NASDAQ, FBNC - First Bancorp [Nc]
First Bancorp (the ?Company?) is a bank holding company. The principal activity
of the Company is the ownership and operation of First Bank (the ?Bank?), a
state-chartered bank with its main office in Troy, North Carolina. The Company
also owns and operates a nonbank subsidiary, Montgomery Data Services, Inc.
(?Montgomery Data?), a data processing company. This subsidiary is fully
consolidated for financial reporting purposes. The Company is also the parent to
a series of statutory business trusts organized under the laws of the State of
Delaware that were created for the purpose of issuing trust preferred debt
securities. The Company?s outstanding debt associated with these trusts was
$46.4 million and $67.0 million at December 31, 2007 and 2006, respectively.
The Company was incorporated in North Carolina on December 8, 1983, as
Montgomery Bancorp, for the purpose of acquiring 100% of the outstanding common
stock of the Bank through a stock-for-stock exchange. ...
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