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FIRST BANCORP PRESIDENT AND CEO ANNOUNCES RETIREMENT

 TROY, N.C., Jan. 21 /PRNewswire/ -- John Wallace of First Bancorp (NASDAQ-NMS: FBNC), the parent company of First Bank, Troy, N.C., announced his retirement as President and CEO effective Jan. 19, 1993. He will continue to serve the Company as a consultant. He joined the organization in 1947, served as President of First Bank from 1961 to 1991 and as President and CEO of First Bancorp since it was formed in 1983.
 During Wallace's tenure as the leader of First Bank and First Bancorp, the Company's assets have increased from $3 million to $242 million, and it grew from a single office in Troy to twenty-six branches spanning eight counties across the middle of North Carolina.
 Wallace stated that he wishes to express his sincere appreciation to the directors for their guidance and to the employees for their loyalty and dedication, noting that both of these groups have been instrumental in the success of the Company.
 Wallace commented that he would miss the day-to-day interaction with his associates but that the bank has been left in good hands with the unanimous election of James A. Gunter as his successor and as the leader for the future. Gunter has served as President of First Bank since joining the organization two years ago.
 -0- 1/21/93
 /CONTACT: Anna G. Hollers, First Bancorp, 919-576-6171/
 (FBNC)


CO: First Bancorp ST: North Carolina IN: FIN SU: PER

MM -- CH017 -- 7655 01/21/93 17:12 EST
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Publication:PR Newswire
Date:Jan 21, 1993
Words:243
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