TLDR
- First Bancorp agrees to acquire First Carolina in a $166 million transaction.
- FBNC expands South Carolina banking footprint through strategic merger deal.
- Carolina Bank adds $831 million in assets and 14 branch locations.
- Combined bank targets top-10 Carolinas deposit market share after closing.
- Merger awaits shareholder and regulatory approvals before expected completion.
First Bancorp shares traded at $64.55, up 0.51%, during Tuesday morning trading. The company announced a definitive agreement to acquire First Carolina Bancshares in a transaction valued at $166 million. The acquisition expands First Bancorp’s presence across South Carolina and strengthens its regional banking network.
First Bancorp signs $166 million acquisition agreement
The acquisition combines stock and cash consideration for First Carolina shareholders. The package includes 1,967,017 First Bancorp common shares and $40 million in cash. The valuation reflects First Bancorp’s closing share price of $64.22 on July 13, 2026.
Both companies approved the merger agreement through unanimous board decisions. The transaction remains subject to shareholder approval and required regulatory clearances. The companies expect to complete the merger during the fourth quarter of 2026 or early 2027.
First Carolina Bancshares owns Carolina Bank & Trust, a community bank headquartered in Florence, South Carolina. Carolina Bank manages approximately $831 million in assets and operates 14 branches across six counties. The institution has served the Pee Dee region since its founding in 1936.
Carolina Bank provides banking, lending, and wealth management services to individuals and businesses. The bank reported a 1.60% return on average assets during the twelve months ended March 31, 2026. That performance placed it among the stronger community banks operating across the Carolinas.
Combined bank targets stronger regional market position
The acquisition increases First Bancorp’s scale across South Carolina and broadens its customer reach. The combined organization expects stronger positions in commercial, retail, and wealth management services. Management also plans to preserve the community banking approach used by both institutions.
Following completion, First Bank expects to rank among the top 10 institutions for deposit market share in North Carolina. It also expects to enter the top 10 in South Carolina using June 30, 2025 FDIC deposit data. The larger franchise supports continued expansion across both states.
First Bank operates as the principal subsidiary of First Bancorp. The bank began operations in 1935 and maintains branches throughout North Carolina and South Carolina. Its strategy focuses on community banking supported by local lending decisions and regional expertise.
Carolina Bank follows a similar operating model centered on local relationships and community banking. The acquisition combines institutions with long operating histories across neighboring markets. The merger creates a broader banking platform while maintaining local customer service.
Transaction supports long-term growth across the Carolinas
First Bancorp stated that quarterly earnings will be released on July 22, 2026. The company expects those results to align with previous financial performance and market expectations. The pending acquisition remains separate from those quarterly operating results.
Stephens Inc. acted as financial advisor to First Bancorp during the transaction. Brooks, Pierce, McLendon, Humphrey & Leonard LLP provided legal counsel to the company. Piper Sandler & Co. advised First Carolina, while Nelson Mullins Riley & Scarborough LLP served as legal counsel.
The companies also plan to file an investor presentation with the U.S. Securities and Exchange Commission. The filing will provide additional information regarding the merger terms and expected financial impact. It will also outline integration plans following regulatory approval.
The proposed acquisition reflects continued consolidation within the regional banking sector. Community banks continue pursuing larger operating footprints through strategic combinations. Upon closing, First Bancorp will strengthen its competitive position across the Carolinas while expanding services for existing and new customers.
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