Peoples Bank Announces Retirement of Board Members

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Board Members Larry Robinson and Dan Timmerman Sr. Retirement

Peoples Bank announces the retirement of two esteemed members of its board of directors, Larry Robinson and Dan Timmerman Sr. They leave behind a legacy of dedicated service, leadership, and significant contributions to the Bank’s success.

Robinson has been a member of the board since 1993, bringing a wealth of expertise from his 32 years of banking experience, derived from his service as a director of Peoples Bank and extensive leadership roles. Robinson serves as director and CEO of The Blue Ridge Distributing Company Inc. and also holds a directorship with United Beverages of North Carolina LLC. With a deep understanding of business and finance, Robinson played an instrumental role in guiding the Bank’s strategic direction. A graduate of the North Carolina Bank Directors’ College, he has also participated in advanced directors’ training in association with the College of Management at North Carolina State University.

Timmerman joined the board in 1995. Drawing from 30 years of banking and business knowledge gained from his service as a director of Peoples Bank and serving as CEO of Timmerman Manufacturing Inc., he brought a broad perspective and strong leadership to the board. Known for his thoughtful decision-making and dedication to excellence, Timmerman has been an invaluable asset in shaping the Bank’s success. He is a graduate of Lenoir-Rhyne University with a Bachelor of Science degree in Business Administration and has also completed advanced directors’ training at the North Carolina Bank Directors’ College in collaboration with the College of Management at North Carolina State University.

“Larry Robinson and Dan Timmerman Sr.’s leadership and dedication have been pivotal to the Bank’s growth and direction over the years,” said Peoples Bank CEO Bill Cable. “We truly appreciate their insight, guidance, and willingness to serve our employees, communities, and shareholders. Their contributions have set a benchmark that will continue to guide management and the board of directors as we move forward.”

Peoples Bank Board Chair Robert Abernethy reflected on their service, stating “Larry and Dan represented the board and Peoples Bank well for years, chairing and serving on every committee throughout their tenure. Their leadership will be missed.”

About Peoples Bank

Peoples Bank, the wholly-owned subsidiary of Peoples Bancorp of North Carolina, Inc., operates 16 banking offices across North Carolina, including locations in Catawba, Alexander, Lincoln, Mecklenburg, Iredell, and Wake Counties. The Bank also operates loan production offices in Lincoln, Mecklenburg, Forsyth, and Rowan Counties. Known for its customer-focused approach and commitment to community banking, Peoples Bank delivers personalized financial solutions tailored to the needs of individuals and businesses. The Company’s stock is publicly traded on the Nasdaq Global Market under the symbol "PEBK." For more information, visit PeoplesBankNC.com or call 877-802-1212.

Statements made in this press release, other than those concerning historical information, should be considered forward-looking statements pursuant to the safe harbor provisions of the Securities Exchange Act of 1934 and the Private Securities Litigation Act of 1995. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of management and on the information available to management at the time that this release was prepared. These statements can be identified by the use of words like “expect,” “anticipate,” “estimate,” and “believe,” variations of these words and other similar expressions. Readers should not place undue reliance on forward-looking statements as a number of important factors could cause actual results to differ materially from those in the forward-looking statements. Factors that could cause actual results to differ include, but are not limited to, (1) competition in the markets served by the Bank, (2) changes in the interest rate environment, (3) general national, regional or local economic conditions may be less favorable than expected, resulting in, among other things, a deterioration in credit quality and the possible impairment of collectibility of loans, (4) legislative or regulatory changes, including changes in accounting standards, (5) significant changes in the federal and state legal and regulatory environment and tax laws, (6) the impact of changes in monetary and fiscal policies, laws, rules and regulations and (7) other risks and factors identified in the Company’s other filings with the Securities and Exchange Commission, including but not limited to those described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.