First Bancorp to Acquire First Carolina Bancshares

By Hao Liu • Tuesday, July 14 13:04 • Permanent Link

First Bancorp said it will buy First Carolina Bancshares in a stock-and-cash deal valued at $166 million, using First Bancorp’s July 13 share price of $64.22 to calculate the price.

First Carolina shareholders are set to receive 1,967,017 First Bancorp shares plus $40 million in cash.

The target, Carolina Bank & Trust, has about $831 million in assets and 14 branches across six South Carolina counties. First Bancorp said Carolina Bank produced a 1.60% return on average assets over the 12 months ended March 31, 2026.

The companies said the merger is expected to close in the fourth quarter of 2026 or early in the first quarter of 2027, pending shareholder and regulatory approval.

Once completed, First Bank will rank in the top 10 for deposit market share in both North and South Carolina based on June 30, 2025 FDIC deposit data.

First Bancorp said the deal expands its South Carolina footprint and increases its scale in commercial banking, retail banking and wealth management. As a result of these announcements, the company's shares have moved 0.95% on the market, and are now trading at a price of $64.83. Check out the company's full 8-K submission here.

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