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FinanceFirst Bancorp to acquire First Carolina Bancshares in $166 mln deal
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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.
Source report
First Bancorp has agreed to acquire First Carolina Bancshares 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 agreement.
Timeline and Approvals
The deal is expected to close in the fourth quarter of 2026 or the opening months of the first quarter of 2027, subject to standard closing conditions, including approval from First Carolina shareholders and regulatory authorities.
Executive Commentary
Adam Currie, President and CEO of First Bank, stated:
"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."
Rick Beasley, Chairman and CEO of Carolina Bank, commented:
"This partnership brings together two organizations 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."
About Carolina Bank
- Type: Privately owned community lender
- Headquarters: Florence, South Carolina
- Assets: Approximately $831 million
- Founded: 1936
- Operations: 14 branches across six counties in South Carolina's Pee Dee region
- Services: Financial services for consumers and small to medium-sized businesses
- Performance: Return on average assets of 1.60% for the 12 months ended March 31, 2026
Strategic Impact
On a pro forma basis, First Bank would rank among the 10 largest institutions by deposit market share in both North Carolina and South Carolina, based on FDIC deposit data as of June 30, 2025.
The combined group is expected to:
- Add scale in selected markets
- Support further growth in commercial banking, retail banking, and wealth management across its footprint
This article was originally created and published by Retail Banker International, a GlobalData owned brand.
Source
Yahoo FinanceWestern
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First Bancorp to acquire First Carolina Bancshares in $166 million deal