First Carolina Bank

First Carolina Bank is a $3.4 billion-asset community bank operating nine branches across North Carolina, South Carolina, Georgia, and Virginia, providing commercial and consumer banking, treasury management, wealth services, and digital banking (via the BankMobile platform) to SMBs, individuals, professionals, and higher education institutions.

Company typePublic
Founded2000
HeadquartersRocky Mount, United States
Headcount501–1,000
GTM typeB2B and B2C
OfferingServices

What First Carolina Bank does

First Carolina Bank, operating through holding company First Carolina Financial Services, Inc. (NYSE: FCBM since June 2026), is a $3.4 billion-asset community bank headquartered in Raleigh, North Carolina, with nine full-service branches across North Carolina, South Carolina, Georgia, and Virginia. The bank provides commercial and consumer banking products including business and personal checking and savings, commercial financing, commercial real estate lending, consumer loans, credit cards, treasury management, merchant services, remote deposit capture, and wealth management services through the First Carolina Wealth division. Its primary customer segments are small and medium-sized businesses, individuals and professionals, and — following the February 2025 acquisition of BM Technologies — institutions of higher education served via the BankMobile digital banking platform.

The bank operates on a third-party-driven technology stack: Jack Henry for business online banking and treasury management, ProfitStars/SmartPay for remote deposit capture, Broadridge for shareholder services, and mobile banking applications for iOS and Android. The February 2025 BM Technologies acquisition added digital-first banking infrastructure including disbursement services and identity verification capabilities for higher education and consumer segments, plus proprietary mobile banking apps (VibeUp). The bank is FDIC-insured and offers specialized products including IOLTA attorney trust accounts and ICS/CDARS reciprocal deposit programs.

The revenue model is dominated by net interest income from loans and deposits ($25.5M in Q1 2026, up 7.2% YoY), supplemented by fee-based revenue from treasury management, merchant services, wealth management, and higher education disbursement services. Distribution is via a relationship-led community banking model with dedicated market executives in each region, supported by digital channels and a newly public capital structure following the June 2026 NYSE IPO that raised approximately $68.75 million at $12.50 per share.

First Carolina Bank firmographics

Firmographics

Name: First Carolina Bank
Legal name: First Carolina Financial Services, Inc.
Website: https://firstcarolinabank.com
Company type: Public
Founded year: 2000
Operating status: Ipo
Headcount range: 501–1,000 employees
Short description: First Carolina Bank is a $3.4 billion-asset community bank operating nine branches across North Carolina, South Carolina, Georgia, and Virginia, providing commercial and consumer banking, treasury management, wealth services, and digital banking (via the BankMobile platform) to SMBs, individuals, professionals, and higher education institutions.
Ownership category
akta.pro rank

First Carolina Bank industry classification

Industry

Product category: Community Banking
NAICS: Commercial Banking (52211), Commercial Banking (522110)
SIC: State Commercial Banks (6022), National Commercial Banks (6021)
akta.pro primary industry: SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC)
akta.pro secondary industries: Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA), Small Business Banking (Microbusiness/Sole Proprietor) (FSABAAAI)

Keywords

Community banking services
Commercial lending
Consumer deposits
Treasury management
Wealth management

Where First Carolina Bank is headquartered

Location

Headquarters

HQ city: Rocky Mount
HQ country: United States
HQ region: North America

Offices9 records

Markets served

First Carolina Bank business model

Business model

GTM type: B2B and B2C
Offering type: Services
Cost components: Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Supply Chain

Revenue model

Net Interest Income: Primary revenue stream from interest earned on loans (commercial financing, commercial real estate, consumer loans) minus interest paid on deposits. Q1 2026 net interest income was $25.5 million, up 7.2% year-over-year.
Deposit Products: Revenue from checking, savings, money market, CDs & IRAs, and ICS & CDARS deposit products. Includes commercial and personal deposit accounts.
Commercial Banking Services: Revenue from commercial financing, commercial real estate lending, credit cards, merchant services, and specialized industry accounts including attorney trust accounts (IOLTAs) and higher education services.
Wealth Management: First Carolina Wealth division providing wealth management services through Capital Investment Companies Partnership and Wise Wealth programs, targeting high-net-worth individuals and families.
Higher Education Services: Revenue from BM Technologies partnership providing digital banking and disbursement services to institutions of higher education including BM Technologies, Inc., BankMobile, and identity verification services.

Pricing tiers

Model	Billing	Price
Other	Monthly	Standard banking products with fee schedules available upon request

Go-to-market motion1 record

Distribution channels9 records

Marketing channels7 records

First Carolina Bank product offering

Product offering

Core offering

First Carolina Bank is a community bank that provides deposit products (checking, savings, money market, CDs, IRAs, ICS & CDARS), commercial and consumer lending (commercial financing, commercial real estate, consumer loans, credit cards), treasury management (remote deposit capture, merchant services, lockbox), and wealth management services through First Carolina Wealth. It also serves institutions of higher education with digital banking, disbursement, and identity verification services through its BM Technologies subsidiary and the BankMobile platform.

Product overview

First Carolina Bank offers a unified community banking platform with a comprehensive suite of deposit, lending, and treasury management products for consumers and businesses. The product portfolio is organized across three main lines: Consumer Banking (checking, savings, loans, credit cards, online/mobile banking), Business Banking (commercial financing, commercial real estate, treasury management, merchant services, remote deposit capture), and Wealth Management (investment advisory, retirement planning, estate planning). Following the February 2025 acquisition of BM Technologies, the bank expanded its digital banking capabilities through the BankMobile platform, adding disbursement services and identity verification for higher education and fintech segments. Services are delivered through physical branches, digital channels (online banking, mobile app), and integrated third-party platforms (Jack Henry for treasury, ProfitStars for remote deposit).

