Bank News

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 payee 1. 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...

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 calculat...

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 14 th 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 fiv...

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 addition...

First Bank & Trust Company, a diversified financial services firm, today announced an increase in employee pay.  The decision by First Bank & Trust Company is the result of the recent passage of the  $1.5 trillion  tax overhaul reducing the federal corporate tax rate to 21 percent from 35 percent.  As an initial step, First Bank & Trust Company is giving back 30 percent of the tax savings to employees by immediately increasing the minimum hourly salary rate to no less than  $15  an hour. William H. Hayter, President & CEO, First Bank & Trust Company "The new corporate tax rate provides us with the opportunity to take care of our employees, who are our most important asset,"  First Bank & Trust Company President and CEO  William H. Hayter  said in a statement.  "By reinvesting in our employees, we are putting money back into the communities we serve and energizing the economy. It's a wi...

Q:   What is a Mortgage Loan? A:   A loan for the purchase or refinance of real property, secured by a lien on the property. Mortgage Loan Uses There are two main uses of a mortgage loan:   to purchase a home or refinance a home.   A purchase is straightforward; you borrow the amount of money requested at application, and then pay it back over time.   The mortgage loan can be used to purchase the following: A primary residence (a home you are going to live in). A second home (a home that you will live in part of the year away from your primary residence) An investment property Refinancing is for borrowers that already own a home who want to change or improve their current mortgage loan.   A person can refinance for the following purposes: To get a lower interest rate and/or shorten the term ( term : the time it takes to pay off the mortgage loan). To take cash out of their home for home improvements To take cash out their home to payo...

Many college grads put off buying a home simply because they face mountains of student debt. The amount people owe on student loans has increased astronomically in the past decade, breaking the $30,000 average per borrower in 2014. While many grads feel they can’t afford a home until they finish repaying these loans, but that isn’t actually always the case. In many instances, individuals and couples who owe student loans can still qualify for a mortgage. Take Stock of Finances & Calculate Your DTI One way lenders calculate whether you can afford a mortgage loan is by looking at how your total debt would compare to your current monthly income. This is known as your debt-to-income (DTI) ratio. Most lenders use a DTI threshold of 36%, meaning your payments on your debt, including student loans, credit card debt, and a mortgage, should be less than 36% of your total monthly income. For instance, if your total income each month is $5000 and you make payments of $250 ...