First Carolina is a bank holding company that operates through two primary divisions: commercial banking and a digital payments platform called BM Tech. The commercial banking division provides commercial real estate loans, commercial and industrial loans, and treasury management services to small and medium-sized businesses and real estate investors. First Carolina focuses on markets in the Southeast, including North Carolina, Georgia, South Carolina, and Virginia, using a relationship-driven model with a branch-light network. The BM Tech division is a fintech platform that processes financial aid disbursements for over 750 campuses across the United States. Through this platform, First Carolina acts as a disbursement intermediary for student refunds and offers digital-first BankMobile checking and savings accounts to student recipients. This payments business serves as a critical funding tool for the bank by generating ultra-low-cost deposits that First Carolina uses to fund its commercial lending growth. The company earns revenue through net interest income on its loan portfolio and noninterest income from transaction-based fees and interchange fees. First Carolina's strategy involves recruiting experienced bankers from larger institutions and expanding its campus partnerships to convert student account holders into long-term retail and commercial clients. The bank is also shifting its loan portfolio toward variable-rate assets to increase interest rate sensitivity.