First Bancorp (NC) (FBNC, Financial) (FBNC - $23.08 – NASDAQ) is the largest community bank headquartered in North Carolina. Although it has less than $6 billion in assets, consolidation by out of state banks has given FBNC this positioning in an attractive market. The recent plunge in bank stocks has created bargains in the sector. With a strong capital base, excellent funding, and a good track record of managing credit risk, we think FBNC is one of the bargains. The reason it shows up on the contributors list is that we bought the stock late in the quarter.
From Keeley Asset Management's Small Cap Dividend Value Fund first-quarter 2020 shareholder commentary.
