First Carolina Financial Reports CFO Retirement; Redeems $32M Notes

What Happened
First Carolina Financial Services, Inc. (FCBM) filed an 8-K announcing that Steven G. Deaton, the Company’s Chief Financial Officer and Chief Risk Officer for FCFM and First Carolina Bank, notified the company on September 14, 2026 that he will retire effective January 1, 2027. The company issued a press release dated September 18, 2026 to announce the retirement. Separately, on September 6, 2026, the company completed a full redemption of $32.0 million aggregate principal amount of its Fixed to Floating Rate Subordinated Notes due December 6, 2029.

Key Details

• CFO retirement notice: Steven G. Deaton notified the company on September 14, 2026; retirement effective January 1, 2027.
• Press release: Company issued a press release announcing the retirement on September 18, 2026 (Exhibit 99.1).
• Debt redemption: Completed full redemption of $32.0 million in subordinated notes on September 6, 2026.
• Net interest margin (NIM) estimates: Consolidated NIM MTD 3.34% (July–Sept estimate), consolidated YTD ~3.28% (Sept estimate); First Carolina Bank NIM MTD 3.47% (Sept estimate), bank YTD ~3.40% (Sept estimate).

Why It Matters
A CFO transition is a material leadership change that investors should watch for continuity in financial reporting and risk oversight as the company moves toward the January 1, 2027 effective date. The $32.0 million redemption of subordinated notes reduces outstanding subordinated debt and alters the company’s capital and interest expense profile. The provided NIM estimates show relatively stable month-to-date margins and a slight year-to-date uptick into September, which is relevant to interest-income driven revenue and near-term earnings trends.