Financial Advisor
First Bancorp
M&A Advisory
Has Agreed To Acquire
Transaction Details
On July 14, 2026, First Bancorp (NASDAQ: FBNC), the parent company of First Bank, and First Carolina Bancshares Corporation (“First Carolina”), the parent company of Carolina Bank & Trust Company (“Carolina Bank”), announced the signing of a definitive merger agreement under which First Bancorp will acquire First Carolina in a stock and cash transaction with an aggregate value of approximately $166 million, based on First Bancorp's stock price of $64.22 as of July 13, 2026. The consideration payable to First Carolina shareholders consists of 1,967,017 shares of First Bancorp common stock and approximately $40 million in cash.
On a pro forma basis, First Bank will rank in the top 10 for deposit market share in both North and South Carolina based on June 30, 2025 FDIC deposit data.
“Carolina Bank has deep roots in the communities it serves and a strong reputation for relationship-based banking,” said Adam Currie, President and Chief Executive Officer of First Bank. “Their approach to serving customers aligns closely with our own, and we look forward to building on that foundation together.”
The merger agreement is expected to close in the fourth quarter of 2026 or early in the first quarter of 2027, subject to customary closing conditions, including First Carolina shareholder approval and regulatory approval.
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(1) Represents FBNC consolidated financial data and Carolina Bank bank-level Call Report data as of and for the three months ended March 31, 2026.
Data Sources: First Bancorp Press Release, First Bancorp Investor Presentation, Company Filings, S&P Global Market Intelligence.
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