First Bancorp to Acquire Carolina Bank in $166 Million Deal

The merger, unanimously approved by the boards of both companies, values the Florence-based First Carolina at approximately $166 million, based on First Bancorp's stock price of $64.22. Under the terms, shareholders of First Carolina will receive 1,967,017 shares of First Bancorp common stock alongside $40 million in cash. The deal remains subject to customary regulatory approvals and shareholder consent, with an expected closure between late 2026 and early 2027.

Carolina Bank brings to the table a strong regional presence with $831 million in assets and 14 branches across six South Carolina counties. Adam Currie, President and CEO of First Bank, noted that the acquisition aligns with his company’s strategy of local decision-making and relationship-based service. Once finalized, the combined entity is projected to rank among the top 10 for deposit market share across both North and South Carolina. Rick Beasley, Chairman and CEO of Carolina Bank, emphasized that the partnership provides customers with expanded resources while maintaining the trust of their existing local banking teams.