Mason Y. Garrett, the former Chairman and Chief Executive Officer of the Company and J. Randolph Potter, a former director of the Company, were each appointed to the boards of directors of First Bancorp and First Bank.
Departed
J. Randolph Potter
director
GRANDSOUTH BANCORPORATION
Effective
2023-01-01
Filed
January 4, 2023, 6:59 PM ET
Mason Y. Garrett, the former Chairman and Chief Executive Officer of the Company and J. Randolph Potter, a former director of the Company, were each appointed to the boards of directors of First Bancorp and First Bank.
Key facts
Extracted from this filing and checked against the source text.
Executive changeSEC 8-K Item 5.02confidence 0.95
Mason Y. Garrett departed as Chairman and Chief Executive Officer at GRANDSOUTH BANCORPORATION.
Action
ceased serving
Role
Chairman and Chief Executive Officer
Exact text from the filing
Mason Y. Garrett, the former Chairman and Chief Executive Officer of the Company and J. Randolph Potter, a former director of the Company, were each appointed to the boards of directors of First Bancorp and First Bank.
J. Randolph Potter departed as director at GRANDSOUTH BANCORPORATION.
Action
ceased serving
Role
director
Exact text from the filing
Mason Y. Garrett, the former Chairman and Chief Executive Officer of the Company and J. Randolph Potter, a former director of the Company, were each appointed to the boards of directors of First Bancorp and First Bank.
GRANDSOUTH BANCORPORATION: Upon merger completion, the Company's articles of incorporation and bylaws ceased to be in effect, replaced by First Bancorp's articles and bylaws unchanged.
Change
charter amendment
Exact text from the filing
At the effective time of the Merger, the separate corporate existence of the Company ceased. The articles of incorporation and bylaws of First Bancorp, as in effect immediately before the completion of the Merger, became the articles of incorporation and bylaws of the surviving corporation without change. Consequently, the articles of incorporation and bylaws of the Company ceased to be in effect upon completion of the Merger.
GRANDSOUTH BANCORPORATION underwent a change of control involving First Bancorp (closed 2023-01-01).
Action
change of control
Counterparty
First Bancorp
Closing
2023-01-01
Exact text from the filing
Effective as of January 1, 2023, First Bancorp (“First Bancorp”), the holding company for First Bank, Southern Pines, North Carolina (“First Bank”), completed its acquisition by merger of GrandSouth Bancorporation (the “Company”), the holding company for GrandSouth Bank, Greenville, South Carolina (the “Merger”).
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