News Release

For Immediate Release:
April 26, 2006


                        First Bank to Purchase Carthage,
                North Carolina Branch from Bank of the Carolinas


      TROY, N.C. and MOCKSVILLE, N.C. - First Bank, the bank subsidiary of First
Bancorp  (NASDAQ - FBNC),  and Bank of the  Carolinas  (NASDAQ  - BCAR)  jointly
announce  today the signing of a definitive  agreement  whereby  First Bank will
purchase  the Bank of the  Carolinas  branch  located  at 109  Monroe  Street in
Carthage,  North Carolina.  This branch has  approximately  $25 million in total
deposits.  The transaction is subject to regulatory  approval and is expected to
occur by the end of the third quarter of 2006.

      "I am very happy to be  expanding  our presence in Moore  County,"  stated
Jimmie  Garner,  Chief  Executive  Officer of First Bank.  "Moore  County is our
largest  market,  and the  citizens  have been so good to us. We look forward to
serving the Carthage  community,  and we are pleased that First Bank will have a
total of eleven locations  throughout Moore County available for the convenience
of our customers."

      "At Bank of the Carolinas, we put our customers first in everything we do.
This  sale to First  Bank  will  give our  customers  more  convenience  and our
employees greater opportunities," said Robert Marziano, Chairman and CEO of Bank
of the  Carolinas.  "We are  focused on growing  our  franchise  in a  different
direction,  and we know First  Bank's  tradition of service to Moore County will
enhance the Carthage community."

      Mr. Garner also  addressed the current  customers of the Carthage  branch,
"We'll  be in touch  with you soon  regarding  the  details  and  timing  of the
conversion  of your branch to First  Bank.  I thank you for the  opportunity  to
serve you," stated Mr. Garner.


For More Information Contact:

           First Bank
           James H. Garner
           910-576-6171

           Bank of the Carolinas
           Robert Marziano
           336-751-5755