First Bancorp to buy First Carolina Bancshares in $166m deal

First Bancorp has agreed to acquire First Carolina Bancshares in a transaction valued at $166m.

The purchase price is based on First Bancorp’s share price of $64.22 on 13 July 2026.

Payment to First Carolina shareholders will comprise around 1.96 million First Bancorp common shares and $40m in cash.

The boards of both companies approved the merger agreement unanimously.

The deal is slated to complete in the fourth quarter of 2026 or in the opening months of the first quarter of 2027, subject to standard closing requirements, including approval from First Carolina shareholders and regulators.

First Bank president and CEO Adam Currie said: “Carolina Bank has deep roots in the communities it serves and a strong reputation for relationship-based banking.

“Their approach to serving customers aligns closely with our own, and we look forward to building on that foundation together. Carolina Bank’s model of local decision-making, with lending and service supported by bankers who live and work in their communities, reflects the same principles that have guided First Bank’s growth across the Carolinas.”

Carolina Bank, a privately owned community lender based in Florence, South Carolina, has about $831m in assets.

Established in 1936, it has operated in the Pee Dee region for decades and runs 14 branches across six counties in the state.

The bank provides financial services to consumers as well as small and medium-sized companies. For the 12 months ended 31 March 2026, Carolina Bank recorded a return on average assets of 1.60%.

On a pro forma basis, First Bank would be placed among the 10 largest institutions by deposit market share in both North Carolina and South Carolina, according to FDIC deposit figures dated 30 June 2025.

The combined group is expected to add scale in selected markets and support further activity in commercial banking, retail banking and wealth management across its footprint.

Carolina Bank chairman and CEO Rick Beasley said: “This partnership brings together two organisations that share a commitment to community banking.

“Our customers will benefit from expanded resources, while continuing to work with the team they know and trust.”