First Bancorp is acquiring First Carolina Bancshares Corporation, the parent company of Carolina Bank & Trust Company.
The stock and cash transaction is valued at $166 million.
Carolina Bank, headquartered in Florence, S.C., has approximately $831 million in assets with 14 branches across six counties in the state. It offers a full range of financial services to individuals and small to mid-sized businesses.
The acquisition will strengthen First Bancorp’s presence in South Carolina. Its subsidiary, First Bank, will rank in the top 10 for deposit market share in both North and South Carolina. The combination is expected to increase First Bank’s scale in key markets and support continued growth in commercial and retail banking and wealth management services throughout its entire footprint.
“Carolina Bank has deep roots in the communities it serves and a strong reputation for relationship-based banking,” Adam Currie, president and CEO of First Bank, said. “Their approach to serving customers aligns closely with our own, and we look forward to building on that foundation together. Carolina Bank’s model of local decision-making, with lending and service supported by bankers who live and work in their communities, reflects the same principles that have guided First Bank’s growth across the Carolinas.”
First Bancorp is based in Southern Pines, N.C. It operates a network of branches across North Carolina and South Carolina.
“This partnership brings together two organizations that share a commitment to community banking,” Rick Beasley, chairman and CEO of Carolina Bank. “Our customers will benefit from expanded resources, while continuing to work with the team they know and trust.”
The merger agreement was unanimously approved by the board of directors of each company. It is expected to close in the fourth quarter of 2026 or early in the first quarter of 2027, subject to customary closing conditions and various approvals.