First Bancorp's Acquisition of First Carolina: A Strategic Move for Growth in South Carolina

First Bancorp's Bold Acquisition of First Carolina Bancshares

In a significant move to expand its operations in South Carolina, First Bancorp (Nasdaq: FBNC), the parent organization of First Bank, has announced its agreement to acquire First Carolina Bancshares Corporation. The all-stock and cash deal is valued at approximately $166 million, based on the stock price of First Bancorp, which stood at $64.22 as of July 13, 2026.

The acquisition encompasses 1,967,017 shares of First Bancorp common stock and $40 million in cash for First Carolina shareholders. Both companies’ boards of directors approved this merger unanimously, signaling strong confidence in the future relationship between the two banking institutions. It is expected that the merger will close by the end of 2026 or early 2027, contingent upon obtaining shareholder and regulatory approvals.

First Carolina Bancshares operates Carolina Bank Trust Company, a well-established community bank located in Florence, South Carolina, with $831 million in assets and a history dating back to 1936. It has 14 branches across six counties, serving both individuals and small to mid-sized businesses. Notably, Carolina Bank has a reputation for community-focused, relationship-driven banking, underpinned by a pro forma return on average assets of 1.60% as of March 31, 2026.

Adam Currie, President and CEO of First Bank, emphasized the shared commitment to local banking that both organizations have. He noted, “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.”

This merger not only aims to bolster First Bancorp's presence in South Carolina but also intends to broaden its services and resource offerings to existing and new customers. Upon completion, First Bank will be positioned among the top 10 banks regarding deposit market share in both North Carolina and South Carolina, based on FDIC data as of June 30, 2025.

Rick Beasley, Chairman and CEO of Carolina Bank, stated, “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.” This synergy aims to create a more robust platform for continued growth in both commercial and retail banking, enhancing the financial solutions they deliver to the communities they serve.

The operational alignment will focus on integrating resources and services to ensure that customer experience reflects the established trust that both banks have earned in their respective markets. The new entity will prioritize local decision-making, allowing it to respond quickly to the needs of its customers and maintain its reputation for excellent service.

First Bancorp has plans to announce its quarterly earnings report on July 22, 2026, which is anticipated to meet market expectations in alignment with past performance. The financial advisement for First Bancorp has been provided by Stephens Inc., while First Carolina has retained Piper Sandler & Co. for the same advisory services.

As this merger progresses, interested stakeholders are encouraged to track developments through investor presentations and official filings with the Securities and Exchange Commission (SEC). This information will provide insights into the details and implications of this significant merger in South Carolina's banking landscape.

In summary, First Bancorp's acquisition of First Carolina Bancshares not only reflects strategic growth and expansion but also reinforces their commitment to community banking, promising enhanced services and support for customers in the Carolinas. This partnership exemplifies how local banks can come together to create stronger, more resourceful banking solutions, ultimately benefiting the customers they serve.