Deal combines $831m-asset community lender with First Bancorp in stock-and-cash transaction set to close late 2026 or early 2027.
First Bancorp will acquire First Carolina Bancshares in a $166m deal, comprising 1.96 million shares and $40m in cash. The purchase price reflects First Bancorp’s $64.22 share value as of 13 July 2026.
First Carolina, a privately held community bank with $831m in assets, operates 14 branches across South Carolina. The merger, unanimously approved by both boards, awaits shareholder and regulatory approval, with completion targeted for Q4 2026 or Q1 2027.
The acquisition aligns with First Bancorp’s strategy to expand its regional footprint through relationship-based banking. First Carolina’s local decision-making model mirrors First Bancorp’s approach, per CEO Adam Currie.