First Bancorp was incorporated in North Carolina on December 8, 1983, as Montgomery Bancorp. On December 31, 1986, the Company changed its name to First Bancorp to conform its name to the name of the Bank, which had changed its name from Bank of Montgomery to First Bank in 1985. It is a bank holding company, engaged in a range of banking activities, with the acceptance of deposits and the making of loans being its basic activities. The Company offers deposit products such as checking, savings, and money market accounts, as well as time deposits, including various types of certificates of deposits and individual retirement accounts. It also offers credit cards, debit cards, letters of credit, safe deposit box rentals and electronic funds transfer services, including wire transfers. The Company provides loans for a range of consumer and commercial purposes, including loans for business, agriculture, real estate, personal uses, home improvement and automobiles. It offers internet banking, mobile banking, cash management and bank-by-phone capabilities to its customers, and is affiliated with ATM networks that give its customers access to 67,000 ATMs, with no surcharge fee. For its business customers, it offers remote deposit capture, which provides them with a method to electronically transmit checks received from customers into their bank account without having to visit a branch. Its branches and facilities are located in small communities whose economies are based primarily on services, manufacturing and light industry. It conducts its business from 96 branches covering a geographical area from Florence, South Carolina to the southeast, to Wilmington, North Carolina to the east, to Kill Devil Hills, North Carolina to the northeast, to Salem, Virginia to the north, to Abingdon, Virginia to the northwest, and to Asheville, North Carolina to the west. The Company competes with a range of financial service providers, including federally and state-chartered savings and loan institutions, credit unions, investment and brokerage firms and small-loan or consumer finance companies.