SOUTHERN PINES, N.C.,
Oct. 18, 2021 /PRNewswire/
-- First Bancorp (NASDAQ: FBNC) announces today the completion
of its acquisition of Select Bancorp, Inc. (NASDAQ: SLCT) ("Select
Bancorp"), 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."
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.
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.
About First Bancorp
First Bancorp is a bank holding company headquartered in
Southern Pines, North Carolina,
with total assets now exceeding $10
billion. Its principal activity is the ownership and
operation of First Bank, a state-chartered community bank that
operates 122 branches in North
Carolina, South Carolina
and Virginia. 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."
Please visit our website at www.LocalFirstBank.com.
This press release contains forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934
and the Private Securities Litigation Reform Act of 1995, which
statements are inherently subject to risks and uncertainties.
Forward-looking statements are statements that include projections,
predictions, expectations or beliefs about future events or results
or otherwise are not statements of historical fact. Such
statements are often characterized by the use of qualifying words
(and their derivatives) such as "expect," "believe," "estimate,"
"plan," "project," "anticipate," or other statements concerning
opinions or judgments of First Bancorp and its management about
future events. Factors that could influence the accuracy of
such forward-looking statements include, but are not limited to,
the financial success or changing strategies of First Bancorp's
customers, First Bancorp's level of success in integrating
acquisitions, actions of government regulators, the level of market
interest rates, and general economic conditions. For
additional information about the factors that could affect the
matters discussed in this paragraph, see the "Risk Factors" section
of First Bancorp's most recent annual report on Form 10-K available
at www.sec.gov. Forward-looking statements speak only as of
the date they are made, and First Bancorp undertakes no obligation
to update or revise forward-looking statements. First Bancorp
is also not responsible for changes made to the press release by
wire services, internet services or other media.
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SOURCE First Bancorp