Banking News

First Bancorp Completes Acquisition of Select Bancorp, Inc.

First Bancorp Completes Acquisition of Select Bancorp, Inc.

First Bancorp announces the completion of its acquisition of Select Bancorp, Inc., the parent company of Select Bank & Trust Company (“Select Bank”), on October 15, 2021.  The merger solidifies First Bank’s position as the leading community bank headquartered in North Carolina, with total assets of over $10 billion and over 120 branches.

Richard Moore, CEO of First Bancorp, stated, “We are very pleased with today’s announcement that our merger with Select Bancorp is now official.  We welcome our new customers, associates, and shareholders to First Bank.  Select Bank customers can expect to continue to receive the same high level of service to which they are accustomed.  Additionally, Select Bank branches will continue to operate under their current name until a systems conversion of customer accounts, which is scheduled for March 2022, and Select Bank customers should continue to conduct their business with their current Select Bank branches until that time.  We will be in touch with customers in advance of the conversion to ensure a smooth transition.”  Mr. Moore continued, “We also welcome John McCauley and Carlie McLamb, Jr. to our Board of Directors and look forward to working together for our shareholders.”

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William Hedgepeth, President and CEO of Select Bancorp, stated, “We are very pleased with this merger with First Bank.  Both institutions share the same community banking philosophy that our customers value so much.  Although we are closing one chapter in our company’s history, we believe we are starting another one that will be even brighter.  We have been warmly welcomed by the First Bank folks, and we expect a smooth integration for employees and customers alike.  I would like also to thank Select Bancorp shareholders and customers for the loyal support they have shown over the years and for what I expect will be many more years to come.”

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 $44.12 per share.  Shareholders of Select Bancorp who own their shares of 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.  Shareholders who hold stock certificates of Select Bancorp will be mailed instructions in the near future for converting their shares of Select Bancorp to First Bancorp stock.

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Also under the merger agreement, Select Bancorp’s subsidiary bank, Select Bank, has merged with and into First Bancorp’s subsidiary bank, First Bank.  First Bank will continue to operate the 22 branches of Select Bank under the Select Bank name until a systems conversion planned for March 2022.

Keefe, Bruyette & Woods, Inc. served as financial advisor to First Bancorp and Brooks, Pierce, McLendon, Humphrey & Leonard, LLP provided legal counsel.  Raymond James & Associates, Inc. served as financial advisor to Select Bancorp, Inc., and Wyrick Robbins Yates & Ponton LLP served as legal counsel.

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