Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Effective July 6, 2021, the Boards of Directors of First Bancorp and First Bank
appointed Dexter V. Perry to the Boards of Directors of First Bancorp and First
Bank.
Mr. Perry, age 51, is a Certified Financial Planner and a registered Investment
Advisor Representative with One Providence Capital, LLC, a registered Investment
Adviser Firm based in Cary, N.C. He began his career as a consumer bank manager
and investment sales producer with First Union National Bank. After earning a
Bachelor of Arts degree in Economics from Duke University in 1991, Mr. Perry
served on the Board of Trustees of the N.C. Supplemental Retirement Plan,
chairing the audit committee and the investment subcommittee, the latter of
which was charged with overseeing and monitoring plan assets in excess of $6
billion and reviewing the investment manager performance of over 25 individual
mandates stipulated by the plan. Mr. Perry also served for three years on the
board of directors for the John Rex Endowment, also serving as a member of its
finance committee, which oversaw investment assets of over $75 million. He also
served on the credit committee for Generations Community Credit Union in Durham,
NC until its merger with Self-Help Credit Union, in 2014, and served on the
boards of directors of Mechanics & Farmers Bank, Durham, NC, and its holding
company, M&F Bancorp, Inc. from 2018 until June 2021.
Richard H. Moore, Chief Executive Officer of First Bancorp, said, "We are
pleased to have Dexter join our boards and look forward to leveraging his
experience in the banking and finance industry. We believe Dexter will be an
outstanding addition."
Mr. Perry has been appointed to First Bancorp's audit committee, compensation
committee, and nominating and corporate governance committee, and First Bank's
executive committee. Compensatory arrangements for Mr. Perry will be consistent
with the previously disclosed standard arrangements for non-employee directors
of First Bancorp, as described on page 35 of the company's proxy statement for
its 2021 annual meeting of shareholders filed with the Securities and Exchange
Commission on March 23, 2021.
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