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First Bancorp Completes Acquisition of Grandsouth Bancorporation

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.

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About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.

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