Differentiator

Problem solved

Functional benefit

Brands

First Carolina Wealth: Wealth management services including investment management, financial planning, and trust services.
BankMobile
BM Technologies

Products and services

Business Checking

Quantifiable outcome

Q1 2026 net income of $5.9 million, up from $4.7 million year-over-year
+3 more outcomes

Companies that use First Carolina Bank

Customer profile

Named customers6 records

Segments4 records

Ideal customer profiles4 records

First Carolina Bank technology and API

Technology

Technology focussed No

API detail

Has API: No
API docs
API detail

Core technology

AI maturity

App detail

Integration5 records

Feature5 records

First Carolina Bank partnerships and signals

Strategic signal

Partnerships

Four partnerships are on record, tiered core and secondary.

BM Technologies, Inc. (BMTX)coreTechnology or Integration · 3 February 2025First Carolina Bank completed the acquisition of BM Technologies, Inc. in February 2025, marking a transformative milestone in digital banking. BMTX provides digital-first banking infrastructure, disbursement services, and identity verification solutions. The partnership enables First Carolina to offer fintech-powered banking services to higher education institutions and their students, including BankMobile brand services.
Jack Henry & AssociatescoreTechnology or IntegrationTechnology provider for business online banking and treasury management services. The Jack Henry platform enables First Carolina to offer comprehensive treasury management solutions to commercial customers.
ProfitStars (Jack Henry subsidiary)secondaryTechnology or IntegrationProvides remote deposit capture services for business customers, enabling electronic check deposits through the SmartPay platform.
Capital Investment CompaniessecondaryStrategic or Co-development PartnerWealth management partnership providing investment services and products through the First Carolina Wealth division.

Scale indicators12 records

Recent moves9 records

Expansion highlights6 records

First Carolina Bank competitors and assessment

Company assessment

Direct peers

First Bancorp: North Carolina-headquartered community bank holding company with similar Southeast regional footprint, comparable asset size, and SMB/commercial banking focus—most directly comparable peer.
Live Oak Bancshares: North Carolina-chartered community bank with national SMB lending franchise and digital banking focus; comparable size and SMB target market.
Pinnacle Financial Partners: Southeast-based community bank with branches in NC, SC, GA, TN, VA serving SMBs and professionals with relationship banking model—closely aligned operating philosophy.
TowneBank: Virginia-based community bank serving similar Mid-Atlantic/Southeast markets with comparable commercial banking focus and similar asset size range.
Atlantic Union Bankshares: Virginia-headquartered community bank with branches across VA, NC, MD, SC—directly overlapping geographic footprint and similar SMB/commercial banking customer base.
United Community Banks: Georgia-headquartered community bank with branches throughout the Southeast including NC, SC, GA—directly competing in multiple of First Carolina's core markets.
First National Bank (FNB Corporation): Mid-Atlantic and Southeast community bank with similar SMB/commercial focus and recently expanded into Carolinas—comparable size and operating model.

Broad incumbents

Truist Financial: Large Southeast regional bank with significant presence across all four of First Carolina's states; key competitor for SMB and consumer banking customers and a source of market-share migration opportunity.
Wells Fargo: National money-center bank with substantial Southeast presence and the type of large-bank competitor from which First Carolina's testimonials indicate SMB customers are switching.

Emerging players

BankMobile (BMTX predecessor): Digital-first banking platform now wholly owned by First Carolina; comparable peer to other digital-first student banking and disbursement fintechs like Varo or Chime in the consumer-facing segment.

Market position

Strengths1 record

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

First Carolina Bank financial estimates

Financial estimate

Revenue estimate

Valuation estimate

First Carolina Bank leadership team

Management profile

Number of profiles

Profiles16 records

First Carolina Bank subsidiaries and ownership

Company hierarchy

Subsidiaries1 record

First Carolina Bank funding detail

Funding detail

Funding overview

Funding rounds9 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

First Carolina Bank M&A and investment

M&A and investment

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about First Carolina Bank

What does First Carolina Bank do?

Is First Carolina Bank a public or private company?

First Carolina Bank is a public company. It is classified as public and is currently ipo.

When was First Carolina Bank founded?

First Carolina Bank was founded in 2000. It employs 501 to 1,000 people.

Where is First Carolina Bank based?

First Carolina Bank is headquartered in Rocky Mount, United States, in the North America region.

How does First Carolina Bank make money?

Five revenue lines are on record. Net Interest Income is the primary driver. The others are deposit Products, commercial Banking Services, wealth Management and higher Education Services.

Who are First Carolina Bank's main competitors?

Direct peers on record are First Bancorp, Live Oak Bancshares, Pinnacle Financial Partners, TowneBank, Atlantic Union Bankshares, United Community Banks and First National Bank (FNB Corporation). Broad incumbents are Truist Financial and Wells Fargo. BankMobile (BMTX predecessor) is listed as an emerging player.

Does First Carolina Bank have an API?

No public API is recorded for First Carolina Bank.

What industry is First Carolina Bank in?

First Carolina Bank's product category is Community Banking. Its primary akta.pro industry code is FSABABAC, SME Deposits & Business Accounts (Operating, Savings, CDs), with a secondary code of FSABAAAA, Mass-Market Consumer Deposit Banking (Checking/Savings). Its NAICS code is 52211 and its SIC code is 6022.