<SEC-DOCUMENT>0000914317-12-001343.txt : 20120927
<SEC-HEADER>0000914317-12-001343.hdr.sgml : 20120927
<ACCEPTANCE-DATETIME>20120927102616
ACCESSION NUMBER:		0000914317-12-001343
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20120926
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20120927
DATE AS OF CHANGE:		20120927

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIRST BANCORP /NC/
		CENTRAL INDEX KEY:			0000811589
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				561421916
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-15572
		FILM NUMBER:		121112166

	BUSINESS ADDRESS:	
		STREET 1:		341 NORTH MAIN ST
		STREET 2:		PO BOX 508
		CITY:			TROY
		STATE:			NC
		ZIP:			27371-0508
		BUSINESS PHONE:		9105766171
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k-125369_fbnc.htm
<DESCRIPTION>8-K
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0; text-align: center">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</P>

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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 5pt 0; text-align: center"><B>Form&nbsp;8-K</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0; text-align: center">CURRENT REPORT PURSUANT TO SECTION 13 OR
15(d) OF<BR>
THE SECURITIES EXCHANGE ACT OF 1934</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: center">Date of Report (Date of earliest event reported):</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-autospace: none; font-weight: bold; text-align: center">  September 26,
    2012</TD></TR>
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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 5pt 0; text-align: center"><B>First Bancorp</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact Name of Registrant as Specified in its
Charter)</P>

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    <TD STYLE="border-bottom: windowtext 1pt solid; text-autospace: none; text-align: center">North Carolina</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-autospace: none; text-align: center">0-15572</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-autospace: none; text-align: center">56-1421916</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: center">(State or Other Jurisdiction</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: center">(Commission</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: center">(I.R.S. Employer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: center">of Incorporation)</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: center">File Number)</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: center">Identification Number)</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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    <TD STYLE="border-bottom: windowtext 1pt solid; text-autospace: none; text-align: center">341 North Main Street, Troy, <BR>
North Carolina</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">27371</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: center">(Address of Principal Executive Offices)</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: center">(Zip Code)</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(910) 576-6171</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Registrant&rsquo;s telephone number, including
area code)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Not Applicable</P>

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last report)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Check the appropriate box below if the Form
8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">o</FONT></TD><TD STYLE="text-align: justify">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">o</FONT></TD><TD STYLE="text-align: justify">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">o</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">o</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR></TABLE>

