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North Carolina-based First Bank completes branch exchange with First Community Bank

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North Carolina-based First Bank completes branch exchange with First Community Bank

Southern Pines,N.C.-based First Bank($3.38 billion) has completed an exchangeof seven of its branches for six of Bluefield, Va.-based First Community Bank ($2.45 billion).

The First Bankbranches in question are all in Virginia, where it operates as First Bank of Virginia,while the First Community Bank branches are in North Carolina.

First Bank,a unit of First Bancorp,acquired approximately$154 million in loans and $111 million in deposits in the exchange, while about $152 millionin loans and $134 million in deposits to First Community Bank, which is a subsidiaryof First Community Bancshares Inc.

As a resultof the exchange, the First Community Bank branches in Mooresville and Huntersvilleand the four branches in Winston-Salem opened July 18 as First Bank branches.