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Celebrating 40 Years of History

Most anyone you speak to in the cozy downtown streets of Russell and Washington County Virginia will tell you a little something they know about First Bank & Trust Company. The Bank name is well known, and its brand is woven into the very fabric of these communities. However, there are only a handful of people who know this Bank’s original name. Chartered as First Russell County Bank and Trust Company in 1976, the Bank opened its doors with 185 original shareholders, 50,000 shares at $20 per share, $1 million in capital and one office on Main Street in Lebanon, Virginia.  That was just the beginning.

1980’s – 1990’s
In 1984, First Russell County Bank moved into Washington County and opened its second office in Abingdon, Virginia. The name changed to The First Bank & Trust Company and the Bank continued to grow branch offices in southwest Virginia. In 1992, First Bancorp, Inc., the holding company for The First Bank & Trust Company, was organized. In 1995, the Bank received…
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Who Qualifies For A Residential USDA Land Loan

Like some other government entities, the USDA backs certain loans made to eligible borrowers. 

USDA land loans are actually among the easier types of subsidized loans to qualify for, but they still have specific requirements. These loans are intended for borrowers with a moderate level of income who want to build on rural land.

Requirements To Determine Who Qualifies For A USDA Land Loan USDA land loans finance plots of land on the condition that the borrower intends to build a home on the land.

As such, a number of the requirements one will need to meet when applying for this type of loan revolves around that concept.
Land requirements  First, USDA loans are only available in certain eligible areas - typically rural locations. Additionally, the plot of land can be no larger than the average size of other properties in the area. This is because USDA-backed financing is reserved for those who truly benefit from it. As such, if you’re hoping to finance a plot of land that would …

Pay bills, the babysitter and more – directly from the First Mobile app!

Learn how to Pay bills from the First Mobile app!Before your calendar fills up this summer, consider spending a few minutes adding payees and setting up payments in the First Mobile app. You can even schedule payments ahead of time. You'll thank us later! You must be enrolled in Online Banking in order to utilize Bill Pay and access your accounts via the Online Banking portal and First Mobile app. Not enrolled? No problem, enroll now by filling out the form on our website. Now, let's get started!
How to add a payee1.Sign in to the First Mobile app and select the menu icon in the top left corner.

2.Select "Pay Bills" from the drop down menu.

3. With the "Payee" box highlighted in white, select the add payee icon in the top right corner of your screen.
Next, you will be prompted to select one of two payee options, person or business. For demonstration purposes, we have selected to pay a person.

4.Select a payment method.
Choose from three options: pay by check, by …

6 Basic Retirement Guidelines from First Bank & Trust

Here are six basic guidelines to keep in mind when developing your personal retirement strategy.

1.Pay Yourself First. Establish a dollar amount you can save comfortably every month. Always remember, you are entitled to keep a portion of what you earn. 2. Don't Bank on Your House for Retirement Income. A house is primarily a home... not an investment for your retirement. While you may eventually trade down when you retire, consider the equity in your home an emergency reserve, not a primary source of income. 3.One Good Place to Save for Retirement Is a Company Retirement Plan. Remember to consider other tax-advantaged savings vehicles as well. 4.Make Retirement Your First Savings. If your disposable income is limited, save money in your retirement plan before funding long-term goals such as your child's college education. Remember, your retirement is the largest expense you'll ever have to fund. Use our retirement calculator to see how much you should be saving each month. 5.Av…

3 Banking Mistakes You Are Making That Could Cost Your Business Money in 2019

1.Choosing the wrong bank to partner with for your business.Banks, just like businesses, come in all different shapes and sizes and each have their own strengths and weaknesses. Some banks specialize in providing services for consumers with personal banking needs, while others focus on servicing businesses large and small.
The right bank for your business will be able to provide a wide range of solutions for your operation including interest-bearing deposit accounts, customized lending solutions, credit card processing and other cash management services, along with employer services like payroll and retirement plans.
The right bank for your business will also have an experienced Commercial Lender who is dedicated to meeting the needs of your business and focused on building a long term relationship with you. A good Commercial Lender will learn your short term and long term business goals and provide strategic financial guidance for the future of your business. He or she will place the …

First Bank & Trust Company Ranked Top in Virginia and the Nation

ABINGDON, Va., Aug. 7, 2018 /PRNewswire/ -- First Bancorp, Inc., parent holding company of First Bank & Trust Company, has again been ranked among top performing banks.

Sandler O'Neill + Partners, a New York based firm, provided the scorecard using data from S&P Global Market Intelligence.  As in previous studies, the scorecard divided banks into three asset categories: $50 billion and above, $5 billion to $50 billion and $1 billion to $5 billion.  This year, 300 of the largest publicly traded banks in the nation were ranked against each other as a single group.  Scorecard results confirm that there is no absolute correlation between asset size and bank performance.  First Bancorp, Inc. ranked among the top banks in Virginia and 14th highest performing bank in the United States.  First Bancorp, Inc. was also ranked eighth among all banks in the nation with assets between $1 billion and $5 billion.

The scorecard uses five metrics that measure performances: 1) R…

First Bank & Trust Company Participates in VBA Bank Day Scholarship Program: Virginia High School Seniors Will Shadow Bankers for a Chance to Win College Scholarship Money

On March 20, Virginia high school seniors will spend the day shadowing bankers at First Bank & Trust Company as part of Bank Day, a statewide effort sponsored by the Virginia Bankers Association (VBA) Education Foundation and the VBA Emerging Bank Leaders.  The purpose of the day is to expose students to the banking industry and provide an opportunity for the students to learn about banking, financial services and the vital role First Bank & Trust Company plays in its community. The third Tuesday in March was declared Bank Day by the Virginia General Assembly in 1991 and First Bank & Trust Company is proud to host students for this important program.  From their experience, participating students will write an essay for the chance to win a scholarship. Six regional scholarships of $2,500 each will be awarded, and from those six winners an overall statewide winner will be chosen. The statewide winner will receive an additional $5,000 scholarship - $7,500 in total. There wi…