CONTRACTAPPROVED

Town of Southern Pines Awards $7,000,000 Installment Financing Contract to First Bank (October 2025)

Disclosed value: $7,000,000; From agenda
Approved: Oct 14, 2025
Term: 20 years

What it covers

The Town Manager is authorized to proceed with paperwork finalizing a $7M installment financing agreement with First Bank for the purchase of 300 SW Broad Street. The terms include a twenty-year period at a 4.35% interest rate with no prepayment penalties.

Who holds it

First Bank holds this installment financing contract with Town of Southern Pines. Its other public contracts on record include work for Johnson Creek village and City of Eagle Grove.

What happens next

Term as filed: 20 years.

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Contract details

Contract type: Installment Financing
Amount: $7,000,000
Document date: October 14, 2025
Term: 20 years
Vendor: First Bank
Agency: Town of Southern Pines
Source document: town_council_business_meeting_agenda_october_14_20.pdf (Agenda)

First Bank's other public contracts

Johnson Creek village, WisconsinLibrary Lists First Bank Business Account Fee · Oct 20, 2026$99.8 City of Eagle Grove, IowaEagle Grove to Address First Bank Development Agreement · Oct 20, 2026Undisclosed Hendry-Labelle Recreation Board, FloridaBoard Seeks Quarterly First Bank Loan Payments · Oct 15, 2026$105K Borough of Bound Brook, New JerseyBound Brook Adds First Bank as Public Depository · Oct 13, 2026Undisclosed University City School District, MissouriDistrict Adds Paid Student Internships With First Bank · Oct 7, 2026Undisclosed All First Bank contractsVendor profile

More Town of Southern Pines contracts

North Carolina Governor’s Highway Safety ProgramSouthern Pines Accepts $30,000 Highway Safety Grant · Oct 12, 2026$30K North Carolina Governor's Highway Safety ProgramTown Council to Consider Highway Safety Grant Contract · Oct 12, 2026Undisclosed Sandhills Community CollegeFirefighter Certification Training Planned with Sandhills · Sep 22, 2026Undisclosed Moore County Airport AuthorityAirport Firefighting Services Contract Proposed with Moore County · Sep 22, 2026 Stanly Community CollegeFirefighter Certification Training Planned with Stanly · Sep 22, 2026Undisclosed All Town of Southern Pines activityAgency profile

Questions about this contract

Who was awarded the installment financing contract by Town of Southern Pines?

First Bank was awarded this installment financing contract by Town of Southern Pines, as recorded on October 14, 2025. The contract value is $7,000,000.

How much is the First Bank contract with Town of Southern Pines worth?

The First Bank contract with Town of Southern Pines is valued at $7,000,000, covering installment financing work.

What type of contract is this?

This is a Installment Financing contract, documented as a agenda record.

Where was this contract approved?

This contract appears in town_council_business_meeting_agenda_october_14_20.pdf (Agenda), dated October 14, 2025 from Town of Southern Pines. Civic IQ extracts contract records directly from agency meeting documents and solicitations.

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What other contracts does First Bank hold?

First Bank may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.

What is Town of Southern Pines currently buying?

Explore Town of Southern Pines's vendors, signed contracts, and active RFPs on their Civic IQ agency profile.

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