First Bancorp (FBNC) Receives Regulatory Approval for Acquisition of Select Bancorp, Inc.
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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."
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