First Bancorp To Acquire First Carolina In $166 Mln Stock-and-Cash Deal

First Bancorp (FBNC) agreed to acquire First Carolina Bancshares in a stock-and-cash deal valued at about $166 million. The transaction is expected to expand FBNC’s footprint via Carolina Bank & Trust, representing a modest positive growth/scale catalyst for the buyer.

Analysis

First Bancorp (FBNC) agreed to acquire First Carolina Bancshares in a stock-and-cash deal valued at about $166 million. The transaction is expected to expand FBNC’s footprint via Carolina Bank & Trust, representing a modest positive growth/scale catalyst for the buyer.