First Bancorp is a bank holding company. The Company�s principal activity is the ownership and operation of First Bank (the Bank), a state-chartered bank. As of December 31, 2010, the Bank had two wholly owned subsidiaries, First Bank Insurance Services, Inc. (First Bank Insurance) and First Troy SPE, LLC. The Company engages in a range of banking activities, with the acceptance of deposits and the making of loans. For business customers, it offers repurchase agreements (also called securities sold under agreement to repurchase), which are similar to interest-bearing deposits. The Company offers credit cards, debit cards, letters of credit, safe deposit box rentals, bank money orders and electronic funds transfer services, including wire transfers. In August 2012, the Company announced the completion of the acquisition of the deposits of the Gateway Bank & Trust Co. branch located at 901 Military Cutoff Road, Wilmington, North Carolina.