(RTTNews) – First Bancorp. (FBNC), the parent company of First Bank, on Tuesday said it has agreed to acquire First Carolina Bancshares Corp., the parent of Carolina Bank & Trust Co., in a stock-and-cash transaction valued at about $166 million.
Under the terms of the agreement, First Carolina shareholders will receive 1,967,017 shares of First Bancorp and $40 million in cash, based on First Bancorp’s closing stock price of $64.22 on July 13.
The deal is expected to close in the fourth quarter of 2026 or early in the first quarter of 2027.
Carolina Bank, a privately held community bank headquartered in Florence, South Carolina, has approximately $831 million in assets and operates 14 branches across six counties in the state.
First Bancorp said the acquisition will strengthen its presence in South Carolina, expand its scale in key markets, and support growth across its commercial banking, retail banking, and wealth management businesses.
Based on FDIC deposit data as of June 30, 2025, the combined company would rank among the top 10 banks by deposit market share in both North and South Carolina.
First Bancorp also said it expects to report quarterly earnings on July 22 in line with market expectations and historical performance.
First Bancorp shares were up about 3% in pre-market trading after closing at $64.22 on Monday.
