First Bank, the largest North Carolina-based community bank, named Adam Currie as president, reporting to CEO Mike Mayer.
Currie has operational responsibility for the bank, a subsidiary of First Bancorp. The bank also said Elizabeth Bostian, the bank’s chief financial officer, will add the responsibility of human resources. Mayer will continue as CEO of the Bank and president of First Bancorp.
Currie joined First Bank 2015 and has worked most recently as chief banking officer. He has more than 20 years experience in financial services. The Charlotte native has helped the Southern Pines-based bank expand in the Triad, Triangle and Charlotte metro areas.
Bostian has worked at the bank since 2012 and has been CFO.
“These strategic changes are what we need to continue to stay nimble, innovative and forward-thinking,” Mayer said in a release.
First Bancorp reported net income of $74.5 million for the first three quarters of the year, compared with profit of $108.5 million a year earlier. On Jan. 1, the bank completed its purchase of South Carolina-based GrandSouth Bancorp., which added $1 billion in both loans and deposits. It reported $13 million in merger expenses and added a loan loss provision of $12 million for acquired loans.
As of Sept.30, the bank had $12 billion in assets. Shares closed at $31.99 today, and have declined by about 25% this year, mirroring the performance of many commercial lenders facing rising interest rates and fears of more loan losses.
