First Bancorp expands South Carolina with $181.1M acquisition of GrandSouth

Jun. 21, 2022 4:31 PM ETFirst Bancorp (FBNC)By: Shweta Agarwal, SA News Editor
  • First Bancorp (NASDAQ:FBNC) disclosed Tuesday that it has signed a definitive merger agreement to acquire South Carolina's GrandSouth in an all-stock transaction at $181.1M.
  • That translates to a valuation of $31.43 per share, based on First Bancorp's stock price as of June 17, 2022. At closing, GrandSouth shareholders will receive 0.910 shares of First Bancorp for each share held.
  • GrandSouth Bank currently operates eight branches in South Carolina in key towns and cities.
  • Synergies: FBNC said the combined company is expected to have over $12B in assets, $7B in loans, and $10 billion in deposits.
  • Closing of the deal is expected in late fourth quarter of 2022 or early first quarter of 2023.
  • Earlier: First Bancorp GAAP EPS of $0.95 beats by $0.09, revenue of $96.13M beats by $3.43M

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