First Bank Goes Big into Peer To Peer Lending, Launches "Cent"

SOUTHERN PINES, N.C., Jan. 23, 2018

On January 22, First Bank launched Cent, its new quick-money transfer tool, allowing personal banking users of the bank's mobile banking application to send money to anyone, anytime, anywhere in the U.S., regardless of if the recipient banks with First Bank or not. And there are no fees.

The private and secure transactions are deposited the same day when the recipient uses a debit card to accept them. This process too is simple; recipients only need to provide their name, debit card number and its expiration date. Unclaimed funds are returned to the sender within 10 days.

"First Bank wanted to launch a tool that was not only easy to use, but also secure, flexible and fast for our customers," said Michelle Leibowitz, senior vice president and director of digital channels at First Bank. "Unlike others in the peer to peer lending space, Cent allows users to keep transactions private and for recipients to receive the funds the same day—no matter where the recipient banks. We see Cent as an important step forward in our digital banking offerings."

When asked how customers might use Cent, Leibowitz replied: "Cash isn't always something we have on hand anymore. With Cent, it doesn't matter. If our customers are out with friends at dinner, coming home to pay the babysitter or even participating in the office pool for March Madness, Cent is on hand and available to help with the quick transfer of funds."

For more information, customers can visit https://localfirstbank.com/cent.

About First Bancorp