First Bancorp to acquire First Carolina Bancshares for $166M in stock and cash

FIRST BANCORP /NC/

Aggregate consideration $166M, or $64.22 per share, consisting of 1.97M shares and $40M cash.
Carolina Bank has $831M assets, 14 branches in SC, LTM ROAA 1.60%.
Expected close Q4 2026 or early Q1 2027, subject to shareholder and regulatory approvals.
First Bancorp will strengthen SC presence; pro forma top 10 deposit market share in both Carolinas.
Support agreements from directors and officers representing 40% of First Carolina shares.

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