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Longtime leader: First Bancorp CEO continues to inspire growth of company

By Jami McLaughlin, posted Jan 7, 2022 on BizFayetteville.com

Richard Moore

Richard Moore is the CEO of First Bancorp. Named CEO of the Year in 2019 by Business NC Magazine, Moore has overseen the company over the last eight years all while the company has experienced exponential growth. 

According to Moore, the company now has assets of more than $10 billion and a market cap of over $1.7 billion. It operates more than 110 branches in the Carolinas and has been recognized by Forbes as its best bank in North Carolina for each of the last three years.
 

 In October 2021, First Bancorp acquired Select Bancorp, Inc. in a highly visible acquisition that elevated the company to greater heights. 

“The team at Select Bank & Trust had built a culture that was very similar to our own: focused on the community and on relationships. We knew that by adding the Select Bank branches to our footprint, it would allow us to better serve those communities with additional financial options, to expand our presence in the Carolinas, and to continue growing in a way that felt organic. We look forward to completing the systems conversion in March 2022, at which point we’ll have well over 100 branches across the two states,” said Moore. 

“This acquisition is part of the larger goal we’ve set for First Bank, to be the best bank in the Southeast and to grow at a rate that is both intentional and beneficial for the communities we serve. It’s clear that this plan is working when you look at our stock price, which has increased from the teens back nine years ago to above 50 in the last couple of weeks, and when you look at the suite of products and services we can offer, especially to businesses.” 

As far as what distinguishes First Bancorp from other companies, Moore said, “We’re competitive with every major player out there today. We can do what they can, from commercial lending to an enhanced digital experience, but we do it in a way that’s grounded in service, in relationships, and in actually knowing about our customers and our communities. This is what sets First Bank apart; we offer boutique banking no matter the size of the business we’re supporting. And we have a comprehensive branch network in the small towns and in the larger metros, especially Asheville, Greensboro, Wilmington, Raleigh and Charlotte.” 

Before leading the helm at First Bancorp, Moore held some key roles within the state of North Carolina. Prior to joining First Bank, he was a Managing Director with Relational Investors LLC, and served eight years as State Treasurer of North Carolina. While Treasurer he was named, "Top Public Official of the Year" by Governing Magazine for his national leadership on corporate accountability and guidance of the state's pension fund. He currently serves on the boards of the New York Stock Exchange and its affiliates and has served on the boards of numerous companies and nonprofits. 

From 1995-1999, Moore was the Secretary of Public Safety in North Carolina, the state's top law enforcement position. He previously served in the NC House, representing six rural counties north of Raleigh. He is also a former Assistant U.S. Attorney, where he prosecuted numerous federal cases in the Eastern District of North Carolina. 

For the future of First Bancorp, Moore is looking at the company from a business and philanthropic standpoint. 

“Our focus for 2022 and beyond is on those and other growth markets. We want to be a part of the conversation when any business or a community is looking for a long-term banking partner. We’re also expanding our corporate social responsibility program, the Power of Good, in a big way in 2022, with more information coming about that in late January. It’s a great program and will be exciting to watch it unfold. Already this year over just two quarters, the employee donation match that is a part of the Power of Good has resulted in the commitment of more than $36,000, 415 volunteer hours, and 2,162 pounds of nonperishable food to 64 nonprofits. This is on top of the annual efforts and donations made by the local branches and from a corporate level to organizations throughout the Carolinas,” said Moore. 

Moore ran for Governor of NC in 2008 and it was speculated that he would run again in 2012; however, he ultimately did not run. 

There was no comment if he plans to run for office in the future. No matter, Moore has made a significant mark in the Carolinas.

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