The Bank of Asheville operated through five branches with approximately $210m in total assets, including $162m in loans, and $209m in liabilities, including $205m in deposits.
First Bank has also entered into loss share agreements with FDIC.
First Bank said the branches of Bank of Asheville will reopen as its branches where customers of the bank can access their money by writing checks or using ATM or debit cards.
First Bancorp headquartered in Troy, North Carolina with total assets of approximately $3.4bn as of September 30, 2010.
The principal activity is the ownership and operation of First Bank, a state-chartered community bank that operates 92 branches, with 77 branches operating in the central piedmont and coastal regions of North Carolina, nine branches in South Carolina, and six branches in Virginia, where First Bank does business as First Bank of Virginia. First Bank also has a loan production offices in Blacksburg, Virginia.
