First Carolina Financial Services Announces Realignment of Executive Roles

RALEIGH, N.C.--(BUSINESS WIRE)--First Carolina Financial Services, Inc. (NYSE: FCBM) (“First Carolina,” or the “Company”), the holding company for First Carolina Bank (“Bank”), announced today the appointment of Pat Pritchard to the newly created role of Chief Retail Banking and Chief Information Officer for the Bank and Andrew Mathieson to the role of Chief Revenue and Strategy Officer for the Company and the Bank. Pritchard previously served in the position of Chief Information Officer of the Bank, while Mathieson served as Chief Revenue Officer of the Bank.

“I am pleased to announce the appointments of Pat and Andrew to these newly created leadership positions, which we believe better align their titles with their focus going forward,” said Ron Day, Chairman, President and Chief Executive Officer. “This distinction in Pat’s role highlights the new emphasis he will place on people, market, and revenue development in the most visible and valuable portion of our fixed asset base: our branch network. Andrew, in his expanded role, will now assume leadership of our payments business to maximize revenue opportunities within the BM Technologies and BankMobile platforms.”

Day continued, “Andrew is an industry-recognized expert in the payments space, and he is well-suited to lead our go-forward strategic initiatives in this critical line of business for the Bank. As he did prior to this appointment, Andrew will continue leading First Carolina’s corporate financial planning and analysis process, business intelligence activities, and will add procurement as part of this role. He will also have overall responsibility for developing and guiding First Carolina’s corporate strategy and further integrating BM Technologies into the Bank.”

Day added, “Pat is one of the most experienced retail banking experts in the business, and in his new role, he will join both Doug Ford (Chief Banking Officer) and Gregg Ferrell (Head – Real Estate Banking) as one of our three key direct revenue driving leaders in the Bank. Pat did an amazing job onboarding and curating the BM Technologies and BankMobile businesses starting with the original partnership relationship in December 2023 and following our acquisition of the company in January 2025. Building on those successes, it will be exciting to watch him bring that same zeal and creativity to a renewed focus on our retail branch assets.”

About First Carolina Financial Services, Inc.

First Carolina Financial Services, Inc. operates as a bank holding company for First Carolina Bank that provides financial services for businesses, higher education institutions, and individuals. First Carolina offers a range of deposit and loan products and trust services. First Carolina is headquartered in Raleigh, North Carolina with full-service banking offices in Rocky Mount, Raleigh, Wilmington, Cary, and Reidsville, North Carolina; Virginia Beach, Virginia; Columbia and Greenville, South Carolina; and Atlanta, Georgia.

Company Note Regarding Forward-Looking Statements

This press release contains, and future oral and written statements by us and our management may contain, forward-looking statements. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections, and statements of the Company’s beliefs concerning future events, business plans, objectives, expected operating results and the assumptions upon which those statements are based. Forward-looking statements include, without limitation, statements that may predict, forecast, indicate or imply future results, performance or achievements, and are typically identified with words such as “may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “aim,” “intend,” “plan” or words or phases of similar meaning. We caution that the forward-looking statements are based largely on our expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond our control and could cause actual results to differ materially from those currently anticipated. Such risks and uncertainties include, but are not limited to: adverse developments in our borrowers’ industries and, in particular, declines in real estate values; our ability to maintain compliance with federal and state laws that regulate our business and capital levels; our ability to raise capital as needed by our business; our ability to manage growth; the loss of any of our key employees; changes in the interest rates affecting our deposits, loans, and securities portfolio; our ability to maintain adequate liquidity and control our cost of funds; the strength of the economy in our current and future market areas, as well as general economic, market, or business conditions; negative developments in the financial industry and credit markets; an insufficient allowance for credit losses as a result of inaccurate assumptions or otherwise; the ability of our current and any future markets to weather a downturn in the economy; our potential growth, including our entrance or expansion into new markets, the opportunities that may be presented to and pursued by us and the need for sufficient capital to support that growth; changes in our competitive position, competitive actions by other financial institutions and the competitive nature of the financial services industry and our ability to compete effectively against other financial institutions in our banking markets; changes in laws, regulations and the policies of federal or state regulators and agencies; governmental monetary and fiscal policies, including the policies of the Federal Reserve; our ability to maintain internal control over financial reporting and an effective risk management framework; our effective use of technology or an interruption or breach in security of our information systems; our reliance on secondary sources, such as FHLB advances, sales of securities and loans, federal funds lines of credit from correspondent banks and out-of-market time deposits, to meet our liquidity needs; inaccurate or incomplete information about our clients; our ability to assess and manage our asset quality; natural disasters, pandemics or other public health crises, war, terrorist activities or civil unrest and their effects on the economic and business environments in which we operate; and risks associated with unauthorized access, cyber-crime and other threats to data security. We assume no obligation and do not intend to update these forward-looking statements, except as required by law.