Griffith joins Million Dollar Round Table
LIBERTY – J.B. Griffith III of Liberty, a representative for Modern Woodmen of America, is one of a small percentage of life insurance agents worldwide to achieve membership in the Million Dollar Round Table this year.
The Million Dollar Round Table is an international, independent association of more than 35,000 members, or less than 1 percent, of the world’s best life insurance and financial services professionals. Membership is one of the highest professional honors a life insurance representative can achieve.
First Bancorp announces cash dividend
TROY – The board of directors of First Bancorp, the parent company of First Bank, has declared a cash dividend of $0.08 per share payable July 24, 2009 to shareholders of record as of June 30, 2009. The $0.08 per share dividend rate is the same as the rate declared in the first quarter of 2009 and is a decrease from the $0.19 per share rate declared in the second quarter of 2008.
First Bancorp is a holding company headquartered in Troy with total assets of approximately $2.7 billion. Its principal activity is the ownership and operation of First Bank, a state-chartered community bank that operates 74 branches, with 62 branches operating in a 21-county market area in the central piedmont and coastal regions of North Carolina, seven branches in South Carolina and five branches in Virginia where First Bank does business as First Bank of Virginia.
Bayada Nurses achieves CHAP accreditation
Bayada Nurses, a leading national provider of home health care services with local offices serving Chatham, Moore and Randolph counties, has achieved accreditation for home health and private duty services from the Community Health Accreditation Program (CHAP), the leading accrediting organization for the home health care industry.
CHAP accreditation publicly certifies that an organization has voluntarily met the highest standards of excellence for home and/or community-based health care. To achieve accreditation, organizations must demonstrate compliance with CHAP’s national standards of excellence in the provision of care services.
“Achieving this seal of approval from CHAP is further confirmation and recognition that Bayada Nurses is consistently providing the highest quality home health care services possible to our clients,” said J. Mark Baiada, president and founder of Bayada Nurses. “This is made possible by the work of our excellent nurses, therapists, social workers, and home health aides – all of whom are committed to Bayada Nurses’ core values of compassion, excellence, and reliability.”
CHAP’s accreditation process involves a thorough examination of the business and service aspects of the entire Bayada Nurses organization – including office and client visits – which evaluates service quality, structural strength, organizational effectiveness, and human and financial resources.
Founded in 1975 by J. Mark Baiada, Bayada Nurses is an independently-owned home health agency that employs more than 12,000 nurses, home health aides, therapists and social workers in more than 140 offices and 18 states, as well as the UK. For more information, visit www.bayada.com.
Luther joins Cross Road Retirement Community
ASHEBORO – Linda Luther has been named Caregiver’s Day Out program assistant and director of Memories in the Making Program at Cross Road Retirement Community. The Caregiver’s Day Out Program is designed to give caregivers living at home with someone having dementia or Alzheimer’s a break and respite from care giving.
Memories in the Making is an art program specifically developed by the Orange County (California) chapter of the Alzheimer’s Association to give an effective means of communication with individuals with dementia, Alzheimer’s and limited verbal abilities.
Luther brings 10 years of assisted living experience, much of it with Alzheimer’s residents. “I love working with Alzheimer’s residents,” she said. “They realize when you really care.”
First Bancorp acquires Cooperative Bank
TROY – First Bancorp has announced that First Bank, its banking subsidiary, has entered into a purchase and assumption agreement with the Federal Deposit Insurance Corporation as receiver for Cooperative Bank of Wilmington.
The North Carolina Commissioner of Banks issued an order providing for the closing of Cooperative Bank and appointed the FDIC as receiver.
According to the terms of the agreement, First Bank will acquire all deposits (except certain brokered deposits) and borrowings, and substantially all of the assets of Cooperative Bank and its subsidiary, Lumina Mortgage. All deposits are being assumed by First Bank with no losses to any depositor.
“We warmly welcome the customers of Cooperative Bank as valued customers of First Bank,” said Jerry Ocheltree, president and CEO of First Bank. “Like Cooperative Bank, First Bank has provided the best in community banking to its customers for over 70 years. Most importantly, all customers can be confident that their deposits are safe and readily accessible. It will be business as usual on Monday morning, and you can expect to see the same friendly faces serving you. First Bank is a well-capitalized and strong bank, and we look forward to serving you for many years to come.”
Cooperative Bank operated through 21 branches in North Carolina and three branches in South Carolina. First Bank has purchased approximately $974 million in total assets, including $835 million in loans, and assumed $873 million in liabilities, including $717 million in deposits.
The loans being purchased are covered by a loss share agreement between the FDIC and First Bank which affords First Bank significant loss protection. First Bank is receiving a discount of $123 million on the assets and is paying a 0 percent deposit premium.
First Bancorp plans to file a Form 8-K with the Securities and Exchange Commission that will provide more information regarding this transaction. Janney Montgomery Scott LLC acted as financial advisor to First Bancorp in this transaction.
FNB United Corp. declares cash dividend
ASHEBORO – FNB United Corp., the holding company for CommunityONE Bank, N.A., announced June 25 that its board of directors declared a quarterly cash dividend of $0.025 per share, the same as paid in the previous quarter. The dividend will be paid on July 24, 2009, to common shareholders of record on July 2, 2009.
“We believe that conserving capital by maintaining a lower dividend payment is in the best long-term interest of our shareholders and will help ensure that FNB United maintains its well-capitalized position,” said Michael C. Miller, president and CEO. “We look forward to restoring dividends to previous levels when earnings improve and the recovery in the regional economy and housing markets is more evident.”
FNB United Corp. is the Asheboro-based bank holding company for CommunityONE Bank, N.A., and the bank’s subsidiary, Dover Mortgage Company. Opened in 1907, CommunityONE (MyYesBank.com) operates 45 offices in 38 communities throughout central, southern and western North Carolina. Through these companies, FNB United offers a complete line of consumer, mortgage and business banking services, including loan, deposit, cash management, wealth management and internet banking services.
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