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<p></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0; text-align: center">First Bancorp<BR>
<B>INDEX</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0; text-align: center"></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 78%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Page</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 7.5pt; text-indent: -7.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 7.5pt; text-indent: -7.5pt">Item&nbsp;1.01 &ndash; Entry Into a Definitive Material Agreement</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">3</P></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 7.5pt; text-indent: -7.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>Item 7.01 &ndash; Regulation FD Disclosure</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;3</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 7.5pt; text-indent: -7.5pt">Item&nbsp;9.01 &ndash; Financial Statements and Exhibits</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">3</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 7.5pt; text-indent: -7.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 7.5pt; text-indent: -7.5pt">Signatures</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 7.5pt; text-indent: -7.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Exhibit&nbsp;99.1- Press Release dated September 26, 2012</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">Exhibit</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0; text-align: center">2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 5pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0">Item&nbsp;1.01 &ndash; Entry Into a Definitive Material Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">On September 26, 2012, First Bancorp (NASDAQ
&ndash; FBNC) and Four Oaks Fincorp, Inc. (OTCQB &ndash; FOFN) announced a Purchase and Assumption Agreement (the &ldquo;Agreement&rdquo;)
dated September 26, 2012. The Agreement, between First Bancorp&rsquo;s subsidiary, First Bank, and Four Oaks Fincorp&rsquo;s subsidiary,
Four Oaks Bank &amp; Trust Company, provides for First Bank to acquire the Southern Pines and Rockingham, North Carolina branches
of Four Oaks Bank &amp; Trust Company. The terms of the agreement provide for First Bank to acquire all of the deposits of each
branch (approximately $64 million in total) and selected performing loans (approximately $22 million). First Bank will pay Four
Oaks Bank a premium of 1% of deposits (not to exceed $628,000), while the loans will be purchased at book value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The agreement calls for First Bank to purchase
the Rockingham branch building at book value, while the Southern Pines branch facility will not be sold in this transaction and
is expected to be closed by Four Oaks Bank upon completion date of the transaction. The purchased loans and assumed deposits currently
at the Southern Pines branch will be initially assigned to First Bank&rsquo;s office located nearby at Pinecrest Plaza.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The transaction is subject to regulatory approval
and is expected to be completed during the first quarter of 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0">Item 7.01 &ndash; Regulation FD Disclosure</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">On September 26, 2012, the Registrant issued
a press release regarding its wholly owned subsidiary, First Bank, entering into a branch purchase and assumption agreement with
Four Oaks Bank &amp; Trust Company.&nbsp;&nbsp;A copy of this press release is attached hereto as Exhibit 99.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The information furnished under this Item 7.01
shall not be deemed &ldquo;filed&rdquo; for purposes of Section 18 of the Securities Exchange Act of 1934, or incorporated by reference
into any filing thereunder or under the Securities Act of 1933 unless expressly set forth by specific reference in such filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0">Item 9.01 - Financial Statements and Exhibits</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0 0; text-indent: 0.25in">Exhibit 99.1 &ndash; Press Release dated
September 26, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0 0"><B>Disclosures About Forward Looking Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">
The discussions included in this document and its exhibits may contain forward looking statements within the meaning of the
Private Securities Litigation Act of 1995, including Section&nbsp;21E of the Securities Exchange Act of 1934 and Section&nbsp;27A
of the Securities Act of 1933. Such statements involve known and unknown risks, uncertainties and other factors that may cause
actual results to differ materially. For the purposes of these discussions, any statements that are not statements of historical
fact may be deemed to be forward looking statements. Such statements are often characterized by the use of qualifying words such
as &ldquo;expects,&rdquo; &ldquo;anticipates,&rdquo; &ldquo;believes,&rdquo; &ldquo;estimates,&rdquo; &ldquo;plans,&rdquo; &ldquo;projects,&rdquo;
or other statements concerning opinions or judgments of the Registrant and its management about future events. The accuracy of
such forward looking statements could be affected by such factors as, including but not limited to, the financial success or changing
conditions or strategies of the Registrant&rsquo;s customers or vendors, fluctuations in interest rates, actions of government
regulators, the availability of capital and personnel or general economic conditions.</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 5pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0; text-align: center">3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 5pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0; text-align: center">Signatures</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of
the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 40%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 0%">&nbsp;</TD>
    <TD STYLE="width: 46%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>First Bancorp</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> September 27, 2012</P></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">By:</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">/s/ Richard H. Moore</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Richard H. Moore</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>President and Chief Executive Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0; text-align: center">4</P>



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<P>&nbsp;</P>

<P></P>

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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>First Bank Agrees to Purchase the Rockingham
and </B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Southern Pines Branches from Four Oaks
Bank &amp; Trust Company<BR STYLE="mso-special-character: line-break">
<BR STYLE="mso-special-character: line-break">
</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><U>Wednesday, September 26, 2012 </U></P>

