{"schema_version":"secwatch.filing_event.v1","accession":"0001552781-23-000004","form_type":"8-K","ticker":null,"cik":"0001126961","company_name":"GRANDSOUTH BANCORPORATION","filed_at":"2023-01-04T23:59:59+00:00","discovered_at":"2026-05-14T18:03:43.933606+00:00","generated_at":"2026-06-20T20:09:06.397024+00:00","sec_items":["2.01","3.03","5.01","5.02","5.03","8.01"],"event_type":"m_and_a","sentiment":"neutral","materiality_score":0.75,"calibrated_materiality_score":0.75,"confidence":"high","headline":"GrandSouth Bancorporation merges into First Bancorp effective Jan 1, 2023","bullets":["Effective Jan 1, 2023, GrandSouth merged with and into First Bancorp, with First Bancorp surviving.","Each share of GrandSouth common stock converted into 0.91 shares of First Bancorp common stock.","All former GrandSouth directors and officers departed; Mason Y. Garrett and J. Randolph Potter appointed to First Bancorp board.","GrandSouth common stock to be delisted from OTCQX; Form 15 filed to deregister and suspend SEC reporting."],"urls":{"canonical":"https://secwatch.observer/filing/0001552781-23-000004","json":"https://secwatch.observer/filing/0001552781-23-000004.json","markdown":"https://secwatch.observer/filing/0001552781-23-000004.md","text":"https://secwatch.observer/filing/0001552781-23-000004.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1126961/000155278123000004/0001552781-23-000004-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1126961/000155278123000004/e23003_grrb-8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-20T20:09:06.397024+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"3d5db3ad99","claim":"Mason Y. Garrett departed as Chairman and Chief Executive Officer at GRANDSOUTH BANCORPORATION.","evidence_excerpt":"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.","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1126961/000155278123000004/0001552781-23-000004-index.htm","confidence":0.95,"family_label":"Executive change","details":[{"label":"Action","value":"ceased serving"},{"label":"Role","value":"Chairman and Chief Executive Officer"}],"fact_type":"executive_change"},{"claim_id":"4acb801e02","claim":"J. Randolph Potter departed as director at GRANDSOUTH BANCORPORATION.","evidence_excerpt":"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.","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1126961/000155278123000004/0001552781-23-000004-index.htm","confidence":0.95,"family_label":"Executive change","details":[{"label":"Action","value":"ceased serving"},{"label":"Role","value":"director"}],"fact_type":"executive_change"},{"claim_id":"ba93cb34327670f169863df36d2351db75728032","claim":"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.","evidence_excerpt":"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.","evidence_source":"SEC 8-K Item 5.03/5.05/5.06","evidence_url":"https://www.sec.gov/Archives/edgar/data/1126961/000155278123000004/0001552781-23-000004-index.htm","confidence":0.95,"family_label":"Governance Changes","details":[{"label":"Change","value":"charter amendment"}],"fact_type":"governance_change"},{"claim_id":"886788d18bb3a9a9b98d0c5284dfde9daca419b9","claim":"GRANDSOUTH BANCORPORATION underwent a change of control involving First Bancorp (closed 2023-01-01).","evidence_excerpt":"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”).","evidence_source":"SEC 8-K Item 2.01/5.01","evidence_url":"https://www.sec.gov/Archives/edgar/data/1126961/000155278123000004/0001552781-23-000004-index.htm","confidence":0.9,"family_label":"M&A Transactions","details":[{"label":"Action","value":"change of control"},{"label":"Counterparty","value":"First Bancorp"},{"label":"Closing","value":"2023-01-01"}],"fact_type":"ma_transaction"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}