 0000811589-25-000005.txt ( ) — 536KB
- fbnc-20250206.xsd (EX-101.SCH) — 2KB
- fbnc-20250206_lab.xml (EX-101.LAB) — 21KB
- fbnc-20250206_pre.xml (EX-101.PRE) — 12KB
- fbnc-20250206_htm.xml (XML) — 3KB
01. Entry into a Material Definitive Agreement 3
Item 1.01. Entry into a Material Definitive Agreement 3
02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers 3
Item 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers 3
01. Other Events 3
Item 8.01. Other Events 3
01 – Financial Statements and Exhibits 3
Item 9.01 – Financial Statements and Exhibits 3 Signatures 4 Exhibit 10.k Amended and Restated Employment Agreement, effective February 7, 2025, among the Registrant, First Bank and Michael G. Mayer. 5 Exhibit 10.u Employment Agreement, effective February 7, 2025, among the Registrant, First Bank and Christian Wilson. 18 Exhibit 99.1 News Release dated February 6, 2025 33 2
01. Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement The Company announced on February 6, 2025 that it, its bank subsidiary, First Bank (the "Bank"), and Michael G. Mayer have entered into an Amended and Restated Employment Agreement, effective February 7, 2025 (the "Agreement"). Under the Agreement, Mr. Mayer will continue to serve as President of the Company but will relinquish his office as Chief Executive Officer of the Bank. The Company also announced on February 6, 2025 that the Company, the Bank and Christian Wilson have entered into an employment agreement, effective February 7, 2025. Mr. Wilson serves as an Executive Vice President and the Chief Operating Officer of the Company and the Bank. Copies of the press release, Mr. Mayer's Agreement and Mr. Wilson's Employment Agreement are attached as Exhibits to this Report on Form 8-K and incorporated herein by reference.
02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
Item 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers The Company announced on February 6, 2025 that Adam Currie, previously President of the Bank, has been appointed by the Board of Directors of the Bank, as the Bank's President and Chief Executive Officer, effective February 7, 2025. Michael G. Mayer, President of the Company and formerly Chief Executive Officer of the Bank, will continue to serve as the President of the Company. A copy of the Company's press release is attached as an Exhibit to this Report on Form 8-K and incorporated herein by reference.
01. Other Events
Item 8.01. Other Events The Company has announced that the Board of Directors of the Company has authorized the Company's management to implement a stock repurchase plan for up to $40.0 million of the Company's outstanding Common Stock. Repurchases under the plan may be made in the open market, in privately negotiated transactions or otherwise, subject to the terms of the plan, market conditions and other factors. Open market purchases will be made within the pricing, volume and other requirements of Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended. The plan does not obligate the Company to acquire any particular amount of its Common Stock. The plan may be extended, modified, suspended or discontinued at any time. A copy of the Company's press release is attached as an Exhibit to this Report on Form 8-K and incorporated by reference.
01 – Financial Statements and Exhibits
Item 9.01 – Financial Statements and Exhibits Exhibit 10.k Amended and Restated Employment Agreement, effective February 7, 2025, among the Registrant, First Bank and Michael G. Mayer. Exhibit 10.u Employment Agreement, effective February 7, 2025, among the Registrant, First Bank and Christian Wilson. Exhibit 99.1 News Release dated February 6, 2025 3
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized. FIRST BANCORP February 6, 2025 By: /s/ Richard H. Moore Richard H. Moore Chief Executive Officer 4