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, 2013, 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, 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 addition, the Company offers Internet banking, mobile banking, cash management and bank-by-phone capabilities to its customers, and are affiliated with automated teller machine (ATM) networks that gives its customers access to 67,000 ATMs, with no surcharge fee.