Dallas, Texas 10/08/2013 (Financialstrend) – First Bancorp (NYSE:FBP) has announced that a new director, David I. Matson has been invited to join the board. This announcement was made on September 26, 2013. He has also been appointed to serve on Board’s Risk Management Committee. As a director Mr Matson would be entitled for a retainer of $100000 annually. Of this 75% would be paid in cash and the rest would be in the form of restricted stock to be granted to him as a director. The stock would be vested for 12 months before becoming free for Mr Matson to use at his discretion. In addition, he will also earn $25,000 retainer for serving as the head of the Risk Management Committee.
This announcement assumes added significance in light of the Risk committee’s recent origin. It was created in 2012 and needed a strong hand like Mr Matson at the helm to set the operations and process in place to start executing its over sight role. Mr Matson role in establishing oversight controls and putting in place checks and balances assumes all the more importance, as the bank looks at merging or acquiring smaller banks to achieve economies of scale. Its market cap is $1.09 Billion currently. It will continue to attract more hard hitting federal and regulatory rules put in place to safeguard investor interest. The Risk Management Committee under Mr Matson will play a significant role in these evolving times at the bank. He has severed in varying senior management roles at Wells Fargo leasing and Union Bank before retiring in 2010. He has also had experience serving as independent director at “SKBHC Holdings LLC, American West Bank and First National Bank of Starbuck.”
The shares of the stock are currently trading at $5.3 per share as of close of business on October 7.