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">TROY, N.C. -- First Bancorp (NASDAQ -
FBNC), the parent company of First Bank, and Four Oaks Fincorp, Inc. (OTCQB - FOFN), the parent company of Four Oaks Bank &amp;
Trust Company, Four Oaks, North Carolina, jointly announce today that First Bank has entered into a definitive agreement to purchase
the Southern Pines and Rockingham, North Carolina branches of Four Oaks Bank &amp; Trust Company. The terms of the agreement provide
for First Bank to acquire all of the deposits of each branch (approximately $64 million in total) and selected performing loans
(approximately $22 million). First Bank currently has branches in each of these markets.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The agreement calls for First Bank to
purchase the Rockingham branch building, while the Southern Pines branch facility will not be sold in this transaction and is expected
to be closed by Four Oaks Bank upon completion of the transaction. The purchased loans and assumed deposits currently at the Southern
Pines branch will be initially assigned to First Bank&rsquo;s office located nearby at Pinecrest Plaza.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The transaction is subject to regulatory
approval and is expected to be completed during the first quarter of 2013.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Jerry Ocheltree, President of First Bank,
addressed the customers of these branches, &ldquo;We look forward to continuing Four Oaks Bank&rsquo;s excellent tradition of customer
service. We consider it a privilege to serve you. We&rsquo;ll be in touch soon regarding the details and timing of the transfer
of your account to First Bank. Thank you for the opportunity to serve your banking needs.&rdquo;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Ayden R. Lee, Jr., President of Four Oaks
Bank, said, &ldquo;We appreciate the opportunity to have served our customers in Rockingham and Southern Pines. We have made the
strategic decision to focus our efforts closer to our home office. You are in good hands with First Bank.&rdquo;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">First Bank was advised by Sandler O&rsquo;Neill
&amp; Partners, L.P. and Four Oaks Bank &amp; Trust Company was advised by Raymond James &amp; Associates, Inc.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B><U>About First Bancorp</U></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.25in 0 0; text-indent: 13.5pt">First Bancorp is a bank holding
company headquartered in Troy, North Carolina with total assets of approximately $3.3 billion. Its principal activity is the ownership
and operation of First Bank, a state-chartered community bank that operates 98 branches, with 82 branches operating in North Carolina,
9 branches in South Carolina, and 7 branches in Virginia, where First Bank does business as First Bank of Virginia. First Bank
also has a loan production office in Blacksburg, Virginia. First Bancorp&rsquo;s common stock is traded on the NASDAQ Global Select
Market under the symbol &ldquo;FBNC.&rdquo; First Bancorp&rsquo;s website is www.FirstBancorp.com.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><U>About Four Oaks Fincorp, Inc. </U></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">With $904.2 million in total
assets as of June 30, 2012, Four Oaks Fincorp, Inc., through its wholly owned subsidiary, Four Oaks Bank &amp; Trust Company, offers
a broad range of financial services through its sixteen offices in Four Oaks, Clayton, Smithfield, Garner, Benson, Fuquay-Varina,
Wallace, Holly Springs, Harrells, Zebulon, Dunn, Rockingham, Southern Pines, and Raleigh, North Carolina. Four Oaks Fincorp, Inc.
trades on the OTC under the symbol &ldquo;FOFN&rdquo;. Four Oaks Bank &amp; Trust Company&rsquo;s website is <U>www.fouroaksbank.com</U>.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0.25in 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 13.7pt; color: #111111">This press release contains
statements that could be deemed 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 &quot;expect,&quot; &quot;believe,&quot; &quot;estimate,&quot; &quot;plan,&quot; &quot;project,&quot;
&quot;anticipate,&quot; or other statements concerning opinions or judgments of each 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 customers, the level of success in integrating acquisitions, actions of government regulators, the level
of market interest rates, and general economic conditions. Additional information about the factors that could affect the matters
discussed in this paragraph is contained in each company&rsquo;s filings with the Securities and Exchange Commission, including
their periodic reports under the Securities Exchange Act of 1934.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0.25in 0 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0.25in 0 0">For additional information, please contact:</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0.25in 0 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0.25in 0 0"><B>Mr. Jerry Ocheltree</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0.25in 0 0"><B>President, First Bank</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0.25in 0 0"><B>Telephone: (910) 576-6171</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0.25in 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0.25in 0 0"><B>Mr. Ayden R. Lee, Jr.</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0.25in 0 0"><B>President, Four Oaks Bank &amp; Trust Company</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0.25in 0 0"><B>Telephone: (919) 963-2177</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0.25in 0 13.5pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0.25in 0 13.5pt"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0.25in 0 13.5pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0.25in 0 13.5pt"><B>&nbsp;</B></P>



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