FIRST BANCORP /NC/ (FBNC): M&A transaction — First Bancorp completes acquisition of GrandSouth Bancorporation; total assets ~$12B

FIRST BANCORP /NC/

GrandSouth shareholders receive 0.91 shares of FBNC per share; fractional shares cashed at $38.98/share.
Merger effective Jan 1, 2023; First Bank now has ~$12B assets and 118 branches in NC and SC.
Eight GrandSouth branches to convert to First Bank in March 2023; will operate under GrandSouth name until then.
Mason Y. Garrett and J. Randolph Potter appointed to First Bancorp and First Bank boards, effective Jan 1, 2023.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

FIRST BANCORP /NC/ completed an acquisition involving GrandSouth Bancorporation for 0.91 shares of First Bancorp common stock per share (closed 2023-01-01).

Action: acquisition
Counterparty: GrandSouth Bancorporation
Consideration: 0.91 shares of First Bancorp common stock per share
Closing: 2023-01-01

Exact text from the filing

loyal support they have shown over the years and for what I expect will be many more years to come.” Under the terms of the merger agreement, GrandSouth shareholders will receive 0.91 shares of First Bancorp common stock for each share of GrandSouth common and preferred stock. Any fractional shares resulting from the exchange will be paid cash at a rate of

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Source: SEC EDGAR

accession 0000811589-23-000003

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