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Direct Investment  + M&As  |  January 3, 2023
First Bancorp Completes Acquisition of Grandsouth Bancorporation
Joe Palmisano
By: Joe Palmisano

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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First Bankcorp

About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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