# FIRST BANCORP /NC/ (FBNC) — merger/definitive [completed]
Source: SEC API (secapi.ai) · situation sit_27c7cf3dcdf23234451e · retrieved 2026-08-12T21:25:06.124Z

## Overview
First Bancorp is a bank holding company headquartered in Southern Pines, North Carolina, with total assets of $13.0 billion as of June 30, 2026, and is the parent company of First Bank, a state-chartered community bank operating 113 branches in North Carolina and South Carolina.

On July 14, 2026, First Bancorp announced a definitive merger agreement to acquire First Carolina Bancshares Corporation and its subsidiary Carolina Bank & Trust Company in a transaction valued at $166 million, consisting of 75% stock and 25% cash consideration. The transaction is subject to regulatory approvals and First Carolina shareholder approval, with expected closing in the fourth quarter of 2026 or early first quarter of 2027. Carolina Bank operates 14 branches in the Pee Dee region of South Carolina and had approximately $831 million in total assets, $596 million in loans, and $714 million in deposits as of June 30, 2026.

## Terms
- Counterparty: First Carolina Bancshares Corporation · Deal value: $166.0M · Consideration: mixed · Price/share: $64.22

## Key dates
- Announced 2026-07-22 · Expected close 2027-03-31 · Completed 2026-07-14

## Timeline
- 2026-07-14 · 8-K (0000811589-26-000149): 8-K - FIRST BANCORP /NC/ — *First Bancorp is a North Carolina bank holding company for First Bank, Southern Pines, North Carolina.* First Bancorp entered into an Agreement and Plan of Merger and Reorganization with First Carolina Bancshares Corporation on July 14, 2026. Under the merger, First Carolina will merge into First Bancorp, with First Carolina's shareholders receiving 14.5340 shares of First Bancorp common stock and $294.94 in cash per share of First Carolina common stock. The aggregate merger consideration has a total current value of approximately $166 million, or $64.22 per share. The parties anticipate closing the merger during the fourth quarter of 2026 or early in the first quarter of 2027, subject to First Carolina shareholder approval, regulatory approvals, and other customary closing conditions.
  https://www.sec.gov/Archives/edgar/data/811589/0000811589-26-000149.txt
- 2026-07-22 · 8-K (0000811589-26-000151): 8-K - FIRST BANCORP /NC/ — *First Bancorp is a bank holding company headquartered in Southern Pines, North Carolina, with total assets of $13.0 billion as of June 30, 2026, and is the parent company of First Bank, a state-chartered community bank operating 113 branches in North Carolina and South Carolina.* On July 14, 2026, First Bancorp announced a definitive merger agreement to acquire First Carolina Bancshares Corporation and its subsidiary Carolina Bank & Trust Company in a transaction valued at $166 million, consisting of 75% stock and 25% cash consideration. The transaction is subject to regulatory approvals and First Carolina shareholder approval, with expected closing in the fourth quarter of 2026 or early first quarter of 2027. Carolina Bank operates 14 branches in the Pee Dee region of South Carolina and had approximately $831 million in total assets, $596 million in loans, and $714 million in deposits as of June 30, 2026.
  https://www.sec.gov/Archives/edgar/data/811589/0000811589-26-000151.txt

## Citations
- 0000811589-26-000149 — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&type=&dateb=&owner=include&count=40&search_text=000081158926000149
- 0000811589-26-000151 — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&type=&dateb=&owner=include&count=40&search_text=000081158926000151