First Bancorp filed SEC Form 8-K: Entry into a Material Definitive Agreement, Leadership Update, Other Events, Financial Statements and Exhibits
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
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First Bancorp
INDEX
| Page | |||||
| Item 1.01. Entry into a Material Definitive Agreement | 3 | ||||
| Item 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers | 3 | ||||
| Item 8.01. Other Events | 3 | ||||
| Item 9.01 – Financial Statements and Exhibits | 3 | ||||
| Signatures | 4 | ||||
| 5 | |||||
| 18 | |||||
| 33 | |||||
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Item 1.01. Entry into a Material Definitive Agreement
The Company announced on February 6, 2025 that it, its bank subsidiary, First Bank (the “Bank”), and Michael G. Mayer have entered into an Amended and Restated Employment Agreement, effective February 7, 2025 (the “Agreement”). Under the Agreement, Mr. Mayer will continue to serve as President of the Company but will relinquish his office as Chief Executive Officer of the Bank.
The Company also announced on February 6, 2025 that the Company, the Bank and Christian Wilson have entered into an employment agreement, effective February 7, 2025. Mr. Wilson serves as an Executive Vice President and the Chief Operating Officer of the Company and the Bank.
Copies of the press release, Mr. Mayer’s Agreement and Mr. Wilson’s Employment Agreement are attached as Exhibits to this Report on Form 8-K and incorporated herein by reference.
Item 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
The Company announced on February 6, 2025 that Adam Currie, previously President of the Bank, has been appointed by the Board of Directors of the Bank, as the Bank’s President and Chief Executive Officer, effective February 7, 2025. Michael G. Mayer, President of the Company and formerly Chief Executive Officer of the Bank, will continue to serve as the President of the Company. A copy of the Company’s press release is attached as an Exhibit to this Report on Form 8-K and incorporated herein by reference.
Item 8.01. Other Events
The Company has announced that the Board of Directors of the Company has authorized the Company’s management to implement a stock repurchase plan for up to $40.0 million of the Company’s outstanding Common Stock. Repurchases under the plan may be made in the open market, in privately negotiated transactions or otherwise, subject to the terms of the plan, market conditions and other factors. Open market purchases will be made within the pricing, volume and other requirements of Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended.
The plan does not obligate the Company to acquire any particular amount of its Common Stock. The plan may be extended, modified, suspended or discontinued at any time.
A copy of the Company’s press release is attached as an Exhibit to this Report on Form 8-K and incorporated by reference.
Item 9.01 – Financial Statements and Exhibits
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SIGNATURES
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, hereunto duly authorized.
| FIRST BANCORP | ||||||||||||||||||||
| February 6, 2025 | By: | /s/ Richard H. Moore | ||||||||||||||||||
| Richard H. Moore | ||||||||||||||||||||
| Chief Executive Officer | ||||||||||||||||||||
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