Southern Pines, North Carolina – July 18, 2016 – First Bancorp (Nasdaq: FBNC), the parent company of First Bank, is continuing its commitment to growth in metropolitan markets and further expanding its footprint in North Carolina’s Triad region. The bank, which already has seven branches in the greater Triad, is celebrating the opening of four locations today, and is planning to open several more in the next six to nine months.

“Through this expansion, and building on our more than 80 years serving the Carolinas, First Bank is strengthening our dedication to the Triad,” said Richard Moore, chief executive officer of First Bancorp. “We’re excited to meet our new customers, and to help the families and businesses of the Triad reach financial independence and achieve their goals.”

The four Triad branches opening as First Bank today are the result of an agreement to exchange seven former First Bank branches located in Virginiato First Community Bank in return for six of that bank’s branches located in North Carolina. Two of the six branches are in the Charlotte-metro. The other four are in Winston-Salem’s Knollwood, Jonestown, Wake Forest University and Oliver’s Crossing areas. The branches began the conversion Friday, July 15, and now each of these branches is officially operating as First Bank.

In June, First Bank also announced the signing of a definitive merger agreement to acquire Carolina Bank Holdings, Inc. (Nasdaq: CLBH) the parent company of Carolina Bank. The acquisition is expected to close in late 2016 or early 2017, and is subject to customary conditions, including regulatory and shareholder approval. Carolina Bank currently operates eight locations in Greensboro, High Point, Burlington and Winston-Salem, along with three mortgage loan offices.

“At First Bank, we understand and value the neighborhoods we serve. It’s important that communities like Greensboro and Winston-Salem have a focused, local bank to call on for support,” continued Moore. “Following the exchange and acquisition, our new customers will see we’re building on the client-centric, community bank experience with an extensive branch network across the Carolinas and access to the most advanced digital banking resources available today. We look forward to demonstrating why individuals, families and businesses have trusted us for generations.”

First Bank also has Triad branches located in Denton, High Point, Archdale, High Point, Seagrove, Asheboro and Mayodan. Learn more at www.LocalFirstBank.com.

About First Bancorp

First Bancorp is the holding company for First Bank and is headquartered in Southern Pines, North Carolina. The company currently operates 87 bank branches, with 81 branches operating in North Carolina and six branches in South Carolina (Cheraw, Dillon, Florence and Latta). A full-service community bank, First Bank provides best-in-class financial solutions, advice and technology to manage a home or business. Since 1935, First Bank has taken a tailored approach to banking, combining a range of cutting-edge digital tools with helpful local expertise. First Bancorp’s common stock is traded on the NASDAQ Global Select Market under the symbol FBNC. Visit our website at www.LocalFirstBank.com.

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, which statements are inherently subject to risks and uncertainties. Forward-looking statements are statements that include projections, predictions, expectations or beliefs about future events or results or otherwise are not statements of historical fact. Such statements are often characterized by the use of qualifying words (and their derivatives) such as “expect,” “believe,” “estimate,” “plan,” “project,” “anticipate,” or other statements concerning opinions or judgments of the Company and its management about future events. Factors that could influence the accuracy of such forward-looking statements include, but are not limited to, the financial success or changing strategies of the Company’s customers, the Company’s level of success in integrating acquisitions, actions of government regulators, the level of market interest rates, and general economic conditions. For additional information about the factors that could affect the matters discussed in this paragraph, see the “Risk Factors” section of the Company’s most recent annual report on Form 10-K available at www.sec.gov. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements. The Company is also not responsible for changes made to the press release by wire services, internet services or other media.