First Bancorp, the parent company of First Bank, has announced the closure and consolidation of ten of its branches across North Carolina, South Carolina and Virginia.
The bank said that all branches will be consolidated with other branches near the closing locations and have at least one receiving branch less than 10 miles away.
Deposits at most closing branches are expected to transition to nearby branches on 5 December 2014 subject to regulatory approval.
First Bank chief retail banking officer Cathy Dudley said that the closings are the result of changing customer banking preferences and a need for reinvestment to build stronger branch banking centers that will serve larger areas.
"Like many banks, we’ve seen a significant spike in online and mobile banking usage these last few years and a decrease in branch transaction volumes," Dudley commented.
"Many of the large banks have left rural areas across our footprint, but we believe the small business owners and families in these areas still need a strong banking partner in their communities. It is why we are consolidating locations and re-investing in new technologies, services and products."