First Bank & Trust Company Reaches Milestones
Quarterly Report Released and Executive Leadership Transitions
ABINGDON, Va., April 23, 2020 /PRNewswire/ -- First Bancorp, Inc., the parent company of First Bank & Trust Company, reported strong financial results for its quarter ending March 31, 2020.
The company recently announced that it has reached $2 billion in total assets. The announcement came at the annual shareholder meeting, which was followed by a reorganizational meeting held by First Bancorp, Inc., holding company of First Bank & Trust Company. As a result of that meeting, Chief Executive Officer, W. Mark Nelson, assumed the expanded role of President & Chief Executive Officer of First Bank & Trust Company and First Bancorp, Inc. Nelson is a current member of both Boards. William H. Hayter will assume the dual role of Chairman of First Bancorp, Inc. and First Bank & Trust Company Board of Directors. Hayter commented on his new role, "I look forward to continuing to serve this organization by representing the Board and supporting management in our quest to make this Bank the top performer in the USA."
When asked about the Bank's growth in assets, Nelson stated, Reaching $2 billion in assets is a significant cornerstone of accomplishment as we enter the next phase of growth for this company. The fundamental principles and strategies that built our foundation over the past 40 years will serve us well as we continue to grow. We are here today because of our loyal customers, and serving their needs is our primary focus going forward."
In the first quarter of 2020, the Bank's total net loans increased by $122.2 million over the previous year and total deposits increased by $128.2 million. The Bank is positioned to meet 2020 goals, excluding balances reflected by recent activity from the SBA's Paycheck Protection Program (PPP).
First Bank & Trust Company answered the call for many businesses struggling to navigate the challenges of COVID-19. "Many of our lenders worked tirelessly to process these loans," stated Nelson. Of the 1,813 SBA-PPP loans we processed, 1,068 were in the amount of $50,000 or less which reflects our Bank's commitment to helping the small businesses in our community." The community responded to the Bank's support. First Bank & Trust Company opened 458 new deposit accounts in March 2020. "Many of these new customers opened their first deposit account with us as a result of the tremendous efforts of our lending and support staff in response to the Paycheck Protection Program."
When asked about the significance of reaching $2 billion in assets, it was a question that prompted a quick response from President and CEO, Mark Nelson, "It's all about community. We want to insure the viability and continued success of the people and businesses that make up the very fabric of our community. It takes a financially sound and community-oriented bank to do that."
About First Bank & Trust Company
First Bank & Trust Company, one of the top community banks in the United States, is a diversified financial services firm with office locations in southwest Virginia, northeast Tennessee, and New River and Shenandoah Valleys. Financial objectives are addressed by offering free checking products for personal and business accounts, and assessing lending solutions managed by mortgage, agricultural and commercial lending divisions. Comprehensive financial solutions are available through trust and brokerage service representatives. For more information, visit www.firstbank.com or contact Nicole Franks [email protected]
SOURCE First Bank & Trust Company
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