North Carolina-based bank holding company First Bancorp’s board of directors has declared a cash dividend of $0.08 per share payable on April 24, 2009 to shareholders of record as of March 31, 2009. This compares to prior quarterly dividend rate of $0.19 per share.
 
Jerry Ocheltree, President and CEO of First Bancorp, said: "Consistent with our historically conservative approach and in light of current economic conditions, our board of directors has voted to reduce the quarterly dividend.

"First Bank remains a strong and profitable bank, and our earnings thus far in 2009 are in line with expectations. However, we believe it is prudent to conserve capital during these uncertain times. On an annualized basis, this reduction will enable the company to retain an additional $7 million in common equity per year."