---
schema_version: "secwatch.filing_event.v1"
accession: "0000811589-23-000003"
form_type: "8-K"
ticker: "FBNC"
cik: "0000811589"
company_name: "FIRST BANCORP /NC/"
filed_at: "2023-01-04T23:59:59+00:00"
generated_at: "2026-06-20T20:36:57.688391+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# First Bancorp completes acquisition of GrandSouth Bancorporation; total assets ~$12B

## Summary
- 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.

## SEC filing metadata
- accession: 0000811589-23-000003
- form_type: 8-K
- ticker: FBNC
- cik: 0000811589
- company_name: FIRST BANCORP /NC/
- filed_at: 2023-01-04T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.01, 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/811589/000081158923000003/0000811589-23-000003-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/811589/000081158923000003/fbnc-20230103.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000811589-23-000003
- JSON: https://secwatch.observer/filing/0000811589-23-000003.json
- Plain text: https://secwatch.observer/filing/0000811589-23-000003.txt

## Key facts
- M&A Transactions
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/811589/000081158923000003/0000811589-23-000003-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.