Deal Snapshot
First Bancorp Closes Acquisition of Select Bancorp
Wednesday 20 October 2021

North Carolina, US-based bank holding company First Bancorp (NASDAQ: FBNC) has closed its acquisition of Select Bancorp, Inc. (NASDAQ: SLCT), the parent company of Select Bank and Trust Company, the company said.

The merger solidifies First Bank's position as the leading community bank headquartered in North Carolina, with total assets of over USD 10bn and over 120 branches. Under the terms of the merger agreement, Select Bancorp shareholders will receive 0.408 shares of First Bancorp common stock for each share of Select Bancorp common stock. Any fractional shares resulting from the exchange will be paid cash at a rate of USD 44.12 per share. The deal is worth USD 325m.

Date Published: 20/10/2021