The First Bancorp, Inc. operates as the bank holding company for First National Bank, a full-service community bank originally established in 1864. Headquartered in Damariscotta, Maine, the company primarily serves retail and commercial customers across the Mid-Coast, Eastern, and Down East regions of the state. Its core business model revolves around traditional banking operations, generating revenue primarily through net interest income from its loan portfolio, which is funded by customer deposits. The bank's lending activities include commercial real estate loans, residential mortgages, commercial and industrial loans, municipal financing, and consumer loans.
In addition to conventional banking, The First Bancorp generates non-interest income through its First National Wealth Management division. This segment provides investment management, trust services, financial planning, and private banking to individuals, businesses, non-profits, and municipalities. The company also offers brokerage, annuity, and insurance products. Operating through a network of approximately 18 branch locations, The First Bancorp distinguishes itself by focusing on the coastal Maine real estate market and maintaining strong community ties. Its competitive position is supported by its long-standing history in the region and its ability to offer a comprehensive suite of financial services typically found at larger institutions, while delivering the personalized service of a local community bank.
