The First Bancorp, Inc. amended its Bylaws to reduce the maximum director age from 75 to 72, with a grandfather clause for existing directors aged 72 as of January 1, 2026, and reduced the Chair's term limit from eight to three terms.
Key takeaways
Maximum director age reduced to 72, with a grandfather clause allowing existing directors aged 72 as of Jan 1, 2026 to serve until 75.
Chair of the Board term limit reduced from eight to three terms, effective immediately.
Amendments were adopted at the Board of Directors meeting on April 29, 2026.
Changes may impact board composition and leadership succession planning.