First Bancorp in Southern Pines, N.C., has agreed to buy First Carolina Bancshares in Florence, S.C.
First Bancorp said in a press release that it will pay $166 million in cash and stock for the $831 million-asset First Carolina. The deal is expected to close in the fourth quarter or early next year.
“Carolina Bank has deep roots in the communities it serves and a strong reputation for relationship-based banking,” Adam Currie, First Bank’s president and CEO, said in the release. “Their approach to serving customers aligns closely with our own, and we look forward to building on that foundation together.”
Rick Beasley, First Carolina’s CEO, will retire when the deal closes.
Stephens and Brooks, Pierce, McLendon, Humphrey & Leonard advised First Bancorp. Piper Sandler and Nelson Mullins Riley & Scarborough advised First Carolina.