First Bank’s roots run deep in North Carolina. In 1935, the brand launched as Bank of Montgomery in Troy, NC. Following a name change to First Bank in 1985, they expanded operations to serve the communities outside of Montgomery County. Now, they are proudly headquartered in Southern Pines, NC. Thanks to a recent merger with Asheville Savings Bank, First Bank has grown to more than 100 locations across the Carolinas, with 13 branches that serve the communities of Asheville, Black Mountain, Brevard, Candler, Fletcher, Hendersonville, Marion and Mars Hill.
First Bank is now the third-largest bank in the Asheville area, employing more than 110 people in the region and over 1100 employees throughout the Carolinas. The company has approximately $5.7 billion in assets, $4.1 billion in loans and $4.6 billion in deposits. The bank’s merger with Asheville Savings Bank was strategically and financially smart for the shareholders of both companies, and it strengthens First Bank’s position as one of the leading community banks in North Carolina.
Suzanne DeFerie, the former president and CEO of Asheville Savings Bank, is now regional president for First Bank’s western region. She views this merger as a promising step forward for both the bank and the communities it serves. “Asheville Savings Bank and First Bank share a very like-minded focus when it comes to serving our communities and putting people first,” says DeFerie.
“First Bank has made the change as seamless as possible for both our employees and our customers, and I believe we will all benefit from being a part of the First Bank family.”
“We are excited about the final transition of Asheville Savings Bank to First Bank, and to have this opportunity to expand our footprint in a rapidly growing and beautiful part of North Carolina,” said Richard Moore, CEO of First Bancorp. “We look forward to providing our new customers with both our high-quality, local service as well as our state-of-the-art banking technologies.”
First Bank builds its services and products around the belief that its customers are meant to achieve financial independence, to prosper and to pursue the passions that drive their dreams. Each of their branch locations are staffed by a team of professionals who are deeply rooted in their communities, just like their customers. They’re a small enough company to provide the personal attention customers deserve, while also offering the big-bank services and tools necessary to manage finances.
This exciting growth is a reflection of the mission statement that’s guided First Bank through more than 70 years of evolution. Now more than ever, First Bank aims to be the best community bank in every community they serve and through every delivery channel they offer.