FIRST BANCORP ANNOUNCES RETIREMENT OF DIRECTOR

Core Viewpoint - First Bancorp announces the retirement of Mason Y. Garrett from its Board of Directors effective July 26, 2024, marking the end of a significant era in the company's leadership [1][4]. Group 1: Leadership Changes - Mason Y. Garrett served as the Founder and Chairman of GrandSouth Bank and CEO of GrandSouth Bancorporation until its merger with First Bancorp in 2023, after which he joined the company's Board of Directors [2]. - Garrett has over 50 years of banking experience, having held various leadership roles in several banks in Upstate South Carolina, including co-founding First United Bancorporation in 1984 [3]. Group 2: Company Overview - First Bancorp is a bank holding company headquartered in Southern Pines, North Carolina, with total assets amounting to $12.1 billion [4]. - The company operates First Bank, a state-chartered community bank with 113 branches across North Carolina and South Carolina, providing tailored banking solutions and SBA loans through a nationwide network [4].