India, July 14 -- First Bancorp. (FBNC), the parent company of First Bank, on Tuesday said it has agreed to acquire First Carolina Bancshares Corp., the parent of Carolina Bank & Trust Co., in a stock-and-cash transaction valued at about $166 million.
Under the terms of the agreement, First Carolina shareholders will receive 1,967,017 shares of First Bancorp and $40 million in cash, based on First Bancorp's closing stock price of $64.22 on July 13.
The deal is expected to close in the fourth quarter of 2026 or early in the first quarter of 2027.
Carolina Bank, a privately held community bank headquartered in Florence, South Carolina, has approximately $831 million in assets and operates 14 branches across six counties in the state.
Firs...