secwatch.observer — SEC 8-K summary
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Issuer:     FIRST BANCORP /NC/ (FBNC)
CIK:        0000811589
Form:       8-K
Filed at:   2023-01-04T23:59:59+00:00
Accession:  0000811589-23-000003
Event type: m_and_a
Sentiment:  positive
Materiality: 0.80
Item codes: 2.01, 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/811589/000081158923000003/0000811589-23-000003-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/811589/000081158923000003/fbnc-20230103.htm
  HTML page:      https://secwatch.observer/filing/0000811589-23-000003

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