The First 80 Years of First Bank

As we close 2015, we take a look back at the first 80 wonderful years in First Bank’s history, from 1935 when we opened as the Bank of Montgomery in Troy, North Carolina to our expansion across three states.

Along the way, we’ve had the privilege of serving our local communities and neighbors. We certainly couldn’t have done it without you, and we can’t wait to see what the future brings!

Click the image below to enlarge it.

Share:

Sign up for our newsletter and be the first to know about new tips, insights, and products from First Bank.

First Bank may use this email address to contact you about products, services, and promotions.

You may be interested in...

Business Spotlight: HappyCakes Cupcakery After winning Food Network’s Cupcake Wars, Angela Diaz and her daughter-in-law, Kaylee opened HappyCakes Cupcakery in Morehead City and continue to serve lines of hungry customers while giving back to the community. Learn more about their story. 3 min read

Kids Making It with First Bank We spoke with Jimmy Pierce, founder of Wilmington woodworking nonprofit Kids Making It, about the business and the ways in which First Bank is helping it grow by leaps and bounds. 4 min read

A Prime Time for Meridian Meridian creates custom interactive kiosks for some of the largest brands in the world. You may think that a company like this would be in Silicon Valley, but you'd be wrong. Gilder and his team are actually housed in Aberdeen, North Carolina. 3 min read

First Bank partners with Habitat for Humanity to promote housing affordability There’s no place like home for the holidays. The benefits of homeownership reach far beyond the financial investment and earned equity. Owning a home means long-term security and stability for individuals, families, and economies to thrive. This holiday season, we’re reflecting on our Power of Good commitment to Housing Affordability and our partnership with Habitat for Humanity. “Greater tax generation, creation of jobs, opportunities for economic development, increased job retention and productivity, and the ability to address inequality — all are among the economic benefits of increased access to quality, affordable housing.” – Habitat for Humanity What does housing-affordability mean? While many factors impact what affordable means to each buyer, housing policymakers generally use the 30% rule that states no more than 30% of your income should be spent on housing. In areas where the average home prices and rental rates exceed the 30% rule for the average citizen’s income, housing is deemed unaffordable and residents are considered to be housing cost-burdened. Nationwide, U.S. Census Bureau data shows that 40% of renters meet the definition of cost-burdened. Additionally, an October 2023 report from Redfin suggests that homebuyers must now earn a $115,000 annual salary to afford the median-priced U.S. home – that’s up more than 50% since the start of the COVID-19 pandemic. Housing affordability snapshot on the Carolinas As population growth continues to rise across North and South Carolina, it’s proving difficult to keep up with the increase in demand for housing. Many experts point to the combination of limited supply and growing demand for the sharp rise in housing costs. Cost-burdened households in North Carolina represent 45% of renters and 19% of homeowners while in South Carolina those numbers are 50% and 25% respectively. What are the impacts of cost-burdened households? Households that spend more than 30% of their budget on housing oftentimes experience a snowball effect on other areas of their budget. Many housing cost-burdened households experience food insecurity and are forced to make difficult decisions like choosing between paying a bill or seeking medical care. This also makes it difficult to save for emergencies in the future, and places more reliance on credit card spending. When these difficult circumstances at an individual level become compounded, the entire community’s wellbeing becomes marginalized. First Bank’s commitment to affordable housing As a First Bank client, you’ve made the decision to invest in your community. Our designation as a community bank means that we will always prioritize investing in the communities where we do business. Unlike banks who operate nationally or globally, First Bank is committed to the Carolinas. Banking with First Bank allows you to keep your hard-earned money within your community – where it can do the most good for your neighbors. Our First Bank Power of Good corporate citizenship program has made the following investments in affordable housing: 6 min read

The First 80 Years of First Bank

Ready to talk to an expert?

Ready to talk to an expert?

You may be interested in...