Business
FIRST BANCORP ACCELERATES ITS SOUTH CAROLINA EXPANSION WITH THE ACQUISITION OF GRANDSOUTH BANCORPORATION
SOUTHERN PINES, N.C. and GREENVILLE, S.C., June 21, 2022 /PRNewswire/ -- First Bancorp (Nasdaq: FBNC), the parent company of First Bank, and GrandSouth
About this update from First Bancorp
[{"type":"text","content":"SOUTHERN PINES, N.C. and GREENVILLE, S.C., June 21, 2022 /PRNewswire/ -- First Bancorp (Nasdaq: FBNC), the parent company of First Bank, and GrandSouth Bancorporation (\"GrandSouth\"), the parent company of GrandSouth Bank, announced today the signing of a definitive merger agreement under which First Bancorp will acquire GrandSouth in an all-stock transaction with a total current value of $181.1 million, or $31.43 per share, based on First Bancorp's stock price as of June 17, 2022.\nThe merger agreement, unanimously approved by the board of directors of each company, is expected to close in the late fourth quarter of 2022 or early first quarter of 2023, subject to customary conditions, including GrandSouth shareholder approval and regulatory approval. At closing, GrandSouth shareholders will receive 0.910 shares of First Bancorp's common stock for each share of GrandSouth's common and preferred stock.\nGrandSouth Bank currently operates eight branches in South Carolina in key towns and cities that match First Bank's desired areas for growth, including Greenville, Fountain Inn, Anderson, Greer, Columbia, Orangeburg, and Charleston. With a focus on small business banking, the acquisition complements First Bank's strengths in that area.\n\"GrandSouth is in great communities with talented bankers,\" said Mike Mayer, President and CEO of First Bank. \"Our cultures are very similar and we are excited to bring our teams together.\"\nUpon completion of the acquisition, the combined company is expected to have over $12 billion in assets, $7 billion in loans, and $10 billion in deposits. This transaction represents an opportunity to accelerate First Bank's South Carolina expansion.\n\"We are very excited about this partnership and the unique opportunity it presents,\" said J.B. Schwiers, President and Director of GrandSouth. \"We have long admired First Bancorp, and our combined company will be positioned to capitalize on an enhanced presence in exceptional markets, talent, and financial strength.\"\nKeefe, Bruyette & Woods, Inc. served as financial advisor to First Bancorp and Brooks, Pierce, McLendon, Humphrey & Leonard, LLP provided legal counsel. Piper Sandler & Co. served as financial advisor to GrandSouth and Nelson Mullins Riley & Scarborough LLP served as legal counsel.\nINVESTOR PRESENTATION Further information on the terms of t...