First Bancorp (Nasdaq:FBNC) the parent company of First Bank, announced that it has received an investment of $63.5 million in the Company's preferred stock from the United States Department of the Treasury under the Small Business Lending Fund ("SBLF"). The SBLF is a voluntary program intended to encourage small business lending by providing capital to qualified community banks at favorable rates. The initial dividend rate on the preferred stock is 5%. Depending on the Company's success in meeting certain loan growth targets, the dividend rate could go as low as 1% for a period of time. Based on current loan levels, the Company will continue to pay the 5% rate.

First Bancorp operates as the holding company for First Bank that provides a range of banking services to individuals and small to medium-sized businesses.

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