First Bancorp president Mayer retired from company Feb. 28

First Bancorp president Mayer retired from company Feb. 28

First Bancorp President Michael G. Mayer Retires, Shares in Focus

Michael G. Mayer, President and CEO of First Bancorp (FBNC), announced his retirement effective February 28, 2026, concluding a 12-year tenure with the North Carolina-based financial services holding company. Mayer, 65, joined First Bank in 2014 as President and was elevated to CEO in 2017 before transitioning to the parent company's leadership in 2016. His retirement aligns with a pre-established succession plan, with compensation adjustments reflecting the transition.

Under Mayer's leadership, First Bancorp reported adjusted diluted earnings per share of $2.77 in 2024, alongside $76.2 million in net income. However, the company's five-year total shareholder return (TSR) from 2019–2024 lagged behind industry benchmarks, at 124.28 versus 143.68 for the S&P US BMI Banks Industry Group index. Key performance metrics during his tenure included retail deposit growth and efficiency ratio improvements, though the latter deteriorated to 60.4% in 2024, below the target of 57.2%.

Mayer's 2024 compensation included a $775,000 base salary and a $486,506 cash incentive payout (100% cash due to succession planning), reflecting 83.7% of his annual incentive target. His 2025 compensation was reduced to a fixed salary of $650,000 through February 2026, eliminating equity-linked incentives.

Recent insider activity includes tax-related share dispositions in February 2026, where Mayer surrendered approximately 14,587 shares (at $60.18 per share) to cover income taxes on vested restricted stock. Post-transaction, he retains direct ownership of 84,494 shares and indirect holdings via his spouse. Unvested equity grants totaling ~55,000 shares, set to vest through 2027, remain subject to holding requirements under company policy.

Governance structures, including a Lead Independent Director and executive sessions, were maintained during Mayer's tenure, though his role as an executive director and the combined Chair/CEO structure (Richard H. Moore) underscored ongoing governance considerations.

The transition follows Mayer's contractual terms, which include a one-year employment agreement with severance provisions and a 12-month non-compete radius covering First Bank branches. Investors may monitor insider filings and vesting schedules for future equity-related activity.