First Bancorp Receives Regulatory Approval for Acquisition of Select Bancorp, Inc.

Rhea-AI Summary

First Bancorp (NASDAQ: FBNC) has received all necessary regulatory approvals to acquire Select Bancorp, Inc. The merger will take effect after the close of business on October 15, 2021, with Select Bank branches transitioning to First Bank on October 18, 2021. Shareholders of Select will automatically convert their shares at a ratio of 0.408 shares of First Bancorp for each Select share. First Bancorp, headquartered in Southern Pines, NC, has total assets of approximately $8.2 billion and operates 100 branches across North and South Carolina.

Positive

• Regulatory approvals received for acquisition, facilitating quick transition.
• Strategic expansion with Select Bancorp, enhancing market presence.

Negative

• None.

SOUTHERN PINES, N.C., Oct. 11, 2021 /PRNewswire/ -- First Bancorp (NASDAQ: FBNC), the parent company of First Bank, reports that it has received all required regulatory approvals to acquire Select Bancorp, Inc. ("Select"), the parent company of Select Bank & Trust Company ("Select Bank").

Shareholders for each company have previously approved the transaction and the merger of Select into First Bancorp is expected to be completed following the close of business Friday, October 15, 2021.  Select Bank branches are expected to open as branches of First Bank, doing business as Select Bank, on Monday, October 18, 2021.  Following the merger, Select Bank customers should continue to conduct their business with their current Select Bank branches until customer accounts are converted to First Bank's data systems, which is expected to occur in March 2022.

Following the completion of the merger, shareholders of Select who own their shares of common stock in book entry form or hold their shares with brokers will have their shares automatically converted to shares of First Bancorp, with no action required, at the rate of 0.408 shares of First Bancorp common stock for each share of Select common stock.  Shareholders who hold stock certificates of Select will be mailed instructions for converting their shares of Select to First Bancorp stock.

First Bancorp is a bank holding company headquartered in Southern Pines, North Carolina, with total assets of approximately $8.2 billion. Its principal activity is the ownership and operation of First Bank, a state-chartered community bank that operates 100 branches in North Carolina and South Carolina. First Bank also provides SBA loans to customers through its nationwide network of lenders – for more information on First Bank's SBA lending capabilities, please visit www.firstbanksba.com. First Bancorp's common stock is traded on The NASDAQ Global Select Market under the symbol "FBNC."

Please visit our website at www.LocalFirstBank.com.

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, which statements are inherently subject to risks and uncertainties.  Forward-looking statements are statements that include projections, predictions, expectations or beliefs about future events or results or otherwise are not statements of historical fact.  Such statements are often characterized by the use of qualifying words (and their derivatives) such as "expect," "believe," "estimate," "plan," "project," "anticipate," or other statements concerning opinions or judgments of the Company and its management about future events.  Factors that could influence the accuracy of such forward-looking statements include, but are not limited to, the financial success or changing strategies of the Company's customers, the Company's level of success in integrating acquisitions, actions of government regulators, the level of market interest rates, and general economic conditions.  For additional information about the factors that could affect the matters discussed in this paragraph, see the "Risk Factors" section of the Company's most recent annual report on Form 10-K available at www.sec.gov.  Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements.  The Company is also not responsible for changes made to the press release by wire services, internet services or other media.

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SOURCE First Bancorp

FAQ

What is the significance of First Bancorp's acquisition of Select Bancorp?

The acquisition aims to enhance First Bancorp's market share and operational scale in the banking sector.

What will happen to Select Bank branches after the merger with First Bancorp?

Select Bank branches will operate as branches of First Bank post-merger, starting October 18, 2021.

How will the shares of Select Bancorp shareholders be treated in the merger?

Each shareholder will receive 0.408 shares of First Bancorp common stock for each share of Select they own, with no action required.

When is the merger between First Bancorp and Select Bancorp expected to finalize?

The merger is expected to be completed on October 15, 2021.

What are the total assets of First Bancorp?

First Bancorp has total assets of approximately $8.2 billion.