First Bancorp Completes Acquisition of Grandsouth Bancorporation

First Bancorp, with approximately $12bn in assets, completed its acquisition of GrandSouth Bancorporation, the parent company of GrandSouth Bank.

GrandSouth shareholders will receive 0.91 shares of First Bancorp stock for each share of GrandSouth common and preferred stock. Any fractional shares will be priced at $38.98 and paid in cash.

In addition, GrandSouth will merge with and into First Bancorp, and GrandSouth Bank will merge with and into First Bank.

The Southern Pines, NC-based First Bancorp and the Greenville, SC-based GrandSouth Bancorp announced the all-stock transaction with a $181.1 million valuation last June.

GrandSouth Bank operates eight branches in South Carolina, including Greenville, Fountain Inn, Anderson, Greer, Columbia, Orangeburg and Charleston.

Keefe, Bruyette & Woods, Inc. served as financial advisor to First Bancorp and Brooks, Pierce, McLendon, Humphrey & Leonard, LLP provided legal counsel.

Piper Sandler & Co. served as financial advisor to GrandSouth and Nelson Mullins Riley & Scarborough LLP served as legal counsel.