First Bancorp to acquire First Carolina Bancshares in $166 million deal

First Bancorp (FBP) has agreed to acquire First Carolina Bancshares, the parent company of Carolina Bank, in a transaction valued at $166 million. The purchase price is based on First Bancorp's share price of $64.22 as of July 13, 2026. Payment to First Carolina shareholders will consist of approximately 1.96 million First Bancorp common shares and $40 million in cash. The boards of both companies have unanimously approved the merger, which is expected to close in the fourth quarter of 2026 or early first quarter of 2027, pending shareholder and regulatory approvals. Carolina Bank, a privately owned community lender based in Florence, South Carolina, has about $831 million in assets and operates 14 branches across six counties. On a pro forma basis, the combined entity would rank among the ten largest institutions by deposit market share in both North Carolina and South Carolina, enhancing its commercial banking, retail banking, and wealth management capabilities.