First Bancorp to buy First Carolina Bancshares in $166m deal

First Bancorp has agreed to get First Carolina Bancshares successful a transaction valued astatine $166m.

The acquisition terms is based connected First Bancorp's stock terms of $64.22 connected 13 July 2026.

Payment to First Carolina shareholders volition comprise astir 1.96 cardinal First Bancorp communal shares and $40m successful cash.

The boards of some companies approved the merger statement unanimously.

The woody is slated to implicit successful the 4th fourth of 2026 oregon successful the opening months of the archetypal 4th of 2027, taxable to modular closing requirements, including support from First Carolina shareholders and regulators.

First Bank president and CEO Adam Currie said: "Carolina Bank has heavy roots successful the communities it serves and a beardown estimation for relationship-based banking.

"Their attack to serving customers aligns intimately with our own, and we look guardant to gathering connected that instauration together. Carolina Bank's exemplary of section decision-making, with lending and work supported by bankers who unrecorded and enactment successful their communities, reflects the aforesaid principles that person guided First Bank's maturation crossed the Carolinas."

Carolina Bank, a privately owned assemblage lender based successful Florence, South Carolina, has astir $831m successful assets.

Established successful 1936, it has operated successful the Pee Dee portion for decades and runs 14 branches crossed six counties successful the state.

The slope provides fiscal services to consumers arsenic good arsenic tiny and medium-sized companies. For the 12 months ended 31 March 2026, Carolina Bank recorded a instrumentality connected mean assets of 1.60%.

On a pro forma basis, First Bank would beryllium placed among the 10 largest institutions by deposit marketplace stock successful some North Carolina and South Carolina, according to FDIC deposit figures dated 30 June 2025.

The combined radical is expected to adhd standard successful selected markets and enactment further enactment successful commercialized banking, retail banking and wealthiness absorption crossed its footprint.

Carolina Bank president and CEO Rick Beasley said: "This concern brings unneurotic 2 organisations that stock a committedness to assemblage banking.

"Our customers volition payment from expanded resources, portion continuing to enactment with the squad they cognize and trust."

"First Bancorp to bargain First Carolina Bancshares successful $166m deal" was primitively created and published by Retail Banker International, a GlobalData owned brand.