---
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"
generated_at: "2026-06-20T20:09:06.397024+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# GrandSouth Bancorporation merges into First Bancorp effective Jan 1, 2023

## Summary
- 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.

## SEC filing metadata
- accession: 0001552781-23-000004
- form_type: 8-K
- cik: 0001126961
- company_name: GRANDSOUTH BANCORPORATION
- filed_at: 2023-01-04T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.01, 3.03, 5.01, 5.02, 5.03, 8.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001552781-23-000004
- JSON: https://secwatch.observer/filing/0001552781-23-000004.json
- Plain text: https://secwatch.observer/filing/0001552781-23-000004.txt

## Key facts
- Executive change
  Mason Y. Garrett departed as Chairman and Chief Executive Officer at GRANDSOUTH BANCORPORATION.
  - Action: ceased serving
  - Role: Chairman and Chief Executive Officer
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1126961/000155278123000004/0001552781-23-000004-index.htm
- Executive change
  J. Randolph Potter departed as director at GRANDSOUTH BANCORPORATION.
  - Action: ceased serving
  - Role: director
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1126961/000155278123000004/0001552781-23-000004-index.htm
- Governance Changes
  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
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1126961/000155278123000004/0001552781-23-000004-index.htm
- M&A Transactions
  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
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1126961/000155278123000004/0001552781-23-000004-index.htm

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