Select Bancorp in Dunn, N.C., decided early on to deal exclusively with First Bancorp in Southern Pines, N.C., according to a regulatory filing tied to their pending merger. The companies announced a $314 million deal in early June. First, a review of the acquisition’s terms: The deal, expected to close in the fourth quarter, priced the $1.8 billion-asset Select at 185% of its tangible book value. The $7.7 billion-asset First Bancorp said

First Bancorp in Southern Pines, N.C., has sold its insurance business. The $7.7 billion-asset company disclosed in a regulatory filing Friday that Bankers Insurance in Glen Allen, Va., bought "substantially all" of the operating assets and certain liabilities tied to First Bank Insurance Services. Bankers Insurance paid $13 million upfront. The deal includes a future earnout payment of up to $1 million.First Bank's insurance business focused on property and casualty coverage. Bankers Insurance

The Loan Source has acquired more Paycheck Protection Program loans.Blue Ridge Bankshares in Charlottesville, Va., disclosed in a regulatory filing Friday that it sold about $713 million of PPP loans to The Loan Source. Blue Ridge said it received about $706 million in cash proceeds for the loans. Blue Ridge said it used a portion of the proceeds to pay off roughly $431 million of borrowings under the Paycheck Protection Program

CF Bankshares in Columbus, Ohio, is winding down its direct-to-consumer mortgage business.The $1.6 billion-asset parent of CFBank said in a press release Thursday that it had suspended the origination of new rate-lock commitments through the direct-to-consumer business, effective June 30. The bank will look to close out its existing loan pipeline and commitments in coming few months.The company said its direct-to-consumer business will likely have a $2.5 million after-tax loss in

Community Bank System in DeWitt, N.Y., has bought a company that provides consulting services tied to retirement plans and benefits.The $14.6 billion-asset company said in a press release Thursday that it acquired Fringe Benefits Design of Minnesota, which has offices in Minnesota and South Dakota. Fringe Benefits Design will become a unit of Benefit Plans Administrative Services.Community Bank System did not disclose the price it paid.The acquisition is expected to

German American Bancorp will have a new CEO next year. The $5.2 billion-asset company said in a press release Thursday that D. Neil Dauby will succeed Mark Schroeder on Jan. 1. Schroeder will remain chairman.Schroeder plans to retire as an executive during the second quarter of 2022 but remain chairman until German American’s annual meeting the following year, the company said.Dauby, German American’s president and chief operating officer, was also appointed

A group in Moultrie, Ga., is looking to form a bank. Organizers of the proposed Moultrie Bank & Trust filed an application with the Federal Deposit Insurance Corp. on Wednesday for deposit insurance. The application wasn’t immediately available. The group is looking to raise $20 million to $25 million in initial capital, said Byron Richardson, a senior consultant at Bank Resources in Atlanta. Bank Resources has been providing consulting services

Live Oak Bancshares in Wilmington, N.C., has hired the former chief financial officer at First Horizon to fill the same role. The $8.4 billion-asset Live Oak said in a press release Wednesday that B.J. Losch will also become CFO of its bank on Sept. 1. Losch will be responsible for the overall financial management of the company and will oversee strategy and corporate development, including strategic oversight of Live Oak Ventures.Losch,